Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Entity Information [Line Items] | |
Entity Registrant Name | FRONTLINE LTD / |
Entity Central Index Key | 913290 |
Current Fiscal Year End Date | -19 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 112,342,989 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Document Type | 20-F |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating revenues | |||
Time charter revenues | $15,601 | $26,843 | $66,313 |
Bareboat charter revenues | 9,289 | 24,009 | 33,373 |
Voyage charter revenues | 497,023 | 440,584 | 452,890 |
Other income | 37,775 | 25,754 | 25,785 |
Total operating revenues | 559,688 | 517,190 | 578,361 |
Gain on sale of assets and amortization of deferred gains | 24,620 | 23,558 | 34,759 |
Operating expenses | |||
Voyage expenses and commission | 286,367 | 299,741 | 269,845 |
Ship operating expenses | 89,674 | 109,872 | 118,381 |
Contingent rental expense (income) | 36,900 | -7,761 | 22,456 |
Charter hire expenses | 0 | 4,176 | 37,461 |
Administrative expenses | 40,787 | 31,628 | 33,906 |
Impairment loss on vessels | 97,709 | 103,724 | 4,726 |
Depreciation | 81,471 | 99,802 | 107,437 |
Total operating expenses | 632,908 | 641,182 | 594,212 |
Net operating (loss) income | -48,600 | -100,434 | 18,908 |
Other income (expenses) | |||
Interest income | 47 | 83 | 130 |
Interest expense | -75,825 | -90,718 | -94,089 |
Equity results of unconsolidated subsidiaries and associated companies | 3,866 | 13,539 | -4 |
Foreign currency exchange (loss) gain | -179 | -92 | 84 |
Mark to market loss on derivatives | 0 | 585 | 1,725 |
Gain on redemption of debt | 1,486 | 0 | 4,600 |
Debt conversion expense | -41,067 | -12,654 | 0 |
Loss from de-consolidation of subsidiaries | -12,415 | 0 | 0 |
Dividends received, net | 296 | 86 | 134 |
Other non-operating items, net | 1,190 | 1,181 | 1,110 |
Net other expenses | -122,601 | -89,160 | -89,760 |
Net loss before income taxes and noncontrolling interest | -171,201 | -189,594 | -70,852 |
Income tax expense | -459 | -284 | -379 |
Net loss from continuing operations | -171,660 | -189,878 | -71,231 |
Net loss from discontinued operations | 0 | -1,204 | -12,544 |
Net loss | -171,660 | -191,082 | -83,775 |
Net loss attributable to noncontrolling interest | 8,722 | 2,573 | 1,021 |
Net loss attributable to Frontline Ltd. | ($162,938) | ($188,509) | ($82,754) |
Loss per share attributable to Frontline Ltd. stockholders: | |||
Basic and diluted loss per share from continuing operations, excluding loss attributable to noncontrolling interest ($) | $0 | $0 | $0 |
Basic and diluted loss per share from discontinued operations ($) | $0 | $0 | $0 |
Basic and diluted loss per share attributable to Frontline Ltd. ($) | $0 | $0 | $0 |
Weighted average shares outstanding, basic and diluted (in 000's) | 99,939 | 79,751 | 77,859 |
Cash dividends per share declared ($) | $0 | $0 | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
COMPREHENSIVE (LOSS) INCOME, NET OF TAX | |||
Net loss | ($171,660) | ($191,082) | ($83,775) |
Unrealized (losses) gains from marketable securities | -980 | 915 | 527 |
Foreign currency translation gains (losses) | 25 | -63 | 97 |
Other comprehensive (loss) income, net of tax | -955 | 852 | 624 |
Comprehensive loss | -172,615 | -190,230 | -83,151 |
Comprehensive loss attributable to noncontrolling interest | -8,722 | -2,573 | -1,021 |
Comprehensive loss | -172,615 | -190,230 | -83,151 |
Comprehensive loss attributable to stockholders of Frontline Ltd. | ($163,893) | ($187,657) | ($82,130) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $64,080 | $53,759 |
Restricted cash and investments | 42,074 | 68,363 |
Marketable securities | 2,624 | 3,479 |
Trade accounts receivable, net | 18,943 | 11,828 |
Related party receivables | 12,637 | 9,487 |
Other receivables | 16,703 | 16,180 |
Inventories | 28,920 | 44,532 |
Voyages in progress | 40,373 | 46,112 |
Prepaid expenses and accrued income | 3,861 | 3,858 |
Investment in finance lease | 3,028 | 2,555 |
Total current assets | 233,243 | 260,153 |
Long-term assets | ||
Newbuildings | 15,469 | 29,668 |
Newbuildings | 56,624 | 264,804 |
Vessels and equipment under capital lease, net | 550,345 | 704,808 |
Investment in unconsolidated subsidiaries and associated companies | 60,000 | 58,658 |
Deferred charges | 696 | 695 |
Other long term assets | 12 | 0 |
Investment in finance lease | 45,790 | 48,819 |
Total assets | 962,179 | 1,367,605 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 165,357 | 22,706 |
Current portion of obligations under capital leases | 78,989 | 46,930 |
Related party payables | 55,713 | 11,419 |
Trade accounts payable | 3,098 | 13,302 |
Accrued expenses | 22,445 | 33,401 |
Deferred charter revenue | 490 | 98 |
Other current liabilities | 2,496 | 2,916 |
Total current liabilities | 328,588 | 130,772 |
Long-term liabilities | ||
Long-term debt | 27,500 | 436,372 |
Related party payables | 109,952 | 72,598 |
Obligations under capital leases | 564,692 | 742,418 |
Deferred gains on sales of vessels | 0 | 1,288 |
Other long-term liabilities | 2,096 | 2,208 |
Total liabilities | 1,032,828 | 1,385,656 |
Commitments and contingencies | ||
Deficit | ||
Share capital (2014: 112,342,989 shares outstanding, par value $1.00. 2013: 86,511,713 shares outstanding, par value $1.00) | 112,343 | 86,512 |
Additional paid in capital | 244,018 | 149,985 |
Contributed surplus | 474,129 | 474,129 |
Accumulated other comprehensive loss | -4,258 | -3,303 |
Retained deficit | -897,213 | -734,275 |
Total deficit attributable to Frontline Ltd. | -70,981 | -26,952 |
Noncontrolling interest | 332 | 8,901 |
Total deficit | -70,649 | -18,051 |
Total liabilities and deficit | $962,179 | $1,367,605 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deficit | ||
Share capital, shares outstanding (in shares) | 112,342,989 | 86,511,713 |
Ordinary shares issued (dollars per share) | $1 | $1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Cash Flows [Abstract] | |||
Net loss | ($171,660) | ($191,082) | ($83,775) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation | 81,471 | 99,823 | 114,845 |
Amortization of deferred charges | 627 | 542 | 543 |
Amortization of debt discount | 1,629 | 1,820 | 0 |
Contingent rental expense (income) | 4,237 | -8,726 | 0 |
Debt conversion expense | 41,067 | 12,654 | 0 |
Loss from de-consolidation of subsidiaries | 12,415 | 0 | 0 |
Gain from sale of assets (including securities) | -24,620 | -22,711 | -16,813 |
Equity (gains) losses of unconsolidated subsidiaries and associated companies, net of dividends received | -3,866 | -13,539 | 4 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 1,847 | 13,539 | -4 |
Impairment losses on vessels | 97,709 | 103,724 | 32,042 |
Unrealized foreign exchange loss (gain) | 113 | 20 | -3 |
Gain on repurchase of convertible bond debt | -1,486 | 0 | -4,600 |
Provision for doubtful debts | 68 | 55 | 5,370 |
Other, net | -1,375 | -529 | 168 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | -12,462 | 11,820 | 13,557 |
Other receivables | -623 | -567 | -816 |
Inventories | 10,736 | 8,809 | -20,107 |
Voyages in progress | 5,739 | 7,985 | -29,648 |
Prepaid expenses and accrued income | -473 | 449 | 1,430 |
Trade accounts payable | -10,204 | 7,327 | 1,819 |
Accrued expenses | -1,733 | -11,058 | -6,632 |
Deferred charter revenue and other current liabilities | -37 | -4,844 | -548 |
Related party balances | 26,241 | -48,839 | 58,397 |
Other, net | -119 | 4,183 | 3,341 |
Net cash provided by (used in) operating activities | 55,413 | -42,684 | 68,574 |
Investing activities | |||
Change in restricted cash | 8,396 | 19,143 | 13,060 |
Additions to newbuildings, vessels and equipment | -44,990 | -2,504 | -14,503 |
Proceeds from sale of vessels and equipment | 53,087 | 0 | 10,174 |
Loans from (to) associated companies | 0 | 250 | -250 |
Investment in associated companies | 0 | -6,001 | -13,298 |
Proceeds from sale of investment in associated companies | 0 | 242 | 0 |
Receipts from finance leases and loans receivable | 2,555 | 2,156 | 1,824 |
Impact of re-consolidation of subsidiaries | 638 | 0 | 0 |
Proceeds from sale of shares in subsidiaries | 49 | 0 | 0 |
Net cash provided by (used in) investing activities | 19,735 | 13,286 | -2,993 |
Financing activities | |||
Net proceeds from issuance of shares | 52,934 | 4,802 | 0 |
Proceeds from long-term debt | 30,000 | 19,798 | 0 |
Repayments of long-term debt, convertible bond buy backs and cash payments of debt conversion | -90,612 | -23,781 | -24,921 |
Payment of obligations under finance leases | -39,918 | -50,345 | -64,068 |
Lease termination (payments) receipts, net | -10,500 | -4,518 | 445 |
Payment of related party loan note | -6,103 | -402 | 0 |
Debt fees paid | -628 | 0 | 0 |
Net cash used in financing activities | -64,827 | -54,446 | -88,544 |
Net change in cash and cash equivalents | 10,321 | -83,844 | -22,963 |
Cash and cash equivalents at beginning of year | 53,759 | 137,603 | 160,566 |
Cash and cash equivalents at end of year | 64,080 | 53,759 | 137,603 |
Supplemental disclosure of cash flow information: | |||
Interest paid, net of interest capitalized | 76,614 | 91,120 | 98,991 |
Income taxes paid | $370 | $493 | $518 |
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] | Parent [Member] | Noncontrolling Interest [Member] |
Balance at beginning of year at Dec. 31, 2011 | $194,646,000 | $225,769,000 | $248,360,000 | ($4,779,000) | ($463,012,000) | $12,495,000 | ||
Balance at the beginning of year (in shares) at Dec. 31, 2011 | 77,858,502 | |||||||
Increase (decrease) in Equity [Roll Forward] | ||||||||
Shares issued | 0 | |||||||
Capital reorganization | -116,788,000 | -116,788,000 | ||||||
Shares issued | 0 | 0 | ||||||
Debt-for-Equity exchange | 0 | |||||||
Stock option expense | 821,000 | |||||||
Gain (Loss) on Disposition of Stock in Subsidiary | 0 | 0 | ||||||
Transfer to contributed surplus | -225,769,000 | |||||||
Transfer from additional paid in capital | 225,769,000 | |||||||
Other comprehensive (loss) income | 624,000 | 624,000 | ||||||
Net loss | -83,775,000 | -82,754,000 | -1,021,000 | |||||
Balance at the end of year at Dec. 31, 2012 | 131,149,000 | 194,646,000 | 821,000 | 474,129,000 | -4,155,000 | -545,766,000 | 119,675,000 | 11,474,000 |
Balance at the end of year (in shares) at Dec. 31, 2012 | 77,858,502 | |||||||
Increase (decrease) in Equity [Roll Forward] | ||||||||
Shares issued | 8,653,211 | |||||||
Capital reorganization | 0 | 0 | ||||||
Shares issued | 8,654,000 | 3,285,000 | ||||||
Debt-for-Equity exchange | 28,930,000 | |||||||
Stock option expense | 161,000 | |||||||
Gain (Loss) on Disposition of Stock in Subsidiary | 0 | 0 | ||||||
Transfer to contributed surplus | 0 | |||||||
Transfer from additional paid in capital | 0 | |||||||
Other comprehensive (loss) income | 852,000 | 852,000 | ||||||
Net loss | -191,082,000 | -188,509,000 | -2,573,000 | |||||
Balance at the end of year at Dec. 31, 2013 | -18,051,000 | 86,512,000 | 149,985,000 | 474,129,000 | -3,303,000 | -734,275,000 | -26,952,000 | 8,901,000 |
Balance at the end of year (in shares) at Dec. 31, 2013 | 86,511,713 | 86,511,713 | ||||||
Increase (decrease) in Equity [Roll Forward] | ||||||||
Shares issued | 25,831,276 | |||||||
Shares issued | 25,831,000 | 40,091,000 | ||||||
Debt-for-Equity exchange | 54,008,000 | |||||||
Stock option expense | 37,000 | |||||||
Gain (Loss) on Disposition of Stock in Subsidiary | -103,000 | 153,000 | ||||||
Transfer to contributed surplus | 0 | |||||||
Transfer from additional paid in capital | 0 | |||||||
Other comprehensive (loss) income | -955,000 | -955,000 | ||||||
Net loss | -171,660,000 | -162,938,000 | -8,722,000 | |||||
Balance at the end of year at Dec. 31, 2014 | ($70,649,000) | $112,343,000 | $244,018,000 | $474,129,000 | ($4,258,000) | ($897,213,000) | ($70,981,000) | $332,000 |
Balance at the end of year (in shares) at Dec. 31, 2014 | 112,342,989 | 112,342,989 |
GENERAL
GENERAL | 12 Months Ended | |
Dec. 31, 2014 | ||
GENERAL [Abstract] | ||
GENERAL | ||
1 | GENERAL | |
Frontline Ltd. (the "Company" or "Frontline") is an international shipping company incorporated in Bermuda as an exempted company under the Bermuda Companies Law of 1981 on June 12, 1992. Up to February 2013, the Company was engaged primarily in the operation of oil tankers and oil/bulk/ore, or OBO carriers, which were configured to carry dry cargo. The Company owns and leases these vessels. As of December 31, 2012, all of the Company's OBO capital lease assets have been disposed of except for one OBO capital lease asset which was terminated in March 2013. The Company operates oil tankers of two sizes: VLCCs, which are between 200,000 and 320,000 dwt, and Suezmax tankers, which are vessels between 120,000 and 170,000 dwt. The Company operates through subsidiaries and partnerships located in the Bahamas, Bermuda, the Cayman Islands, India, the Philippines, the Isle of Man, Liberia, Norway, the United Kingdom and Singapore. The Company is also involved in the charter, purchase and sale of vessels. | ||
The Company's Ordinary Shares are listed on the New York Stock Exchange, the Oslo Stock Exchange and the London Stock Exchange under the symbol of "FRO". | ||
In October 2003, the Company established Ship Finance International Limited ("Ship Finance") in Bermuda. Through transactions executed in January 2004, the Company transferred to Ship Finance ownership of 46 vessel-owning entities each owning one vessel and its corresponding financing, and one entity owning an option to acquire a VLCC. The Company then leased these vessels back on long-term charters. Between May 2004 and March 2007, the Company distributed all of its shareholding in Ship Finance to its shareholders except for 73,383 shares, which represents 0.01% of Ship Finance's total shares. | ||
In February 2008, the Company spun off 17.53% of its holding in its subsidiary Independent Tankers Corporation Limited ("ITCL") to Frontline shareholders in conjunction with the listing of ITCL on the Norwegian over-the-counter ("NOTC") market. | ||
The Company completed a restructuring of its business in December 2011. The restructuring included the sale of 15 wholly-owned special purpose companies ("SPCs"), which together owned five VLCC newbuilding contracts, six VLCCs, including one on time charter, and four Suezmax tankers to Frontline 2012 Limited ("Frontline 2012"). The sale of these SPCs resulted in a loss of $307.0 million, which was recorded in 2011. In addition, the Company obtained agreements with its major counterparts whereby the gross charter payment commitment under existing chartering arrangements on 32 vessels was reduced. | ||
On July 15, 2014, several of the subsidiaries and related entities in the Windsor group (the “Windsor group”), which owned four VLCCs, and was itself owned by ITCL, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Wilmington, Delaware. The Company had been consolidating the Windsor group under the variable interest entity model and de-consolidated the group on July 15, 2014 as it lost control of the group as a consequence of the Chapter 11 filing. The Windsor group emerged from Chapter 11 in January 2015 at which time all of the debt in the Windsor group was converted into equity and ownership was transferred to the then current bondholders. The Company was appointed as commercial manager in January 2015 for the vessels that were owned by the Windsor group prior to its bankruptcy filing and this will be the Company's only ongoing involvement with the Windsor group. | ||
As of December 31, 2014, our tanker fleet consisted of 22 vessels and comprised of 14 VLCCs (excluding the four vessels in the Windsor group) and eight Suezmax tankers, which were either owned or chartered in. We also had one Suezmax newbuilding on order, nine VLCCs, six Suezmax tankers and one Aframax tanker under commercial management. |
ACCOUNTING_POLICIES
ACCOUNTING POLICIES | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
ACCOUNTING POLICIES | ||
2 | ACCOUNTING POLICIES | |
Basis of accounting | ||
The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The 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 intercompany balances and transactions have been eliminated on consolidation. | ||
A variable interest entity is defined by the accounting standard as a legal entity where either (a) the total equity at risk is not sufficient to permit the entity to finance its activities without additional subordinated support; (b) equity interest holders as a group lack either i) the power to direct the activities of the entity that most significantly impact on its economic success, ii) the obligation to absorb the expected losses of the entity, or iii) the right to receive the expected residual returns of the entity; or (c) the voting rights of some investors in the entity are not proportional to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. | ||
The accounting standard requires a variable interest entity to be consolidated by its primary beneficiary, being the interest holder, if any, which has both (1) the power to direct the activities of the entity which most significantly impact on the entity's economic performance, and (2) the right to receive benefits or the obligation to absorb losses from the entity which could potentially be significant to the entity. | ||
We evaluate our subsidiaries, and any other entities in which we hold a variable interest, in order to determine whether we are the primary beneficiary of the entity, and where it is determined that we are the primary beneficiary we fully consolidate the entity. We had been consolidating the Windsor group under the variable interest entity model and de-consolidated the group on July 15, 2014 as we lost control of the group as a consequence of its Chapter 11 filing. This resulted is a Loss from de-consolidation of subsidiaries. | ||
The Company accounts for all business combinations by the purchase method. The Company assesses whether it has purchased a business or a group of assets. The Company ascertains the cost of the asset (or net asset) group and allocates that cost to the individual assets (or individual assets and liabilities) that make up the group in accordance with this guidance. For transactions deemed to be a purchase of group of assets, the total cost for the group of assets purchased is allocated to each individual asset based on each assets relative portion of fair value. | ||
Investments in companies over which the Company has the ability to exercise significant influence but does not control are accounted for using the equity method. The Company records its investments in equity-method investees in the consolidated balance sheets as "Investment in unconsolidated subsidiaries and associated companies" and its share of the investees' earnings or losses in the consolidated statements of operations as "Share in results of unconsolidated subsidiaries and associated companies". The excess, if any, of purchase price over book value of the Company's investments in equity method investees is included in the accompanying consolidated balance sheets in "Investment in unconsolidated subsidiaries and associated companies". | ||
The preparation of financial statements in accordance with generally accepted accounting principles requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
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 has presented the operations of the OBOs as discontinued operations since the last remaining lease was terminated during 2013. | ||
Contingent rental expense (income) | ||
The contingent rental expense (income) represents amounts accrued following changes to certain charter parties. In December 2011, the Company and Ship Finance agreed to a rate reduction of $6,500 per day for all vessels leased from Ship Finance under long-term leases for a four year period that commenced on January 1, 2012. The Company will compensate Ship Finance with 100% of any difference between the renegotiated rates and the average vessel earnings up to the original contract rates. In December 2011, the Company also agreed to a rate reduction on four vessels leased from the German KG companies whereby the Company will pay a reduced rate and an additional amount dependent on the actual market rate. The contingent rental expense (income) represents the additional amounts accrued as a result of these charter party amendments. | ||
Cash and cash equivalents | ||
For the purposes of the consolidated balance sheet and the consolidated statement of cash flows, all demand and time deposits and highly liquid, low risk investments with original maturities of three months or less are considered equivalent to cash. | ||
Restricted cash and investments | ||
Restricted cash consists mainly of bank deposits in ITCL, which must be maintained in accordance with contractual arrangements and which may only be used to settle certain pre-arranged loan or lease payments, minimum deposits, management fees and vessel operating costs. | ||
Marketable securities | ||
Marketable equity securities held by the Company are considered to be available-for-sale securities and as such are carried at fair value. Any resulting unrealized gains and losses, net of deferred taxes if any, are recorded as a separate component of other comprehensive income in equity unless the securities are considered to be other than temporarily impaired, in which case unrealized losses are recorded in the income statement. | ||
Inventories | ||
Inventories comprise principally of fuel and lubricating oils and are stated at the lower of cost and market value. Cost is determined on a first-in, first-out basis. | ||
Vessels and equipment | ||
The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. The estimated economic useful life of the Company's vessels is 25 years. Other equipment is depreciated over its estimated remaining useful life, which approximates five years. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per tonne. The market price of scrap per tonne is calculated as the ten year average, up to the date of delivery of the vessel, across the three main recycling markets (Far East, Indian sub continent and Bangladesh). Residual values are reviewed annually. | ||
Vessels and equipment under capital lease | ||
The Company charters in certain vessels and equipment under leasing agreements. Leases of vessels and equipment, where the Company has substantially all the risks and rewards of ownership, are classified as capital leases. Capital leases are capitalized at the inception of the lease at the lower of the fair value of the leased assets and the present value of the minimum lease payments. | ||
Each lease payment is allocated between liability and finance charges to achieve a constant rate on the capital balance outstanding. The interest element of the capital cost is charged to the income statement over the lease period. | ||
When the terms of a lease are modified, other than by renewing the lease or extending its term, the lease is reassessed as if the new terms were in place at inception of the lease. If this results in a different classification of the lease then the modification is considered a new agreement and accounted for as such from the date the modification came into effect. If the provisions of a capital lease are changed in a way that changes the amount of the remaining minimum lease payments, the present balances of the asset and the obligation are adjusted by an amount equal to the difference between the present value of the future minimum lease payments under the revised or new agreement (computed using the interest rate used to recognize the lease initially) and the present balance of the obligation. | ||
Where the provisions of a capital lease contain a floating rate element, such as an index linked rate of hire, then the minimum lease payments are assumed to equal the index at inception of the lease. Any variations in the index, and therefore the payments made, are accounted for as contingent rental income or expense and are taken to the statement of operations in the period in which they become realizable and recorded within 'Contingent rental expense (income)'. | ||
Depreciation of vessels and equipment under capital lease is included within "Depreciation" in the consolidated statement of operations. Vessels and equipment under capital lease are depreciated on a straight-line basis over the vessels' remaining economic useful lives or on a straight-line basis over the term of the lease. The method applied is determined by the criteria by which the lease has been assessed to be a capital lease. | ||
Newbuildings | ||
The carrying value of the vessels under construction ("Newbuildings") represents the accumulated costs to the balance sheet date which the Company has had to pay by way of purchase installments and other capital expenditures together with capitalized interest and associated finance costs. No charge for depreciation is made until the vessel is available for use. | ||
Interest expense | ||
Interest costs are expensed as incurred except for interest costs that are capitalized. Interest expenses are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at the Company's current rate of borrowing. The amount of interest expense capitalized in an accounting period shall be determined by applying an interest rate ("the capitalization rate") to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period shall be based on the rates applicable to borrowings outstanding during the period. The Company does not capitalize amounts beyond the actual interest expense incurred in the period. | ||
If the Company's financing plans associate a specific new borrowing with a qualifying asset, the Company uses the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate to be applied to such excess shall be a weighted average of the rates applicable to other borrowings of the Company. | ||
Discount on the issuance of debt | ||
Up to July 2014, the Company's term notes are presented net of the discount on the issuance. The discount is being amortized using the effective interest method over the period to maturity of the respective debt. The amortization of the discount is included in interest expense. | ||
Impairment of long-lived assets | ||
The carrying values of long-lived assets held and used by the Company and newbuildings 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. | ||
Deferred charges | ||
Loan costs, including debt arrangement fees, are capitalized and amortized on a straight-line basis over the term of the relevant loan. The straight line basis of amortization approximates the effective interest method in the Company's consolidated statement of operations. Amortization of loan costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. | ||
Trade accounts receivable | ||
Trade and other receivables are presented net of allowances for doubtful balances. If amounts become uncollectible, they are charged against income when that determination is made. | ||
Revenue and expense recognition | ||
Revenues and expenses are recognized on the accruals basis. Revenues are generated from voyage charter, time charter and bareboat charter hires. Voyage revenues are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are recognized as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Time charter and bareboat charter revenues are recorded over the term of the charter as a service is provided. The Company uses a discharge-to-discharge basis in determining percentage of completion for all spot voyages and voyages servicing contracts of affreightment whereby it recognizes revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. However, the Company does not recognize revenue if a charter has not been contractually committed to by a customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | ||
Profit share expense represents amounts due to Ship Finance based on 20% (increased to 25% with effect from January 1, 2012) of the excess of vessel revenues earned by the Company over the base hire paid to Ship Finance for chartering in the vessels. | ||
Revenues and voyage expenses of the vessels operating in pool arrangements are pooled and the resulting net pool revenues, calculated on a time charter equivalent basis, are allocated to the pool participants according to an agreed formula on the basis of the number of days a vessel operates in the pool. The pools are responsible for paying voyage expenses and distribute net pool revenues to the participants. Pool revenues are reported net of voyage expenses as voyage charter revenues for all periods presented | ||
Gain on sale of assets and amortization of deferred gains | ||
Gain on sale of assets and amortization of deferred gains includes losses from the sale of vessels, gains from the termination of leases for vessels which are chartered in and the amortization of deferred gains. Gains (losses) from the sale of assets are recognized when the vessel has been delivered and all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel. Gains (losses) from the termination of leases for vessels which are chartered in are recognized when the lease is effectively terminated and the vessel has been redelivered to the owner. | ||
A deferred gain will arise when the Company enters into a sale-leaseback transaction regarding a vessel and the Company does not relinquish the right to substantially all of the remaining use of the vessel. This deferred gain will be amortized in proportion to the gross rental payments over the minimum term of the lease. | ||
Drydocking | ||
Normal vessel repair and maintenance costs are expensed when incurred. The Company recognizes the cost of a drydocking at the time the drydocking takes place, that is, it applies the "expense as incurred" method. | ||
Derivatives | ||
Changes in the fair values of forward freight agreements, which are entered into for speculative purposes, are recognized in "mark to market on derivatives" in the consolidated statements of operations. | ||
Financial instruments | ||
In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. | ||
Foreign currencies | ||
The functional currency of the Company and the majority of its subsidiaries is the U.S. dollar as the majority of revenues and expenditures are denominated in U.S. dollars. The Company's reporting currency is also U.S. dollars. For subsidiaries that maintain their accounts in currencies other than U.S. dollars, the Company uses the current method of translation whereby the statements of operations are translated using the average exchange rate and the assets and liabilities are translated using the year end exchange rate. Foreign currency translation gains or losses are recorded as a separate component of other comprehensive income in equity. | ||
Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction gains or losses are included in the consolidated statements of operations. | ||
Share-based payments | ||
In accordance with the guidance on "Share Based Payments", the Company is required to expense the fair value of stock options issued to employees over the period the options vests. The Company amortizes stock-based compensation for awards on a straight-line basis over which the employee is required to provide service in exchange for the reward - the requisite service (vesting) period. No compensation cost is recognized for stock options for which employees do not render the requisite service. | ||
Earnings per share | ||
Basic EPS is computed based on the income available to common stockholders and the weighted average number of shares outstanding for basic EPS. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. | ||
Investment in finance leases | ||
For capital leases that are sales-type leases, the difference between the gross investment in the lease and the sum of the present values of lease payments and residual value is recorded as unearned lease interest income. The discount rate used in determining the present values is the interest rate implicit in the lease. The present value of the minimum lease payments, computed using the interest rate implicit in the lease, is recorded as the sales price, from which the carrying value of the vessel at the commencement of the lease is deducted in order to determine the profit or loss on sale. The unearned lease interest income is amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in the lease. | ||
Convertible debt | ||
Convertible bond loans issued by the Company include both a loan component (host contract) and an option to convert the loan to shares (embedded derivative). | ||
An embedded derivative, such as a conversion option, may be separated from its host contract and accounted for separately if certain criteria are met including if the contract that embodies both the embedded derivative and the host contract is not measured at fair value, the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract and if a separate instrument with the same terms as the embedded instrument would be a derivative. | ||
If an embedded derivative instrument is separated from its host contract, the host contract shall be accounted for based on generally accepted accounting principles applicable to instruments of that type which do not contain embedded derivative instruments. | ||
A conversion of the bonds at more favorable terms than the original bond is treated as an inducement and the Company recognizes a debt conversion expense equal to the fair value of all securities and other consideration transferred in the transaction in excess of the fair value of securities issuable pursuant to the original conversion terms. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended | |
Dec. 31, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
RECENT ACCOUNTING PRONOUNCEMENTS | ||
3 | RECENT ACCOUNTING PRONOUNCEMENTS | |
Accounting Standards Update No. 2014-08-Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). The amendments in this Update address the issues that (i) too many disposals of small groups of assets that are recurring in nature qualify for discontinued operations presentation under Subtopic 205-20, and (ii) some of the guidance on reporting discontinued operations results in higher costs for preparers because it can be complex and difficult to apply, by changing the criteria for reporting discontinued operations and enhancing convergence of the Financial Accounting Standards Board (FASB) and the International Accounting Standard Board (IASB) reporting requirements for discontinued operations. The Company is required to apply the amendments in this Update prospectively to (i) all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and (ii) all businesses or non-profit activities that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. The Company is currently considering the impact of these amendments on its consolidated financial statements. | ||
Accounting Standards Update No. 2014-09-Revenue from Contracts with Customers (Topic 606). The FASB and the IASB initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. To meet those objectives, the FASB is amending the FASB Accounting Standards Codification and creating a new Topic 606, Revenue from Contracts with Customers. The amendments in this Update are effective for the Company for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently considering the impact of these amendments on its consolidated financial statements. | ||
Accounting Standards Update No. 2014-15-Presentation of Financial Statements-Going Concern (Subtopic 205-40). The amendments in this Update provide guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures and are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently considering the impact of these amendments on its consolidated financial statements. | ||
Accounting Standards Update No. 2015-02-Consolidation (Topic 810). The amendments in this Update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and (iv) provide a scope exception from consolidation guidance for reporting entities with interests in certain legal entities. The amendments in this Update are effective for the Company for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company is currently considering the impact of these amendments on its consolidated financial statements. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations [Abstract] | |||||||||
Discontinued Operations | DISCONTINUED OPERATIONS | ||||||||
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 year ended December 31, 2012 have been reclassified in order to conform to the presentation resulting from discontinued operations. | |||||||||
Amounts recorded in respect of discontinued operations in the year ended December 31, 2014, 2013 and 2012 are as follows; | |||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Operating revenues | — | 1,840 | 89,747 | ||||||
Loss on sale of assets | — | (847 | ) | (17,946 | ) | ||||
Contingent rental expense | — | — | 32,156 | ||||||
Impairment loss on vessels | — | — | 27,316 | ||||||
Net loss from discontinued operations | — | (1,204 | ) | (12,544 | ) | ||||
The Company recorded an impairment loss of $27.3 million in 2012. This loss relates to four OBO carriers held under capital lease – Front Rider ($4.9 million), Front Climber ($4.2 million), Front Driver ($4.0 million) and Front Guider ($14.2 million). The impairment loss recorded on each vessel is equal to the difference between the asset's carrying value and estimated fair value. Three of these leases were terminated during 2012 and one lease was terminated during 2013. |
LOSS_ON_DECONSOLIDATION_OF_SUB
LOSS ON DE-CONSOLIDATION OF SUBSIDIARIES | 12 Months Ended | |
Dec. 31, 2014 | ||
Restructuring and Related Activities [Abstract] | ||
LOSS ON DE-CONSOLIDATION OF SUBSIDIARIES | ||
5 | LOSS ON DE-CONSOLIDATION OF SUBSIDIARIES | |
On July 15, 2014, several of the subsidiaries and related entities in the Windsor group, which owned four VLCCs, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Wilmington, Delaware. The Company had been consolidating the Windsor group under the variable interest entity model and de-consolidated the group on July 15, 2014 as it lost control of the group as a consequence of the Chapter 11 filing and recorded a loss of $12.4 million in the third quarter of 2014. The loss comprises the net investment in the Windsor group at the time of de-consolidation and $8.8 million relating to the accelerated amortization of the debt discount on the 7.84% First Preferred Mortgage Term Notes. The Windsor group emerged from Chapter 11 in January 2015 at which time all of the debt in the Windsor group was converted into equity and ownership was transferred to the then current bondholders. The Company was appointed as commercial manager in January 2015 for the vessels that were owned by the Windsor group prior to its bankruptcy filing and this will be the Company's only ongoing involvement with the Windsor group. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | |
Dec. 31, 2014 | ||
SEGMENT INFORMATION [Abstract] | ||
SEGMENT INFORMATION | ||
6 | SEGMENT INFORMATION | |
The Company and the chief operating decision maker ("CODM") measure performance based on the Company's overall return to shareholders based on consolidated net income. The CODM does not review a measure of operating result at a lower level than the consolidated group. Consequently, the Company has only one reportable segment: crude oil tankers. | ||
The Company's management does not evaluate performance by geographical region as this information is not meaningful. | ||
The Company operated in two markets up to the termination in March 2013 of the lease for Front Guider, being the last OBO carrier chartered in by the Company. We currently operate in the tanker market as an international provider of seaborne transportation of crude oil cargoes only. | ||
During the year ended December 31, 2014, one customer represented 14% of consolidated operating revenues and one customer represented 10% of our consolidated operating revenues (2013: no customer represented more than 10% of our consolidated operating revenues and 2012: one customer represented 18% of our consolidated operating revenues). |
IMPAIRMENT_OF_LONG_TERM_ASSETS
IMPAIRMENT OF LONG TERM ASSETS | 12 Months Ended | |
Dec. 31, 2014 | ||
Property, Plant and Equipment Impairment or Disposal [Abstract] | ||
IMPAIRMENT OF LONG TERM ASSETS | ||
7 | IMPAIRMENT OF LONG-TERM ASSETS | |
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 2014, the Company identified three vessels held under capital lease and one owned vessel, where the future estimated cash flows for each vessel were less than the carrying value and, therefore, not fully recoverable. The Company recorded an impairment loss of $97.7 million in 2014. This loss relates to three vessels leased from Ship Finance and recorded as vessels under capital lease - Front Opalia ($27.8 million), Front Commerce ($26.7 million) and Front Comanche ($30.7 million) and one vessel owned by a wholly-owned subsidiary of ITCL - Ulriken (ex Antares Voyager) ($12.4 million). The impairment loss recorded on the vessels held under capital lease vessel is equal to the difference between the asset's carrying value and estimated fair value. In July 2014, it was agreed that the leases on these vessels would be terminated, with expected termination in the fourth quarter of 2014 subject to normal closing conditions, and a 100% lease termination probability was assigned to these three vessels as of September 30, 2014. The leases on these three vessels were terminated in the fourth quarter of 2014. In September 2014, Golden State Petroleum Corporation, or Golden State, a wholly-owned subsidiary of ITCL, entered into an agreement to sell the Ulriken to an unrelated third party and the vessel was delivered in October 2014. The Company recorded an impairment loss of $12.4 million in the nine months end September 30, 2014 equal to the difference between the vessel's carrying value and the net sales price of $26.0 million. | ||
During 2013, the Company identified three vessels held under capital lease where the future estimated cash flows for each vessel were less than the carrying value and, therefore, not fully recoverable. The Company recorded an impairment loss of $103.7 million in 2013. The loss relates to three vessels leased from Ship Finance and recorded as vessels under capital lease - Golden Victory ($45.6 million), Front Champion ($42.5 million) and Front Century ($15.6 million). The impairment loss recorded on each vessel was 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. The fair value of Front Century was determined using discounted expected future cash flows from the leased vessel. The Company recorded a net gain of $13.8 million on the termination of the leases in the fourth quarter of 2013. | ||
During 2012, the Company identified five 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 recorded an impairment loss of $32.0 million in 2012. This loss relates to four OBO carriers – Front Rider ($4.9 million), Front Climber ($4.2 million), Front Driver ($4.0 million), Front Guider ($14.2 million) and one Suezmax tanker Front Pride ($4.7 million). The impairment loss recorded on each vessel is equal to the difference between the asset's carrying value and estimated fair value. three of these leases were terminated during 2012. The leases on Front Guider and Front Pride were terminated during 2013. The impairment loss in respect of OBO carriers is included in discontinued operations. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |
Dec. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ||
INCOME TAXES | ||
8 | INCOME TAXES | |
Bermuda | ||
Under current Bermuda law, the Company is not required to pay taxes in Bermuda on either income or capital gains. The Company has received written assurance from the Minister of Finance in Bermuda that, in the event of any such taxes being imposed, the Company will be exempted from taxation until March 31, 2035. | ||
United States | ||
The Company does not accrue U.S. income taxes as the Company is not engaged in a U.S. trade or business and is exempted from a gross basis tax under Section 883 of the U.S. Internal Revenue Code. | ||
A reconciliation between the income tax expense resulting from applying the U.S. Federal statutory income tax rate and the reported income tax expense has not been presented herein as it would not provide additional useful information to users of the financial statements as the Company's net income is subject to neither Bermuda nor U.S. tax. | ||
Other Jurisdictions | ||
Certain of the Company's subsidiaries in Singapore, Norway, India and the United Kingdom are subject to income tax in their respective jurisdictions. The tax paid by subsidiaries of the Company that are subject to income tax is not material. | ||
The Company does not have any unrecognized tax benefits, material accrued interest or penalties relating to income taxes. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
EARNINGS PER SHARE | |||||||||
9 | EARNINGS PER SHARE | ||||||||
The computation of basic EPS is based on the weighted average number of shares outstanding during the year and net income attributable to Frontline Ltd.. The exercise of stock options using the treasury stock method was anti-dilutive for 2014, 2013 and 2012 as the exercise price was higher than the share price at December 31, 2014, 2013 and 2012, therefore, 125,000, 670,900 and 629,233 shares, respectively, were excluded from the denominator in each calculation. The convertible bonds using the if-converted method were anti dilutive for the years ended December 31, 2014, 2013 and 2012, therefore, 3,465,849, 5,197,406 and 5,881,275 shares, respectively, 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: | |||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Net loss from continuing operations, excluding loss attributable to noncontrolling interest | (162,938 | ) | (187,305 | ) | (70,210 | ) | |||
Net loss from discontinued operations | — | (1,204 | ) | (12,544 | ) | ||||
Net loss attributable to Frontline Ltd. | (162,938 | ) | (188,509 | ) | (82,754 | ) | |||
The components of the denominator for the calculation of basic EPS and diluted EPS are as follows: | |||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||
Weighted average number of ordinary shares | 99,939 | 79,751 | 77,859 | ||||||
GAIN_ON_SALE_OF_ASSETS_AND_AMO
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS [Abstract] | |||||||||
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | |||||||||
10 | GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | ||||||||
Gain on sale of assets and amortization of deferred gains in each of the three years ended December 31, may be summarized as follows; | |||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Net gain on lease terminations | 40,382 | 21,237 | 21,806 | ||||||
Net loss on sale of vessels | (15,762 | ) | — | (2,109 | ) | ||||
Amortization of deferred gains | — | 2,321 | 15,062 | ||||||
24,620 | 23,558 | 34,759 | |||||||
LEASES
LEASES | 12 Months Ended | ||
Dec. 31, 2014 | |||
Leases [Abstract] | |||
LEASES | |||
11 | LEASES | ||
As of December 31, 2014, the Company leased in 21 vessels on long-term time charters from third parties and related parties. All of these long-term charters are classified as capital leases. | |||
Rental expense | |||
The Company is committed to make rental payments under operating leases for office premises. The future minimum rental payments under the Company's non-cancelable operating leases are as follows: | |||
(in thousands of $) | |||
Year ending December 31, | |||
2015 | 1,908 | ||
2016 | 642 | ||
2017 | 508 | ||
2018 | 350 | ||
2019 | 334 | ||
Thereafter | 1,586 | ||
Total minimum lease payments | 5,328 | ||
Total rental expense for operating leases was $2.2 million, $6.6 million and $40.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||
In January 2011, the Company sold the VLCC Front Shanghai and chartered the vessel, which was renamed the Gulf Eyadah, in on a two year time charter at a rate of $35,000 a day. A deferred gain of nil, nil and $7.9 million was recognized in 2014, 2013 and 2012, respectively. In addition, a gain on sale of $6.4 million was recorded in 2011. The vessel was redelivered to its owner in December 2012. In March 2011, the VLCC Front Eagle, which had been classified as a vessel under a capital lease, was purchased and then sold to a third party with delivery in the second quarter of 2011. The Company chartered back this vessel, which was renamed the DHT Eagle, on a two year time charter at a rate of $32,500 per day. A deferred gain of nil, $2.3 million and $7.2 million was recognized in 2014, 2013 and 2012, respectively. In addition, a gain on sale of $3.2 million was recorded in 2011. The VLCC Hampstead was redelivered to its owner in April 2012. | |||
During 2011 and January 2012, the Company redelivered four vessels which had been chartered in under operating leases from special purpose lessor entities which were established and are owned by independent third parties who provide financing through debt and equity participation. Charter hire expenses for these operating leases were nil, nil and $0.04 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||
Rental income | |||
The minimum future revenues to be received on time charter, which are accounted for as operating leases and other contractually committed income as of December 31, 2014 are as follows: | |||
(in thousands of $) | |||
2015 | 4,435 | ||
2016 | — | ||
2017 | — | ||
2018 | — | ||
2019 | — | ||
Thereafter | — | ||
Total minimum lease payments | 4,435 | ||
The cost and accumulated depreciation of the vessels leased to third parties as of December 31, 2014 were approximately $46.2 million and $33.2 million, respectively, and as of December 31, 2013 were approximately $166.3 million and $28.8 million, respectively. |
INVESTMENT_IN_FINANCE_LEASE
INVESTMENT IN FINANCE LEASE | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
INVESTMENT IN FINANCE LEASE [Abstract] | ||||||
INVESTMENT IN FINANCE LEASE | ||||||
12 | INVESTMENT IN FINANCE LEASE | |||||
As of December 31, 2014, one of the Company's vessels was accounted for as a sales-type lease (2013: one). The following lists the components of the investment in sales-type lease as at December 31. | ||||||
(in thousands of $) | 2014 | 2013 | ||||
Net minimum lease payments receivable | 67,145 | 78,452 | ||||
Estimated residual values of leased property (unguaranteed) | 20,320 | 20,320 | ||||
Less: unearned income | (38,647 | ) | (47,398 | ) | ||
Total investment in sales-type lease | 48,818 | 51,374 | ||||
Current portion | 3,028 | 2,555 | ||||
Long-term portion | 45,790 | 48,819 | ||||
48,818 | 51,374 | |||||
The minimum future gross revenues to be received under the Company's non-cancelable sales-type lease as of December 31, 2014 are as follows: | ||||||
(in thousands of $) | ||||||
2015 | 11,307 | |||||
2016 | 11,338 | |||||
2017 | 11,307 | |||||
2018 | 11,307 | |||||
2019 | 11,307 | |||||
Thereafter | 10,579 | |||||
Total minimum lease revenues | 67,145 | |||||
The counterparty to the lease is a state-owned oil company which the Company has deemed to have a low credit risk. |
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Marketable Securities [Abstract] | ||||||
MARKETABLE SECURITIES | ||||||
13 | MARKETABLE SECURITIES | |||||
Marketable securities held by the Company are equity securities considered to be available-for-sale securities. | ||||||
(in thousands of $) | 2014 | 2013 | ||||
Cost | 2,830 | 2,707 | ||||
Accumulated net unrealized (loss) gain | (206 | ) | 772 | |||
Fair value | 2,624 | 3,479 | ||||
During 2013, the Company received 108,069 shares in Avance Gas Holdings Limited ("Avance Gas") as a stock dividend from its investment in Frontline 2012. | ||||||
During 2014, the Company received 12,374 shares in Knightsbridge Shipping Limited ("Knightsbridge") as partial settlement of Restricted Stock Units ("RSU") granted by Knightsbridge to ICB Shipping (Bermuda) Limited in its capacity as Manager. During 2013, the Company received 8,766 shares as partial settlement of RSUs. No payment was given for these shares and $0.01 million and $0.06 million was recorded in "Other income" in 2014 and 2013, respectively. | ||||||
The net unrealized loss on marketable securities included in comprehensive income is $0.2 million (2013: $0.8 million gain). | ||||||
The cost of sale of available-for-sale marketable securities is calculated on an average cost basis. Realized gains and losses are recorded as gain on sale of securities in the consolidated statement of operations. |
TRADE_ACCOUNTS_RECEIVABLE_NET
TRADE ACCOUNTS RECEIVABLE, NET | 12 Months Ended | ||
Dec. 31, 2014 | |||
TRADE ACCOUNTS RECEIVABLE, NET [Abstract] | |||
TRADE ACCOUNTS RECEIVABLE, NET | |||
14 | TRADE ACCOUNTS RECEIVABLE, NET | ||
Trade accounts receivable are presented net of allowance for doubtful accounts relating to freight and demurrage claims. Movements in the allowance for doubtful accounts in the three years ended December 31, 2014 may be summarized as follows; | |||
(in thousands of $) | |||
Balance at December 31, 2011 | (4,487 | ) | |
Additions charged to income | (6,033 | ) | |
Deductions credited to income | 663 | ||
Balance at December 31, 2012 | (9,857 | ) | |
Additions charged to income | (55 | ) | |
Balance at December 31, 2013 | (9,912 | ) | |
Additions charged to income | (68 | ) | |
Balance at December 31, 2014 | (9,980 | ) |
OTHER_RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
OTHER RECEIVABLES [Abstract] | ||||||
OTHER RECEIVABLES | ||||||
15 | OTHER RECEIVABLES | |||||
(in thousands of $) | 2014 | 2013 | ||||
Agent receivables | 4,440 | 5,065 | ||||
Claims receivables | 7,553 | 4,938 | ||||
Other receivables | 4,710 | 6,177 | ||||
16,703 | 16,180 | |||||
Other receivables are presented net of allowances for doubtful accounts amounting to nil and nil as of December 31, 2014 and 2013. |
NEWBUILDINGS
NEWBUILDINGS | 12 Months Ended | ||
Dec. 31, 2014 | |||
NEWBUILDINGS [Abstract] | |||
NEWBUILDINGS | |||
16 | NEWBUILDINGS | ||
The carrying value of newbuildings represents the accumulated costs which the Company has paid by way of purchase installments and other capital expenditures together with capitalized loan interest. Movements in the three years ended December 31, 2014 may be summarized as follows: | |||
(in thousands of $) | |||
Balance at December 31, 2011 | 13,049 | ||
Installments and newbuilding supervision fees paid | 12,936 | ||
Interest capitalized | 928 | ||
Balance at December 31, 2012 | 26,913 | ||
Installments and newbuilding supervision fees paid | 572 | ||
Interest capitalized | 2,183 | ||
Balance at December 31, 2013 | 29,668 | ||
Installments and newbuilding supervision fees paid | 42,130 | ||
Interest capitalized | 411 | ||
Transfers to Vessels and Equipment | (56,740 | ) | |
Balance at December 31, 2014 | 15,469 | ||
In April 2014, the Company agreed with Rongsheng shipyard to swap its two Suezmax newbuildings on order with two similar Suezmax vessels from the same shipyard at a lower contract price. Installments paid to date have been allocated to the new vessels. | |||
On May 19, 2014, the Company took delivery of the first Suezmax newbuildings, Front Ull. |
VESSELS_AND_EQUIPMENT
VESSELS AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
VESSELS AND EQUIPMENT. NET | |||||||||
17 | VESSELS AND EQUIPMENT | ||||||||
Movements in the three years ended December 31, 2014 may be summarized as follows: | |||||||||
(in thousands of $) | Cost | Accumulated Depreciation | Net Carrying Value | ||||||
Balance at December 31, 2011 | 459,312 | (147,020 | ) | 312,292 | |||||
Purchase of vessels and equipment | 730 | — | |||||||
Disposal of vessels and equipment | (51,960 | ) | 40,290 | ||||||
Other movements | 443 | (341 | ) | ||||||
Depreciation | — | (18,508 | ) | ||||||
Balance at December 31, 2012 | 408,525 | (125,579 | ) | 282,946 | |||||
Purchase of vessels and equipment | 374 | — | |||||||
Other movements | (531 | ) | 449 | ||||||
Depreciation | — | (18,434 | ) | ||||||
Balance at December 31, 2013 | 408,368 | (143,564 | ) | 264,804 | |||||
Purchase of vessels and equipment | 542 | — | |||||||
Transfers from Newbuildings | 56,740 | — | |||||||
Effect of de-consolidation of subsidiaries | (224,602 | ) | 49,803 | ||||||
Other movements | (936 | ) | 854 | ||||||
Depreciation | — | (11,082 | ) | ||||||
Impairment loss | (62,153 | ) | 49,728 | ||||||
Disposals | (117,297 | ) | 50,223 | ||||||
Balance at December 31, 2014 | 60,662 | (4,038 | ) | 56,624 | |||||
At December 31, 2014, the Company owned one vessel (2013: nine vessels, including three vessels owned by subsidiaries accounted for under the equity method). | |||||||||
In March 2014, a subsidiary of ITCL entered into an agreement to sell the VLCC Ulysses (ex-Phoenix Voyager) to an unrelated third party. The vessel was delivered to the buyer on March 11, 2014 and we recorded a loss of $15.7 million in the first quarter of 2014. | |||||||||
In May 2014, the Company took delivery of its first Suezmax newbuilding, Front Ull. | |||||||||
On July 15, 2014, several of the subsidiaries and related entities in the Windsor group, which owned four VLCCs, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Wilmington, Delaware. The Company had been consolidating the Windsor group under the variable interest entity model and de-consolidated the group on July 15, 2014 as it lost control of the group as a consequence of the Chapter 11 filing. | |||||||||
In September 2014, the Company agreed to sell the VLCC Ulriken (ex Antares Voyager) to an unrelated third party and recorded an impairment loss of $12.4 million in the third quarter. The vessel was delivered to the new owners in October 2014. | |||||||||
Pursuant to an early termination agreement between three of the Company's subsidiaries, which were accounted for under the equity method: (i) the bareboat charters for the Altair Voyager, Cygnus Voyager and Sirius Voyager were terminated as of October 1, 2014; (ii) the charter hire payments paid in connection with the early termination agreement were used to redeem the remaining outstanding debt related to these vessels; and (iii) the three vessels were sold. | |||||||||
In March 2012, the Company sold its 1993-built double hull Suezmax tanker, Front Alfa, to an unrelated third party and recognized a loss of $2.1 million in the first quarter of 2012. An impairment loss for this vessel of $24.8 million was recorded in the third quarter of 2011. |
VESSELS_UNDER_CAPITAL_LEASE_NE
VESSELS UNDER CAPITAL LEASE, NET | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases, Capital [Abstract] | |||||||||
VESSELS UNDER CAPITAL LEASE, NET | |||||||||
18 | VESSELS UNDER CAPITAL LEASE, NET | ||||||||
Movements in the three years ended December 31, 2014 may be summarized as follows: | |||||||||
(in thousands of $) | Cost | Accumulated Depreciation | Net Carrying Value | ||||||
Balance at December 31, 2011 | 2,073,779 | (1,051,607 | ) | 1,022,172 | |||||
Disposals | (110,625 | ) | 100,806 | ||||||
Impairment loss | (32,042 | ) | — | ||||||
Lease modification | 9,115 | — | |||||||
Depreciation | — | (96,337 | ) | ||||||
Balance at December 31, 2012 | 1,940,227 | (1,047,138 | ) | 893,089 | |||||
Disposals | (159,016 | ) | 155,848 | ||||||
Impairment loss | (153,508 | ) | 49,784 | ||||||
Depreciation | — | (81,389 | ) | ||||||
Balance at December 31, 2013 | 1,627,703 | (922,895 | ) | 704,808 | |||||
Impairment loss | (204,260 | ) | 118,976 | ||||||
Additions | 1,210 | — | |||||||
Depreciation | — | (70,389 | ) | ||||||
Balance at December 31, 2014 | 1,424,653 | (874,308 | ) | 550,345 | |||||
The outstanding obligations under capital leases are payable as follows: | |||||||||
(in thousands of $) | |||||||||
Year ending December 31, | |||||||||
2015 | 82,402 | ||||||||
2016 | 139,256 | ||||||||
2017 | 102,451 | ||||||||
2018 | 96,292 | ||||||||
2019 | 87,690 | ||||||||
Thereafter | 330,064 | ||||||||
Minimum lease payments | 838,155 | ||||||||
Less: imputed interest | (194,474 | ) | |||||||
Present value of obligations under capital leases | 643,681 | ||||||||
As of December 31, 2014, the Company held 21 vessels under capital leases (2013: 24 vessels), of which 17 (2013: 20 vessels) are leased from Ship Finance. These leases are for initial terms that range from 12 to 22 years. The remaining periods on these leases at December 31, 2014 range from 1 to 12 years. | |||||||||
Four of these vessels (2013: four) are leased by the Company from special purpose lessor entities, which were established and are owned by independent third parties who provide financing through debt and equity participation. Each entity owns one vessel, which is leased to the Company, and has no other activities. Prior to the adoption of ASC 810, these special purpose entities were not consolidated by the Company. The Company has determined that these entities are variable interest entities. The determination of the primary beneficiary of a variable interest entity requires knowledge of the participations in the equity of that entity by individual and related equity holders. Our lease agreements with the leasing entities do not give us any right to obtain this information and the Company has been unable to obtain this information by other means. Accordingly the Company is unable to determine the primary beneficiary of these leasing entities. As of December 31, 2014, the original cost to the lessor of the assets under such arrangements was $258.0 million (2013: $258.0 million). The lessor has options to put these vessels to the Company at the end of the lease term. As of December 31, 2014 and 2013, the Company's residual value guarantees associated with these leases, which represent the maximum exposure to loss, are $36.0 million. These remaining lease obligations, and with the residual value guarantees, are recorded as short-term as at December 31, 2014. | |||||||||
Put options on vessels leased under leases classified as capital leases are recorded as part of the lease's minimum lease payments. Lease liabilities are amortized so that the remaining balance at the date the put option becomes exercisable is equal to the put option amount. An additional liability is recognized based on the amount, if any, by which the put option price exceeds the fair market value of the related vessel. As of December 31, 2014, no such additional liability had arisen. On December 30, 2011, the Company agreed to a rate reduction on all these vessels whereby the Company will pay a reduced rate and an additional amount (contingent rental expense) dependent on the actual market rate. The contingent rental expense recorded on these vessels arises when the actual rate paid by the Company fluctuates from the minimum lease rentals. Annual renewals which were at the owners option were replaced with a fixed term of January 1, 2012 to December 31, 2015 and the purchase options that the Company had previously held were removed. A profit share payment will be due at the end of the lease based on 25% of the excess of the aggregate of market index rates over the aggregate of the original rates. In 2014, 2013 and 2012 a total profit share of nil was recorded. The following table discloses information about the Company's activity with these non-consolidated lessor entities in the three year period ended December 31, 2014: | |||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Repayments of principal obligations under capital leases | 12,948 | 12,260 | 11,665 | ||||||
Contingent rental expense (income) | 4,237 | (7,761 | ) | 2,436 | |||||
Interest expense for capital leases | 4,429 | 5,389 | 6,301 | ||||||
Deferred lease obligation | — | — | 3,795 | ||||||
In March 2011, the Company exercised its option to purchase the VLCC Front Eagle and simultaneously sold the vessel for $67.0 million, with delivery in the second quarter of 2011, and leased back the vessel under a two year operating lease. The transaction was accounted for as a sale and leaseback transaction. Deferred gains of nil, $2.3 million and $7.2 million were recognized in 2014, 2013 and 2012, respectively. In addition, a gain on sale of $3.2 million was recorded in 2011. There was no unamortized deferred gain at December 31, 2014. | |||||||||
At December 31, 2014, the Company has five double hull Suezmax tankers and 12 double hull VLCCs on long-term fixed rate leases with Ship Finance which expire from 2018-2027 dependent upon the age of the vessels. The leases contain no optional termination periods, purchase options or put options. In November 2014, the Company terminated the leases on three vessels, Front Comanche, Front Commerce and Front Opalia. The Company recorded an impairment loss of $85.3 million in 2014 in respect of these three vessels. | |||||||||
In 2013, the Company recorded an impairment loss of $103.7 million in respect of three VLCCs. The leases on two vessels, Front Champion and Golden Victory, were terminated in November 2013. The lease on one Suezmax tanker, Front Pride, was terminated in March 2013 and an impairment charge of $4.7 million was recognized in 2012 in respect of this vessel. | |||||||||
In 2012, the Company recorded an impairment loss of $32.0 million, of which $27.3 million was recorded in discontinued operations. This loss was in respect of four OBO vessels and one double hull Suezmax, three of these OBO vessels had been disposed of by December 31, 2012. In December 2012, Ship Finance and the Company agreed to terminate the lease of the OBO vessel Front Guider at the end of its then current voyage. This was treated as a lease modification in 2012. The lease was reassessed and remained a capital lease and capital lease obligations increased by $9.1 million, with a corresponding increase in vessels under capital lease. A lease termination payment of $10.8 million was paid on December 27, 2012. An impairment loss of $14.2 million was recorded in respect of Front Guider and this amount is included in the total impairment loss recorded in 2012 of $32.0 million. | |||||||||
The Company has entered into charter ancillary agreements with Ship Finance in connection with the leased vessels whereby the Company agrees to pay Ship Finance a profit sharing payment equal to 20% of the charter revenues earned by the Company in excess of the daily base charter hire paid to Ship Finance. In December 2011, the Company and Ship Finance agreed to a rate reduction of $6,500 per day for all vessels leased from Ship Finance under long-term leases for a four year period that commenced on January 1, 2012. The Company paid Ship Finance up front compensation of $106.0 million on December 30, 2011, of which $50.0 million was a non-refundable prepayment of profit share and $56.0 million was a release of restricted cash serving as security for charter payments. The Company will compensate Ship Finance with 100% of any difference between the renegotiated rates and the average vessel earnings up to the original contract rates (contingent rental expense). At December 31, 2014, the contingent rental expense due to Ship Finance is $32.7 million (2013: nil). In addition, the profit share above the original threshold rates was increased from 20% to 25%. As a result of this, obligations under capital leases and vessels under capital leases have been reduced by $126.5 million at December 31, 2011. Obligations under capital leases have also been reduced by the $106.0 million compensation payment to Ship Finance. In the year ended December 31, 2014, total profit share due to Ship Finance was nil and so the $50.0 million non-refundable prepayment of profit share in December 2011 remains unchanged at December 31, 2014. Profit share will only be recognized in the financial statements when the accrued profit share is more than the non-refundable prepayment of profit share. |
EQUITY_METHOD_INVESTMENTS
EQUITY METHOD INVESTMENTS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
EQUITY METHOD INVESTMENTS [Abstract] | |||||||||
EQUITY METHOD INVESTMENTS | |||||||||
19 | EQUITY METHOD INVESTMENTS | ||||||||
As of December 31, the Company had the following participation in investments that are recorded using the equity method: | |||||||||
2014 | 2013 | ||||||||
CalPetro Tankers (Bahamas I) Limited | — | % | 100 | % | |||||
CalPetro Tankers (Bahamas II) Limited | — | % | 100 | % | |||||
CalPetro Tankers (IOM) Limited | — | % | 100 | % | |||||
VLCC Chartering Ltd | 50 | % | — | % | |||||
Frontline 2012 Ltd. | 5.6 | % | 5.4 | % | |||||
In October 2014, we formed VLCC Chartering Ltd. ("VLCC Chartering"), a 50/50 joint venture company with Tankers International LLC ("TI"). Our investment in VLCC Chartering is $200. | |||||||||
CalPetro Tankers (Bahamas I) Limited, CalPetro Tankers (Bahamas II) Limited and CalPetro Tankers (IOM) Limited (together the "CalPetro group") were incorporated in 1994 for the purpose of acquiring three oil tankers from Chevron Transport Corporation ("Chevron") and these vessels were concurrently chartered back to Chevron on long-term bare boat charter agreements, which gave Chevron the option to buy each of the vessels for $1 at the expiry of the leases in April 2015. Up to October 1, 2014, the Company had determined it was not the primary beneficiary of these variable interest entities due to the fixed rate, bare boat charters and the bargain purchase options held by Chevron, and had accounted for these entities under the equity method. Pursuant to an early termination agreement between the CalPetro group and Chevron: (i) the bareboat charters for the Altair Voyager, Cygnus Voyager and Sirius Voyager were terminated as of October 1, 2014; (ii) the charter hire payments paid in connection with the early termination agreement were used to redeem the remaining outstanding debt related to these vessels; and (iii) the three vessels were sold. The Company determined it was the primary beneficiary of the CalPetro group following the execution of the early termination agreement at which time they were consolidated by the Company and cash of $1.3 million became available to the Company, of which $0.7 million had been held in restricted cash. There were no other assets or liabilities. | |||||||||
In 2014, Frontline 2012 purchased 6.8 million of its own shares and holds them as treasury stock. This increased the Company's ownership from 5.4% to 5.6%. | |||||||||
In January 2013, the Company sold its 50% shareholding in Orion Tankers Ltd for book value of $242,000. | |||||||||
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 of 2013, which is recognized in 'Equity gains (losses) of unconsolidated subsidiaries and 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 participate in this private placement and its ownership decreased from 6.3% to 5.4%. The Company recognized a gain on the dilution of its ownership of $4.7 million in the third quarter of 2013. | |||||||||
In October 2013, Frontline 2012 paid a stock dividend of one share in Avance Gas for every 124.55 shares held in Frontline 2012. The Company received 108,069 shares valued at $1.3 million, which was credited against the investment and recorded in marketable securities. | |||||||||
At December 31, 2014, the quoted value of the Company's investment in Frontline 2012 was $71.3 million (2013: $109.9 million). The amount of retained earnings at December 31, 2014 that represents undistributed earnings of Frontline 2012 is $15.7 million (2013: $13.1 million). | |||||||||
Summarized financial statements of Frontline 2012 are as follows: | |||||||||
(in thousands of $) | 2014 | 2013 | |||||||
Current assets | 417,985 | 480,177 | |||||||
Non current assets | 2,083,783 | 1,193,803 | |||||||
Current liabilities | 232,877 | 108,852 | |||||||
Non current liabilities | 821,541 | 501,971 | |||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Operating revenues | 275,258 | 133,900 | 140,849 | ||||||
Net operating income | 46,731 | 65,755 | 25,673 | ||||||
Net income | 84,511 | 69,499 | 8,055 | ||||||
Cash dividends of $2.0 million were received from equity method investees in 2014 (2013: nil, 2012: nil). No stock dividends were received in 2014 (2013: $1.3 million, 2012: nil). | |||||||||
Summarized financial statements of investees of which the Company has determined it is not the primary beneficiary and accounts for under the equity method as of December 31, is as follows: | |||||||||
(in thousands of $) | 2014 | 2013 | |||||||
Current assets | — | 15,457 | |||||||
Non current assets | — | 5,132 | |||||||
Current liabilities | — | 9,981 | |||||||
Non current liabilities | — | 9,525 | |||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Net operating revenues | 931 | 1,651 | 2,473 | ||||||
Net operating income | 691 | 1,353 | 2,155 | ||||||
Net loss | (585 | ) | (538 | ) | (544 | ) |
DEFERRED_CHARGES
DEFERRED CHARGES | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||
DEFERRED CHARGES | ||||||
20 | DEFERRED CHARGES | |||||
(in thousands of $) | 2014 | 2013 | ||||
Debt arrangement fees | 12,464 | 11,836 | ||||
Accumulated amortization | (11,768 | ) | (11,141 | ) | ||
696 | 695 | |||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Payables and Accruals [Abstract] | ||||||
ACCRUED EXPENSES | ||||||
21 | ACCRUED EXPENSES | |||||
(in thousands of $) | 2014 | 2013 | ||||
Voyage expenses | 10,092 | 11,027 | ||||
Ship operating expenses | 4,689 | 5,614 | ||||
Administrative expenses | 1,493 | 1,297 | ||||
Interest expense | 2,556 | 12,429 | ||||
Taxes | 491 | 325 | ||||
Contingent rental expense | 3,009 | 2,615 | ||||
Other | 115 | 94 | ||||
22,445 | 33,401 | |||||
DEBT
DEBT | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Debt Disclosure [Abstract] | ||||||
DEBT | ||||||
22 | DEBT | |||||
(in thousands of $) | 2014 | 2013 | ||||
U.S. dollar denominated floating rate debt | 29,500 | — | ||||
U.S. dollar denominated fixed rate debt: | ||||||
4.5% convertible bond due 2015 | 126,700 | 190,000 | ||||
8.04% First Preferred Mortgage Term Notes | 36,657 | 83,240 | ||||
7.84% First Preferred Mortgage Term Notes | — | 196,240 | ||||
Unamortized discount on issuance of 7.84% First Preferred Mortgage Term Notes | — | (10,402 | ) | |||
Total debt | 192,857 | 459,078 | ||||
Current portion of long-term debt | (165,357 | ) | (22,706 | ) | ||
Long term portion of debt | 27,500 | 436,372 | ||||
Movements in debt in each of the three years ended December 31, 2014, maybe summarized as follows: | ||||||
(in thousands of $) | ||||||
Balance at December 31, 2011 | 513,513 | |||||
4.5% convertible bond - buy-back | (10,000 | ) | ||||
Loan repayments | (19,521 | ) | ||||
Balance at December 31, 2012 | 483,992 | |||||
4.5% convertible bond - debt-for-equity swap | (25,000 | ) | ||||
Loan repayments | (21,531 | ) | ||||
Issuance of 7.84% First Preferred Mortgage Term Notes | 32,019 | |||||
Discount on issuance of 7.84% First Preferred Mortgage Term Notes | (12,222 | ) | ||||
Amortization of discount on issuance of 7.84% First Preferred Mortgage Term Notes | 1,820 | |||||
Balance at December 31, 2013 | 459,078 | |||||
4.5% convertible bond - buy-back | (17,800 | ) | ||||
4.5% convertible bond - debt-for-equity swaps | (45,500 | ) | ||||
Loan repayments | (54,732 | ) | ||||
Loan draw downs | 30,000 | |||||
Effect of de-consolidation of subsidiaries - 7.84% First Preferred Mortgage Term Notes | (179,818 | ) | ||||
Amortization of discount on issuance of 7.84% First Preferred Mortgage Term Notes | 1,629 | |||||
Balance at December 31, 2014 | 192,857 | |||||
The weighted average interest rate for floating rate debt denominated in U.S. dollars was 2.8% as of December 31, 2014. The Company had no floating rate debt at December 31, 2013. | ||||||
U.S. DOLLAR DENOMINATED FIXED RATE DEBT | ||||||
4.5% Convertible Bonds due 2015 | ||||||
In March 2012, the Company purchased $10.0 million notional value of its convertible bonds for a purchase price of $5.4 million. The Company recognized a gain of $4.6 million, included in Other non-operating items, in the first quarter of 2012. After the purchase, the Company held 4.4% of the convertible bonds outstanding. The convertible bonds have been presented net of the bonds owned. | ||||||
In October 2013, the Company exchanged $25.0 million notional value of its convertible bonds for an aggregate of 6,474,827 shares and a cash payment of $2.25 million. As the conversion was agreed at more favorable terms than the original bond and there was a time constraint, this was treated as an inducement and the Company recognized $12.7 million, being the difference between the fair value of the original conversion rights compared with the fair value of the induced conversion terms, as a debt conversion expense in 2013. | ||||||
In October 2014, the Company purchased $17.8 million notional value of its convertible bonds for a purchase price of $16.3 million. The Company recognized a gain of $1.5 million, included in Other non-operating items, in the final quarter of 2014. After the purchase, the Company held 23.5% of the convertible bonds outstanding. The convertible bonds have been presented net of bonds owned. | ||||||
In October 2014, the Company exchanged $23.0 million of the outstanding principal amount of the Company's convertible bonds for an aggregate of 8,251,724 shares, at a price of $1.45 per share, and a cash payment of $10.0 million plus accrued interest. In December 2014, the Company exchanged $22.5 million of the outstanding principal amount of the Company's convertible bonds for an aggregate of 4,744,752 shares, at a price of $2.62 per share, and a cash payment of $9.6 million plus accrued interest. The conversion price of the convertible bonds at the time of both transactions was $36.5567. As the conversions were agreed at more favorable terms than the original bond and there were time constraints, they were treated as inducements and the Company recognized the difference between the fair value of the original conversion rights compared with the fair value of the induced conversion terms, as a debt conversion expense of $41.1 million in 2014. | ||||||
7.84% First Preferred Mortgage Term Notes | ||||||
In July and August 2008, ITCL purchased three tranches of the Windsor Petroleum Transport Corporation 7.84% term notes on the open market. In 2013, ITCL sold its full holding of the term notes for net proceeds of $19.8 million. The difference of $12.2 million between the outstanding principal balance of $32.0 million and the net proceeds is recorded as a discount on issuance of debt. This discount is being amortized over the period of the term notes and $1.6 million was recorded as interest expense in 2014. The effective interest rate of the debt discount is 7.84%. | ||||||
On July 15, 2014, the Company de-consolidated the Windsor group (see Note 5) and the outstanding balance on the term notes of $179.8 million was removed from the balance sheet. These term notes are non-recourse to the Company. | ||||||
U.S. DOLLAR DENOMINATED FLOATING RATE DEBT | ||||||
$60.0 million term loan facility | ||||||
In June 2014, the Company entered into a $60.0 million term loan facility to part finance its two Suezmax newbuildings. The Company drew down $30.0 million in the third quarter for the vessel delivered in the second quarter and drew down $30.0 million in January 2015 upon delivery of the second newbuilding. Repayments are made on a quarterly basis, each in an amount equaling 1/60th of the amount drawn, with a balloon payment on the final maturity date in June 2017. The interest rate, based on LIBOR plus a margin, was 2.8% as of December 31, 2014.The loan agreement contains a loan-to-value clause, which could require the Company to post collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing the borrowings decrease below a required level. In addition, the loan agreement requires the vessel owning subsidiaries to maintain a certain level of free cash and maintain positive working capital and it contains a cross default provision regarding the Company's convertible loan. Failure to comply with any of the covenants could result in a default, which would permit the lender to accelerate the maturity of the debt and to foreclose upon any collateral securing the debt. The Company was in compliance with all of the financial and other covenants as of December 31, 2014. | ||||||
The outstanding debt as of December 31, 2014 is repayable as follows: | ||||||
(in thousands of $) | ||||||
Year ending December 31, | ||||||
2015 | 165,357 | |||||
2016 | 2,000 | |||||
2017 | 25,500 | |||||
2018 | — | |||||
2019 | — | |||||
Thereafter | — | |||||
192,857 | ||||||
U.S. DOLLAR DENOMINATED FIXED RATE DEBT | ||||||
4.5% Convertible Bonds due 2015 | ||||||
On March 26, 2010, the Company announced the private placement of $225 million of convertible bonds and the offering of the bonds closed on April 14, 2010. The senior, unsecured convertible bonds have an annual coupon of 4.50%, which is paid quarterly in arrears and had a conversion price of $39.00. The bonds may be converted to the Company's Ordinary Shares by the holders at anytime up to 10 banking days prior to April 14, 2015. The applicable USD/NOK exchange rate has been set at 6.0448. The Company declared a dividend of $0.75 per share on May 21, 2010. The conversion price was adjusted from $39.00 to $38.0895 effective June 2, 2010 which was the date the shares traded ex-dividend. The Company declared a dividend of $0.75 per share on August 27, 2010. The conversion price was adjusted from $38.0895 to $37.0483 per share effective September 8, 2010, which was the ex-dividend date. There was no adjustment to the conversion price for the dividend of $0.25 per share, which was paid on December 21, 2010. There is no adjustment to the conversion price where such adjustment would be less than 1% of the conversion price then in effect and any adjustment not required to be made shall be carried forward and taken into account in any subsequent adjustment. On February 22, 2011 the Company announced a dividend of $0.10 per share. The conversion price was adjusted from $37.0483 to $36.5567 per share effective March 7, 2011, which was the ex-dividend date. The company declared a dividend of $0.10 per share and $0.02 per share on May 24 and August 25, 2011 respectively. The bonds are required to be redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and canceled, mature on April 14, 2015.The conversion price of the Company’s convertible bonds at December 31, 2014 and 2013 was $36.5567. | ||||||
The Company has a right to redeem the bonds at par plus accrued interest at any time during the term of the loan, provided that 90% or more of the bonds issued shall have been redeemed or converted to shares. 3,465,849 new shares would be issued, if the bonds were converted at the current price of $36.5567. | ||||||
The loan associated with our convertible bonds imposes operating and negative covenants on us and our subsidiaries. A violation of these covenants constitutes an event of default under our convertible bonds, which would, unless waived by our bondholders, provide our bondholders with the right to require the principal amounts under the convertible bonds including accrued interest and expenses due for immediate payment and accelerate our indebtedness, which would impair our ability to continue to conduct our business. The Company was in compliance with all of the covenants as of December 31, 2014. | ||||||
8.04% First Preferred Mortgage Term Notes | ||||||
The 8.04% First Preferred Mortgage Term Notes due 2019 are subject to redemption through the operation of mandatory sinking funds according to the schedule of sinking fund redemption payments set forth below. The sinking fund redemption price is 100% of the principal amount of Term Notes being redeemed, together with accrued and unpaid interest to the date fixed for redemption. | ||||||
In January 2015, a wholly-owned subsidiary of the Company repaid the full outstanding balance of $36.7 million following the sale of the Ulriken. Repayment was made from the net sale proceeds and restricted cash held by subsidiaries of ITCL. | ||||||
Assets pledged | ||||||
(in thousands of $) | 2014 | 2013 | ||||
Vessels, net, | 55,812 | 263,367 | ||||
Restricted cash and investments | 38,560 | 66,249 | ||||
At December 31, 2014, one vessel was pledged as security for the $60.0 million term loan facility and restricted cash and investments were pledged as security for the 8.04% First Preferred Mortgage Term Notes. | ||||||
At December 31, 2013, six vessels and restricted cash and investments were pledged as security for the 7.84% and 8.04% First Preferred Mortgage Term Notes. |
SHARE_CAPITAL
SHARE CAPITAL | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
SHARE CAPITAL [Abstract] | ||||||
SHARE CAPITAL | ||||||
23 | SHARE CAPITAL | |||||
Authorized share capital: | ||||||
(in thousands of $, except share data) | 2014 | 2013 | ||||
1,000,000,000 ordinary shares of $1.00 each (2013: 312,500,000 ordinary shares of $1.00 each) | 1,000,000 | 312,500 | ||||
Issued and fully paid share capital: | ||||||
(in thousands of $, except per share data) | 2014 | 2013 | ||||
112,342,989 ordinary shares of $1.00 each (2013: 86,511,713 ordinary shares of $1.00 each) | 112,343 | 86,512 | ||||
The Company's Ordinary Shares are listed on the New York Stock Exchange, the Oslo Stock Exchange and the London Stock Exchange. | ||||||
In January 2014, the Company increased the amount that may be raised from its ATM offering from up to $40.0 million to up to $100.0 million. During 2014, the company issued 12,834,800 new ordinary shares under the program for gross proceeds of $54.2 million. | ||||||
A resolution was approved at the Company's Annual General Meeting on September 19, 2014, to increase the Company's authorized share capital from $312,500,000 divided into 312,500,000 common shares of $1.00 par value each to $1,000,000,000 divided into 1,000,000,000 common shares of $1.00 par value each. | ||||||
In October 2014, the Company exchanged $23.0 million of the outstanding principal amount of the Company's convertible bonds for an aggregate of 8,251,724 shares and a cash payment of $10.0 million plus accrued interest. This resulted in an increase in additional paid in capital of $25.4 million. | ||||||
In December 2014, the Company exchanged $22.5 million of the outstanding principal amount of the Company's convertible bonds for an aggregate of 4,744,752 shares and a cash payment of $9.6 million plus accrued interest. This resulted in an increase in additional paid in capital of $28.6 million. | ||||||
A resolution was approved at the Company’s Special General Meeting on May 8, 2013, such 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 canceling 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 ("ATM") offering. During 2013, the Company issued 2,178,384 new ordinary shares under the program for gross proceeds of $6.2 million. | ||||||
In October 2013, the Company exchanged $25.0 million of the outstanding principal amount of the Company's convertible bonds for an aggregate of 6,474,827 shares and a cash payment of $2.25 million. This resulted in an increase in additional paid in capital of $28.9 million. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |||||||||
ACCUMUTLATED OTHER COMPREHENSIVE LOSS | |||||||||
24 | ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||
The activity in Accumulated Other Comprehensive Loss is summarized as follows: | |||||||||
(in thousands of $) | Unrealized investment gains (losses) | Translation adjustments | |||||||
Total | |||||||||
Balance at December 31, 2011 | (668 | ) | (4,111 | ) | (4,779 | ) | |||
Translation adjustment | — | 97 | 97 | ||||||
Net unrealized gains on marketable securities | 527 | — | 527 | ||||||
Balance at December 31, 2012 | (141 | ) | (4,014 | ) | (4,155 | ) | |||
Translation adjustment | — | (63 | ) | (63 | ) | ||||
Net unrealized gains on marketable securities | 915 | — | 915 | ||||||
Balance at December 31, 2013 | 774 | (4,077 | ) | (3,303 | ) | ||||
Translation adjustment | — | 25 | 25 | ||||||
Net unrealized losses on marketable securities | (980 | ) | — | (980 | ) | ||||
Balance at December 31, 2014 | (206 | ) | (4,052 | ) | (4,258 | ) |
SHARE_OPTION_PLANS
SHARE OPTION PLANS | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
SHARE OPTION PLANS | ||||||
25 | SHARE OPTION PLANS | |||||
In November 2006, the Company's board of directors approved a share option plan, which was cancelled in 2009 and replaced with the Frontline Ltd. Share Option Scheme (the "Frontline Scheme"). The Frontline Scheme permits the board of directors, at its discretion, to grant options to acquire shares in the Company to employees and directors of the Company or its subsidiaries. The subscription price for all options granted under the scheme is reduced by the amount of all dividends declared by the Company in the period from the date of grant until the date the option is exercised, provided the subscription price is never reduced below the par value of the share. The options granted under the plan vest equally over three years and have a five year term. There is no maximum number of shares authorized for awards of equity share options and authorized, un-issued or treasury shares of the Company may be used to satisfy exercised options. | ||||||
In April 2011, the Company granted 145,000 share options to directors and employees. No options have been granted since then. The fair value of the newly granted option awards is estimated on the date of grant using a Black-Scholes option valuation model with the following assumptions: | ||||||
2011 | ||||||
Risk free interest rate | 1.35 | % | ||||
Expected life (years) | 3.5 | |||||
Expected volatility | 62.27 | % | ||||
Expected dividend yield | 0 | % | ||||
The risk-free interest rate was estimated using the interest rate on three-year U.S. treasury zero coupon issues. The volatility was estimated using historical share price data. The dividend yield has been estimated at 0% as the exercise price is reduced by all dividends declared by the Company from the date of grant to the exercise date. It was assumed that 95% of all options granted in 2011 will vest. | ||||||
The following summarizes share option transactions related to the Frontline Scheme: | ||||||
Number of Options | Weighted Average Exercise Price | |||||
(in thousands) | ||||||
Options outstanding as of December 31, 2011 | 739.7 | NOK 130.46 | ||||
Forfeited | (13.7 | ) | NOK 130.46 | |||
Options outstanding as December 31, 2012 | 726 | NOK 130.46 | ||||
Forfeited | (13.3 | ) | NOK 130.46 | |||
Options outstanding as of December 31, 2013 | 712.7 | NOK 130.46 | ||||
Forfeited | (6.7 | ) | NOK 130.46 | |||
Expired | (581.0 | ) | NOK130.46 | |||
Options outstanding as of December 31, 2014 | 125 | NOK 130.46 | ||||
Exercisable options as at: | ||||||
December 31, 2014 | 125 | NOK130.46 | ||||
December 31, 2013 | 670.9 | NOK130.46 | ||||
December 31, 2012 | 629.3 | NOK130.46 | ||||
The weighted average remaining contractual term for the options outstanding and exercisable at December 31, 2014, 2013 and 2012, is 1.3 years, 1.5 years and 2.0 years, respectively. | ||||||
The grant date fair values of share options vested at December 31, 2014, 2013 and 2012 were $0.5 million, $0.4 million and $2.5 million, respectively. | ||||||
As at December 31, 2014, the intrinsic value of both outstanding and exercisable share options was nil (2013: nil). | ||||||
As of December 31, 2014, there was nil (2013: $0.04 million) in unrecognized compensation cost related to non-vested options granted under the Frontline Scheme. Compensation expense recognized in the years ended December 31, 2014, 2013 and 2012 was $0.04 million, $0.2 million and $0.8 million, respectively. |
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
FINANCIAL INSTRUMENTS | ||||||||||||
26 | 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. Certain of the Company's subsidiaries report in 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 | ||||||||||||
We did not enter into any FFAs in 2014. In 2013 and 2012, we entered a limited number of FFAs for speculative trading purposes. As of December 31, 2014, the Company had no contracts outstanding (2013: no contracts, 2012: 24 contracts). The Company recorded a loss on forward freight agreements of nil, $0.6 million and $1.7 million in 2014, 2013 and 2012, respectively, in "Mark to market loss on derivatives". | ||||||||||||
Fair Values | ||||||||||||
The carrying value and estimated fair value of the Company's financial instruments as of December 31, 2014 and 2013 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Carrying | Fair | Carrying | Fair | |||||||||
(in thousands of $) | Value | Value | Value | Value | ||||||||
Assets: | ||||||||||||
Cash and cash equivalents | 64,080 | 64,080 | 53,759 | 53,759 | ||||||||
Restricted cash and investments | 42,074 | 42,074 | 68,363 | 68,363 | ||||||||
Marketable securities | 2,624 | 2,624 | 3,479 | 3,479 | ||||||||
Liabilities: | ||||||||||||
7.84% First Preferred Mortgage Term Notes | — | — | 185,838 | 129,381 | ||||||||
8.04% First Preferred Mortgage Term Notes | 36,657 | 33,143 | 83,240 | 70,696 | ||||||||
4.5% Convertible Bond | 126,700 | 114,347 | 190,000 | 140,315 | ||||||||
Floating rate debt | 29,500 | 29,500 | — | — | ||||||||
The estimated fair value of financial assets and liabilities are as follows: | ||||||||||||
(in thousands of $) | 2014 | Level 1 | Level 2 | Level 3 | ||||||||
Fair Value | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | 64,080 | 64,080 | — | — | ||||||||
Restricted cash and investments | 42,074 | 42,074 | — | — | ||||||||
Marketable securities | 2,624 | 2,624 | — | — | ||||||||
Liabilities: | ||||||||||||
8.04% First Preferred Mortgage Term Notes | 33,143 | — | 33,143 | — | ||||||||
4.5% Convertible Bond | 114,347 | — | 114,347 | — | ||||||||
Floating rate debt | 29,500 | — | 29,500 | — | ||||||||
(in thousands of $) | 2013 | Level 1 | Level 2 | Level 3 | ||||||||
Fair Value | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | 53,759 | 53,759 | — | — | ||||||||
Restricted cash and investments | 68,363 | 68,363 | — | — | ||||||||
Marketable securities | 3,479 | 3,479 | — | — | ||||||||
Liabilities: | ||||||||||||
7.84% First Preferred Mortgage Term Notes | 129,381 | — | 129,381 | — | ||||||||
8.04% First Preferred Mortgage Term Notes | 70,696 | 70,696 | ||||||||||
4.5% Convertible bond | 140,315 | — | 140,315 | — | ||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument; | ||||||||||||
Cash and cash equivalents – the carrying values in the balance sheet approximate their fair value. | ||||||||||||
Restricted cash and investments – the balances relate entirely to restricted cash and the carrying values in the balance sheet approximate their fair value. | ||||||||||||
Marketable securities – the fair values are based on quoted market prices. | ||||||||||||
First Preferred Mortgage Term Notes - the fair values are based on the quoted market price on the last significant trading of the Term Notes (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 year end. | ||||||||||||
Floating rate debt - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis. | ||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ||||||||||||
At December 31, 2014, the VLCC Front Century was measured at fair value of $21.1 million (2013: $24.2 million), which was determined using level three inputs being the discounted expected cash flows from the leased vessel at June 30, 2013 of $25.8 million, less subsequent depreciation. | ||||||||||||
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, HSBC, Royal Bank of Scotland, DnB Nor Bank ASA, BNY Mellon 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 HSBC. However, the Company believes this risk is remote. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
RELATED PARTY TRANSACTIONS | |||||||||
27 | 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. This profit share was increased from 20% to 25% with effect from January 1, 2012. A summary of leasing transactions with Ship Finance during the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Charter hire paid (principal and interest): continuing operations | 123,225 | 150,891 | 161,840 | ||||||
Charter hire paid (principal and interest): discontinued operations | — | 434 | 14,492 | ||||||
Lease termination fees (expense) income: continuing operations | — | (5,204 | ) | 22,766 | |||||
Lease termination fees expense: discontinued operations | — | — | (24,543 | ) | |||||
Contingent rental expense: continuing operations | 32,663 | — | 20,020 | ||||||
Contingent rental expense: discontinued operations | — | — | 32,156 | ||||||
Remaining lease obligation | 593,998 | 726,717 | 875,670 | ||||||
A summary of net amounts earned (incurred) from related parties, excluding the Ship Finance lease related balances above, for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Seatankers Management Co. Ltd | 2,320 | 1,416 | 1,009 | ||||||
Golar LNG Limited | 1,631 | 2,119 | 1,820 | ||||||
Ship Finance International Limited | 6,281 | 5,094 | 4,261 | ||||||
Golden Ocean Group Limited | 5,393 | 3,166 | 5,566 | ||||||
Bryggegata AS | (2,013 | ) | (1,982 | ) | (1,455 | ) | |||
Arcadia Petroleum Limited | 646 | 7,962 | 5,423 | ||||||
Seadrill Limited | 2,348 | 1,475 | 2,574 | ||||||
Archer Limited | 466 | 410 | 390 | ||||||
Deep Sea Supply Plc | 149 | 69 | 41 | ||||||
Aktiv Kapital ASA | — | 40 | 21 | ||||||
Orion Tankers Ltd | — | — | 343 | ||||||
Frontline 2012 Ltd | 10,102 | 7,410 | (4,004 | ) | |||||
North Atlantic Drilling Ltd | 1,128 | 60 | — | ||||||
CalPetro Tankers (Bahamas I) Limited | 80 | 54 | 51 | ||||||
CalPetro Tankers (Bahamas II) Limited | 80 | 54 | 51 | ||||||
CalPetro Tankers (IOM) Limited | 80 | 54 | 51 | ||||||
Windsor group | 287 | — | — | ||||||
Knightsbridge Shipping Limited | 2,341 | — | — | ||||||
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. In addition, the Company chartered in two vessels from Frontline 2012 on floating rate time charters during 2012 under which the charter hire expense was equal to the time charter equivalent earnings of the vessels. Both charters were terminated in December 2012. | |||||||||
A summary of short term balances due from related parties as at December 31, 2014 and 2013 is as follows: | |||||||||
(in thousands of $) | 2014 | 2013 | |||||||
Receivables | |||||||||
Ship Finance International Limited | 3,444 | 2,272 | |||||||
Seatankers Management Co. Ltd | 320 | 394 | |||||||
Archer Ltd | 100 | 8 | |||||||
Golar LNG Limited | — | 942 | |||||||
Northern Offshore Ltd | 13 | 13 | |||||||
Golden Ocean Group Limited | 1,490 | 1,219 | |||||||
Seadrill Limited | 557 | 1,478 | |||||||
Frontline 2012 Ltd | 3,672 | 2,860 | |||||||
CalPetro Tankers (Bahamas I) Limited | — | 14 | |||||||
CalPetro Tankers (Bahamas II) Limited | — | 14 | |||||||
CalPetro Tankers (IOM) Limited | — | 14 | |||||||
Deep Sea Supply Plc | 61 | 4 | |||||||
Aktiv Kapital Ltd | — | 6 | |||||||
Arcadia Petroleum Limited | 124 | 174 | |||||||
North Atlantic Drilling Ltd | 817 | 75 | |||||||
Knightsbridge Shipping Limited | 2,039 | — | |||||||
12,637 | 9,487 | ||||||||
A summary of short term balances due to related parties as at December 31, 2014 and 2013 is as follows: | |||||||||
(in thousands of $) | 2014 | 2013 | |||||||
Payables | |||||||||
Ship Finance International Limited | (45,244 | ) | (8,528 | ) | |||||
Seatankers Management Co. Ltd | (343 | ) | (506 | ) | |||||
Golar LNG Limited | — | (155 | ) | ||||||
Golden Ocean Group Limited | (914 | ) | (1,047 | ) | |||||
Frontline 2012 Ltd | (3,048 | ) | (1,183 | ) | |||||
Knightsbridge Shipping Limited | (320 | ) | — | ||||||
Windsor group | (5,844 | ) | — | ||||||
(55,713 | ) | (11,419 | ) | ||||||
Receivables and payables with related parties comprise unpaid management, technical advisory, newbuilding supervision and technical management, administrative service and rental charges and charter hire payments. In addition, certain payables and receivables arise when the Company pays an invoice, or receives a supplier rebate, on behalf of a related party and vice versa. The payable with Ship Finance at December 31, 2014 includes unpaid contingent rental expense. Receivables and payables with related parties are generally settled quarterly in arrears with the exception of profit share due to Ship Finance which is settled annually. | |||||||||
The long term related party balance is due to Ship Finance and is the remaining termination fee payable for Front Champion, Golden Victory, Front Commerce, Front Comanche and Front Opalia the balance is being repaid using similar repayment terms to the original lease and incurs interest at 7.250%. Interest expense of $5.9 million has been recorded in 2014. | |||||||||
In July 2014, the Company agreed with Ship Finance to terminate the long term charter parties for the 1999 VLCCs Front Commerce, Front Comanche and Front Opalia with Ship Finance simultaneously selling the vessels to unrelated third parties. The charter parties were terminated in November 2014 upon the redelivery of the vessels to Ship Finance. The Company recorded an impairment loss of $85.3 million in the third quarter of 2014 and a net gain of $40.4 million in the fourth quarter of 2014 on the termination of these leases. The Company agreed to a compensation payment to Ship Finance of $58.8 million for the early termination of the charter parties, of which $10.5 million was paid upon termination and the balance was recorded as notes payable, with similar amortization profiles to the current lease obligations. The long term related party balance at December 31, 2014 is as follows: | |||||||||
(in thousands of $) | |||||||||
7.254% loan note payable due 2021 and 2022 | 78,616 | ||||||||
7.25% loan note payable due 2022 and 2023 | 48,385 | ||||||||
Loan note repayments | (6,018 | ) | |||||||
Total loan note | 120,983 | ||||||||
Less: current portion of loan note (included in short term related party balance) | (11,031 | ) | |||||||
109,952 | |||||||||
The note balance at December 31, 2014 is repayable as follows: | |||||||||
(in thousands of $) | |||||||||
Year ending December 31, | |||||||||
2015 | 11,031 | ||||||||
2016 | 14,070 | ||||||||
2017 | 15,107 | ||||||||
2018 | 16,197 | ||||||||
2019 | 17,366 | ||||||||
Thereafter | 47,212 | ||||||||
120,983 | |||||||||
We transact business with the following related parties, being companies in which Hemen and companies associated with Hemen have a significant interest: Ship Finance International Limited, Northern Offshore Ltd, Seadrill Limited, Bryggegata AS, Golden Ocean Group Limited, Arcadia Petroleum Limited ("Arcadia"), Deep Sea Supply Plc ("Deep Sea"), Aktiv Kapital ASA, Archer Limited, Farahead Holdings Limited ("Farahead"), Seatankers Management Co. Ltd, North Atlantic Drilling Ltd, Frontline 2012 Ltd, CalPetro Tankers (Bahamas I) Limited, CalPetro Tankers (Bahamas II) Limited, CalPetro Tankers (IOM) Limited and Knightsbridge. Frontline 2012 Ltd was equity accounted for during the full period. CalPetro Tankers (Bahamas I) Limited, CalPetro Tankers (Bahamas II) Limited and CalPetro Tankers (IOM) Limited were equity accounted up to October 1, 2014 and consolidated from that date. Golar LNG Limited ceased to be a related party in September 2014. | |||||||||
On July 15, 2014, several of the subsidiaries and related entities in the Windsor group, which owned four VLCCs, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Wilmington, Delaware. The Company had been consolidating the Windsor group under the variable interest entity model and de-consolidated the group on July 15, 2014 as it lost control of the group as a consequence of the Chapter 11 filing. The Windsor group emerged from Chapter 11 in January 2015 at which time all of the debt in the Windsor group was converted into equity and ownership was transferred to the then current bondholders. | |||||||||
The Company earned freights on chartering vessels to Arcadia in the year ended December 31, 2013 of $7.5 million. | |||||||||
In January 2013, the Company received termination payments from Ship Finance in the aggregate amount of $7.8 million in respect of the lease terminations for Titan Aries (now renamed Edinburgh) and recorded a gain on $7.6 million in the first quarter of 2013. | |||||||||
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 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 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 recognized a gain on the dilution of its ownership of $4.7 million in the third quarter of 2013. | |||||||||
In October 2013, Frontline 2012 paid a stock dividend of one share in Avance Gas for every 124.55 shares held in Frontline 2012. The Company received 108,069 shares valued at $1.3 million, which was credited against the investment and recorded as a marketable security in the fourth quarter of 2013. | |||||||||
In October 2013, the Company agreed with Ship Finance, to terminate the long term charter parties for the 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 recorded an impairment loss of $88.1 million in 2013 and a net gain of $13.8 million in the fourth quarter of 2013 on the termination of these leases. The Company agreed to a compensation payment to Ship Finance of $89.9 million for the early termination of the charter parties, of which $10.9 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 chartered in from Ship Finance and the level of compensation is a reflection of this. | |||||||||
In 2012, the Company received termination payments from Ship Finance in the aggregate amount of $22.2 million in respect of the lease terminations for Titan Orion (ex-Front Duke) and Ticen Ocean (now renamed Front Lady). The Company made lease termination payments to Ship Finance in 2012 in the aggregate amount of $32.6 million in respect of the lease terminations for the OBO vessels Front Striver, Front Rider, Front Climber, Front Viewer and Front Guider which have been included in discontinued operations. | |||||||||
In May 2012, the Company paid $13.3 million for 3,546,000 shares in a private placement by Frontline 2012 of 56 million new ordinary shares at a subscription price of $3.75 per share. Following the private placement, the Company’s ownership in Frontline 2012 was reduced from 8.8% to 7.9%. The Company recognized a gain on the dilution of its ownership of $0.7 million in the second quarter of 2012. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | ||
29 | COMMITMENTS AND CONTINGENCIES | |
The Company insures the legal liability risks for its shipping activities with Assurance for eningen 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, which was reduced to $0.4 million during 2014. As of December 31, 2014, the Company has placed $0.4 million (2013: $1.7 million) into a restricted bank account at SEB as support for the guarantee. The guarantee expires on December 31, 2015. | ||
As of December 31, 2014, the Company had four (2013: 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. All of these charters are accounted for as capital leases. The lessor has options to put the vessels on the Company at the end of the lease terms in December 2015 at which time the Company would be required to pay an aggregate amount of $36.0 million (2013: $36.0 million). | ||
As of December 31, 2014, the Company was committed to make newbuilding installments of $40.9 million in 2015. | ||
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. All of the contracts have been cancelled by Frontline 2012 and Frontline 2012 has received reimbursement of installments paid and accrued interest on four of these contracts. The remaining contract is in arbitration and the Company has not recorded any liability in respect of its guarantee as the Company does not believe that it will be required to make any payments in relation to it. | ||
The Company is a party, as plaintiff or defendant, to several lawsuits in various jurisdictions for unpaid charterhire, 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. |
DISPOSAL_OF_ASSETS
DISPOSAL OF ASSETS | 12 Months Ended | |
Dec. 31, 2014 | ||
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | ||
DISPOSAL OF ASSETS | ||
28 | DISPOSAL OF ASSETS | |
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 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 the second quarter of 2012 due to the write-off of inventory balances and included in discontinued operations. | ||
In March 2012, the Company sold the Suezmax Front Alfa to an unrelated third party and recognized a loss of $2.1 million in the first quarter of 2012. An impairment loss for this vessel of $24.8 million was recorded in the third quarter of 2011. | ||
In March 2012, the Company redelivered the Titan Orion (ex-Front Duke) to Ship Finance and the charter party for the vessel was terminated. The Company recorded a gain of $10.6 million in the first quarter of 2012, which is included in "Gain on sale of assets and amortization of deferred gains". | ||
In June 2012, the Company agreed with Ship Finance to terminate the long term charter party for the OBO carrier Front Rider and that Ship Finance simultaneously sold the vessel. The charter party terminated on July 22, 2012. The Company recorded an impairment loss of $4.9 million in the second quarter of 2012 and recognized a loss on disposal of $0.1 million in the third quarter of 2012 included in discontinued operations. | ||
In August 2012, the Company agreed with Ship Finance to terminate the long term charter party for the OBO carrier Front Climber and that Ship Finance simultaneously sold the vessel. The charter party terminated on October 15, 2012. The Company recorded an impairment loss of $4.2 million in the second quarter of 2012 and recognized a loss on disposal of $0.2 million in the fourth quarter of 2012 included in discontinued operations. | ||
In October 2012, the Company agreed with Ship Finance to terminate the long term charter party for the OBO carrier Front Driver and that Ship Finance simultaneously sold the vessel. The charter party terminated on November 28, 2012. The Company recorded an impairment loss of $4.0 million in the second quarter of 2012 and recognized a loss on disposal of $0.8 million in the fourth quarter of 2012 included in discontinued operations. | ||
In November 2012, the Company redelivered the Ticen Ocean (ex-Front Lady) to Ship Finance and the charter party for the vessel was terminated. The Company recorded a gain of $11.2 million in the fourth quarter of 2012, which is included in "Gain on sale of assets and amortization of deferred gains". | ||
In December 2012, the Company agreed with Ship Finance to terminate the long term charter parties for the OBO carriers Front Viewer and Front Guider. The charter party on the Front Viewer terminated on December 18, 2012 and Ship Finance simultaneously sold the vessel. The charter party on the Front Guider terminated on March 13, 2013. As a result, the Company agreed to pay Ship Finance a termination fee of $23.5 million. The Company allocated $12.7 million of the termination payment to the Front Viewer and recorded loss of $16.5 million in discontinued operations in the fourth quarter of 2012. $10.8 million was allocated to the Front Guider which was included as part of the lease modification. This resulted in a $9.1 million increase in both the asset value and lease obligation. The Company recorded an impairment loss of $14.2 million in discontinued operations in the fourth quarter of 2012 in respect of Front Guider. | ||
In January 2013, the Company terminated the charter party for the single hull VLCC Titan Aries (ex-Edinburgh) and recorded a gain of $7.6 million in the first quarter of 2013 which is included in "Gain on sale of assets and amortization of deferred gains". | ||
In February 2013, the Company agreed with Ship Finance to terminate the long term time charter for the Suezmax tanker Front Pride. The charter party terminated on February 15, 2013 and Ship Finance simultaneously sold the vessel. The Company made a termination payment of $2.1 million and recorded an impairment loss of $4.7 million in 2012 and a loss on disposal of $0.2 million in 2013, which is included in "Gain on sale of assets and amortization of deferred gains". | ||
In November 2013, the Company agreed with Ship Finance, to terminate the long term charter parties for the 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 recorded an impairment loss of $88.1 million in 2013 and a net gain of $13.8 million on the termination of the leases in the fourth quarter of 2013. The Company agreed to a compensation payment to Ship Finance of $89.9 million for the early termination of the charter parties, of which $10.9 million was paid upon termination and the balance was recorded as notes payable. | ||
In March 2014, the Company sold the VLCC Ulysses (ex-Phoenix Voyager) to an unrelated third party and recorded a loss of $15.7 million in the first quarter of 2014, which is included in "Gain on sale of assets and amortization of deferred gains". | ||
On July 15, 2014, several of the subsidiaries and related entities in the Windsor group, which owned four VLCCs, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Wilmington, Delaware. The Company had been consolidating the Windsor group under the variable interest entity model and de-consolidated the group on July 15, 2014 as it lost control of the group as a consequence of the Chapter 11 filing. The Windsor group emerged from Chapter 11 in January 2015 at which time all of the debt in the Windsor group was converted into equity and ownership was transferred to the then current bondholders. The Company was appointed as commercial manager in January 2015 for the vessels that were owned by the Windsor group prior to its bankruptcy filing and this will be the Company's only ongoing involvement with the Windsor group. | ||
In July 2014, the Company agreed with Ship Finance to terminate the long term charter parties for the 1999 built VLCCs Front Commerce, Front Comanche and Front Opalia and Ship Finance simultaneously sold the vessels to unrelated third parties. The charter parties for the Front Commerce, Front Comanche and Front Opalia terminated on November 4, 2014, November 12, 2014, and November 19, 2014, respectively. The Company agreed an aggregate compensation payment to Ship Finance of $58.8 million for the early termination of the charter parties, of which $10.5 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 December 2015 and full rates from 2016. The Company recorded an impairment loss of $85.3 million in 2014 and a non-cash gain of $40.4 million on the termination of these leases in the fourth quarter of 2014, which is included in "Gain on sale of assets and amortization of deferred gains". | ||
In September 2014, the Company agreed to sell the VLCC Ulriken (ex Antares Voyager) to an unrelated third party and recorded an impairment loss of $12.4 million in the third quarter. The vessel was delivered to the new owners in October 2014. | ||
Pursuant to an early termination agreement between three of the Company's subsidiaries, which were accounted for under the equity method: (i) the bareboat charters for the Altair Voyager, Cygnus Voyager and Sirius Voyager were terminated as of October 1, 2014; (ii) the charter hire payments paid in connection with the early termination agreement were used to redeem the remaining outstanding debt related to these vessels; and (iii) the three vessels were sold. This was a cash neutral transaction, except for an amount of $1.3 million which became available to the Company, of which $0.7 million had been held in restricted cash. |
SUPPLEMENTAL_INFORMATION
SUPPLEMENTAL INFORMATION | 12 Months Ended | |
Dec. 31, 2014 | ||
Supplemental Cash Flow Information [Abstract] | ||
SUPPLEMENTAL INFORMATION | ||
30 | SUPPLEMENTAL INFORMATION | |
Non-cash investing and financing activities in the year ended December 31, 2014 include (i) a $99.5 million reduction in capital lease obligations and a $48.3 million increase in related party payables resulting from the termination payments for Front Comanche, Front Commerce and Front Opalia being converted into a loan note, and (ii) a $45.5 million reduction of the outstanding principal amount of the Company's 4.5% convertible bond for an aggregate of 12,996,476 shares and a cash payment of $19.6 million. | ||
On July 15, 2014, the Company de-consolidated the Windsor group (see Note 5) and removed restricted cash balances of $17.9 million, other current assets of $28.1 million, vessels of $174.8 million, other current liabilities of $28.6 million and debt of $179.8 million from its balance sheet. | ||
On October 2, 2014, the Company consolidated the CalPetro group (see Note 19) and recorded cash of $1.3 million, of which $0.7 million had been held in restricted cash. | ||
Non-cash investing and financing activities in the year ended December 31, 2013 include; (i) a $105.8 million reduction in capital lease obligations and a$79.0 million increase in related party payables resulting from the termination payment for Front Champion and Golden Victory being converted into a loan note, (ii) a $25.0 million reduction of the outstanding principal amount of the Company's 4.5% convertible bond for an aggregate of 6,474,827 shares and a cash payment of $2.25 million, and (iii) a $1.3 million increase in marketable securities and $1.3 million decrease in equity method investments resulting from the receipt of 108,069 shares in Avance Gas as a stock dividend from Frontline 2012. | ||
Non-cash investing and financing activities in the year ended December 31, 2012 consist of a $9.1 million increase in capital lease obligations and vessels under capital lease resulting from a lease modifications. |
POOL_REVENUES
POOL REVENUES | 12 Months Ended | |
Dec. 31, 2014 | ||
Revenues [Abstract] | ||
POOL REVENUES | ||
31 | POOL REVENUES | |
Voyage charter revenues include pool earnings, which have been allocated on a net basis since these pools are responsible for paying voyage expenses and distribute net pool revenues to the participants. Pool earnings of nil, nil and $35.9 million have been included in voyage charter revenues in the years ended December 31, 2014, 2013 and 2012, respectively. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | ||
32 | SUBSEQUENT EVENTS | |
In January 2015, the Company took delivery of its second and final Suezmax newbuilding, Front Idun, and drew down the remaining $30.0 million balance on its $60.0 million term loan facility in order to part finance this vessel. | ||
In January 2015, the Company increased the amount that may be raised from the ATM offering from up to $100.0 million to up to $150.0 million. In January 2015 and February 2015, the Company issued 10,009,703 and 902,744 ordinary shares, respectively, pursuant to its equity distribution agreement generating gross proceeds on $37.2 million. Following such issuance, the Company has an issued share capital of $123,255,436 divided into 123,255,436 ordinary shares. | ||
In January 2015, a wholly-owned subsidiary of the Company repaid $36.7 million of indebtedness in connection with the issuance of term notes by subsidiaries of ITCL following the sale of the Ulriken. Repayment was made from the net sale proceeds and restricted cash held by subsidiaries of ITCL. | ||
In January 2015, the Company obtained a binding commitment from one of its lenders to purchase, at the Company's request, up to 13,460,000 shares of Frontline 2012 owned by the Company at the prevailing market price at the time of the Company's request until April 15, 2015. At the same time, the Company is obligated to enter into a forward contract, with maximum maturity of six months, which requires the Company to buy back those shares. The commitment is subject to standard terms and conditions for transactions of this kind including the requirement for the Company to fund any unrealized losses on the forward contract and maintain a cash collateral deposit in a pledged account equal to at least 20% of the market value of the forward contract. The value of the Company's shares in Frontline 2012 was approximately $75 million based on the closing share price on March 6, 2015. | ||
In February 2015, Frontline 2012 announced a stock dividend consisting of 4.1 million Avance Gas shares and the Company expects to receive approximately 222,000 shares in Avance Gas based on its shareholding in Frontline 2012. | ||
In February 2015, the Company bought $33.3 million notional principal of its convertible bond at a purchase price of 99% and expects to record a gain on redemption of this debt of $0.3 million in the first quarter of 2015. |
Schedule_I_Financial_Informati
Schedule I - Financial Information of Registrant | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
S1-Statement of Operations [Abstract] | |||||||||
Schedule I - Financial Information of Registrant | Frontline Ltd. | ||||||||
Schedule I - Financial Information of Registrant | |||||||||
Condensed Statements of Operations for the years ended December 31, 2014, 2013 and 2012 | |||||||||
(in thousands of $, except per share data) | |||||||||
2014 | 2013 | 2012 | |||||||
Operating revenues | |||||||||
Other income | 635 | 590 | 338 | ||||||
Total operating revenues | 635 | 590 | 338 | ||||||
Operating expenses | |||||||||
Administrative expenses | 3,125 | 2,961 | 3,995 | ||||||
Total operating expenses | 3,125 | 2,961 | 3,995 | ||||||
Net operating loss | (2,490 | ) | (2,371 | ) | (3,657 | ) | |||
Other income (expenses) | |||||||||
Interest income | 169 | 552 | 1,009 | ||||||
Interest expense | (14,288 | ) | (10,581 | ) | (10,125 | ) | |||
Foreign currency exchange (loss) gain | (434 | ) | 51 | 249 | |||||
Debt conversion expense | (41,067 | ) | (12,654 | ) | — | ||||
Dividends received, net | 786 | 86 | 134 | ||||||
Other non-operating items, net | 1,458 | (28 | ) | (22 | ) | ||||
Net other expenses | (53,376 | ) | (22,574 | ) | (8,755 | ) | |||
Net loss before equity in net loss of subsidiaries | (55,866 | ) | (24,945 | ) | (12,412 | ) | |||
Equity in net loss of subsidiaries | (107,072 | ) | (163,564 | ) | (70,342 | ) | |||
Net loss | (162,938 | ) | (188,509 | ) | (82,754 | ) | |||
See accompanying Notes. | |||||||||
Frontline Ltd. | |||||||||
Schedule I - Financial Information of Registrant | |||||||||
Condensed Consolidated Statements of Comprehensive Loss for the years ended December 31, 2014, 2013 and 2012 | |||||||||
(in thousands of $) | |||||||||
2014 | 2013 | 2012 | |||||||
Comprehensive loss, net of tax | |||||||||
Net loss | (162,938 | ) | (188,509 | ) | (82,754 | ) | |||
Unrealized (losses) gains from marketable securities | (980 | ) | 915 | 527 | |||||
Foreign currency translation gains (losses) | 25 | (63 | ) | 97 | |||||
Other comprehensive (loss) income, net of tax | (955 | ) | 852 | 624 | |||||
Comprehensive loss | (163,893 | ) | (187,657 | ) | (82,130 | ) | |||
See accompanying Notes. | |||||||||
Frontline Ltd. | |||||||||
Schedule I - Financial Information of Registrant | |||||||||
Condensed Consolidated Balance Sheets as of December 31, 2014 and 2013 | |||||||||
(in thousands of $) | |||||||||
2014 | 2013 | ||||||||
ASSETS | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | 1,669 | 6,568 | |||||||
Restricted cash and investments | 445 | 1,728 | |||||||
Marketable securities | 2,516 | 3,373 | |||||||
Trade accounts receivable, net | — | 18 | |||||||
Related party receivables | — | 487 | |||||||
Other receivables | 1,635 | 2,299 | |||||||
Prepaid expenses and accrued income | 152 | 168 | |||||||
Total current assets | 6,417 | 14,641 | |||||||
Long-term assets | |||||||||
Investments in and loans to affiliates, net | 182,651 | 239,441 | |||||||
Deferred charges | 153 | 696 | |||||||
Total assets | 189,221 | 254,778 | |||||||
LIABILITIES AND DEFICIT | |||||||||
Current liabilities | |||||||||
Short-term debt and current portion of long-term debt | 136,700 | — | |||||||
Related party payables | 11,031 | 6,017 | |||||||
Trade accounts payable | 325 | 279 | |||||||
Accrued expenses | 1,837 | 2,487 | |||||||
Other current liabilities | 196 | 268 | |||||||
Total current liabilities | 150,089 | 9,051 | |||||||
Long-term liabilities | |||||||||
Long-term debt | — | 200,000 | |||||||
Related party payables | 109,952 | 72,610 | |||||||
Other long-term liabilities | 161 | 69 | |||||||
Total liabilities | 260,202 | 281,730 | |||||||
Commitments and contingencies | |||||||||
Deficit | |||||||||
Share capital (2014: 112,342,989 shares outstanding, par value $1.00. 2013: 86,511,713 shares outstanding, par value $1.00) | 112,343 | 86,512 | |||||||
Additional paid in capital | 244,018 | 149,985 | |||||||
Contributed surplus | 474,129 | 474,129 | |||||||
Accumulated other comprehensive loss | (4,258 | ) | (3,303 | ) | |||||
Retained deficit | (897,213 | ) | (734,275 | ) | |||||
Total deficit attributable to Frontline Ltd. | (70,981 | ) | (26,952 | ) | |||||
Total liabilities and deficit | 189,221 | 254,778 | |||||||
See accompanying Notes. | |||||||||
Frontline Ltd. | |||||||||
Schedule I - Financial Information of Registrant | |||||||||
Condensed Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012 | |||||||||
(in thousands of $) | |||||||||
2014 | 2013 | 2012 | |||||||
Net cash used in operating activities | (17,185 | ) | (19,497 | ) | (39,682 | ) | |||
Investing activities | |||||||||
Change in restricted cash | 1,283 | (1,578 | ) | — | |||||
Loans from (to) associated companies | — | 250 | (250 | ) | |||||
Investment in associated companies | — | (6,001 | ) | (13,298 | ) | ||||
Proceeds from sale of investment in associated companies | — | 242 | — | ||||||
Proceeds from sale of shares in subsidiaries | 49 | — | — | ||||||
Net cash provided by (used in) investing activities | 1,332 | (7,087 | ) | (13,548 | ) | ||||
Financing activities | |||||||||
Net proceeds from issuance of shares | 52,934 | 4,802 | — | ||||||
Repayments of long-term debt | (35,877 | ) | (2,250 | ) | — | ||||
Related party loan note | (6,103 | ) | — | — | |||||
Net cash provided by financing activities | 10,954 | 2,552 | — | ||||||
Net change in cash and cash equivalents | (4,899 | ) | (24,032 | ) | (53,230 | ) | |||
Cash and cash equivalents at beginning of year | 6,568 | 30,600 | 83,830 | ||||||
Cash and cash equivalents at end of year | 1,669 | 6,568 | 30,600 | ||||||
Supplemental disclosure of cash flow information: | |||||||||
Interest paid | 15,124 | 10,125 | 10,125 | ||||||
Income taxes paid | — | — | — | ||||||
See accompanying Notes. | |||||||||
Frontline Ltd. | |||||||||
Schedule I - Financial Information of Registrant | |||||||||
Notes | |||||||||
Note 1—Basis of Presentation | |||||||||
In our financial statements, our investment in subsidiaries is stated at cost plus equity in the undistributed earnings of the subsidiaries. Our share of net loss of our subsidiaries is included in net loss using the equity method of accounting. The financial statements should be read in conjunction with our consolidated financial statements. | |||||||||
Note 2-Other | |||||||||
No cash dividend was paid to the registrant by subsidiaries for the years ended December 31, 2014, 2013 and 2012. The registrant received cash dividends from associated companies of $2.0 million in the year ended December 31, 2014 (2013: nil, 2012: nil). |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of accounting | Basis of accounting |
The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The 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 intercompany balances and transactions have been eliminated on consolidation. | |
A variable interest entity is defined by the accounting standard as a legal entity where either (a) the total equity at risk is not sufficient to permit the entity to finance its activities without additional subordinated support; (b) equity interest holders as a group lack either i) the power to direct the activities of the entity that most significantly impact on its economic success, ii) the obligation to absorb the expected losses of the entity, or iii) the right to receive the expected residual returns of the entity; or (c) the voting rights of some investors in the entity are not proportional to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. | |
The accounting standard requires a variable interest entity to be consolidated by its primary beneficiary, being the interest holder, if any, which has both (1) the power to direct the activities of the entity which most significantly impact on the entity's economic performance, and (2) the right to receive benefits or the obligation to absorb losses from the entity which could potentially be significant to the entity. | |
We evaluate our subsidiaries, and any other entities in which we hold a variable interest, in order to determine whether we are the primary beneficiary of the entity, and where it is determined that we are the primary beneficiary we fully consolidate the entity. We had been consolidating the Windsor group under the variable interest entity model and de-consolidated the group on July 15, 2014 as we lost control of the group as a consequence of its Chapter 11 filing. This resulted is a Loss from de-consolidation of subsidiaries. | |
The Company accounts for all business combinations by the purchase method. The Company assesses whether it has purchased a business or a group of assets. The Company ascertains the cost of the asset (or net asset) group and allocates that cost to the individual assets (or individual assets and liabilities) that make up the group in accordance with this guidance. For transactions deemed to be a purchase of group of assets, the total cost for the group of assets purchased is allocated to each individual asset based on each assets relative portion of fair value. | |
Investments in companies over which the Company has the ability to exercise significant influence but does not control are accounted for using the equity method. The Company records its investments in equity-method investees in the consolidated balance sheets as "Investment in unconsolidated subsidiaries and associated companies" and its share of the investees' earnings or losses in the consolidated statements of operations as "Share in results of unconsolidated subsidiaries and associated companies". The excess, if any, of purchase price over book value of the Company's investments in equity method investees is included in the accompanying consolidated balance sheets in "Investment in unconsolidated subsidiaries and associated companies". | |
The preparation of financial statements in accordance with generally accepted accounting principles requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
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 has presented the operations of the OBOs as discontinued operations since the last remaining lease was terminated during 2013. | |
Contingent rental expense (income) | Contingent rental expense (income) |
The contingent rental expense (income) represents amounts accrued following changes to certain charter parties. In December 2011, the Company and Ship Finance agreed to a rate reduction of $6,500 per day for all vessels leased from Ship Finance under long-term leases for a four year period that commenced on January 1, 2012. The Company will compensate Ship Finance with 100% of any difference between the renegotiated rates and the average vessel earnings up to the original contract rates. In December 2011, the Company also agreed to a rate reduction on four vessels leased from the German KG companies whereby the Company will pay a reduced rate and an additional amount dependent on the actual market rate. The contingent rental expense (income) represents the additional amounts accrued as a result of these charter party amendments. | |
Cash and cash equivalents | Cash and cash equivalents |
For the purposes of the consolidated balance sheet and the consolidated statement of cash flows, all demand and time deposits and highly liquid, low risk investments with original maturities of three months or less are considered equivalent to cash. | |
Restricted cash and investments | Restricted cash and investments |
Restricted cash consists mainly of bank deposits in ITCL, which must be maintained in accordance with contractual arrangements and which may only be used to settle certain pre-arranged loan or lease payments, minimum deposits, management fees and vessel operating costs. | |
Marketable securities | Marketable securities |
Marketable equity securities held by the Company are considered to be available-for-sale securities and as such are carried at fair value. Any resulting unrealized gains and losses, net of deferred taxes if any, are recorded as a separate component of other comprehensive income in equity unless the securities are considered to be other than temporarily impaired, in which case unrealized losses are recorded in the income statement. | |
Inventories | Inventories |
Inventories comprise principally of fuel and lubricating oils and are stated at the lower of cost and market value. Cost is determined on a first-in, first-out basis. | |
Vessels and equipment | Vessels and equipment |
The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. The estimated economic useful life of the Company's vessels is 25 years. Other equipment is depreciated over its estimated remaining useful life, which approximates five years. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per tonne. The market price of scrap per tonne is calculated as the ten year average, up to the date of delivery of the vessel, across the three main recycling markets (Far East, Indian sub continent and Bangladesh). Residual values are reviewed annually. | |
Vessels and equipment under capital lease | Vessels and equipment under capital lease |
The Company charters in certain vessels and equipment under leasing agreements. Leases of vessels and equipment, where the Company has substantially all the risks and rewards of ownership, are classified as capital leases. Capital leases are capitalized at the inception of the lease at the lower of the fair value of the leased assets and the present value of the minimum lease payments. | |
Each lease payment is allocated between liability and finance charges to achieve a constant rate on the capital balance outstanding. The interest element of the capital cost is charged to the income statement over the lease period. | |
When the terms of a lease are modified, other than by renewing the lease or extending its term, the lease is reassessed as if the new terms were in place at inception of the lease. If this results in a different classification of the lease then the modification is considered a new agreement and accounted for as such from the date the modification came into effect. If the provisions of a capital lease are changed in a way that changes the amount of the remaining minimum lease payments, the present balances of the asset and the obligation are adjusted by an amount equal to the difference between the present value of the future minimum lease payments under the revised or new agreement (computed using the interest rate used to recognize the lease initially) and the present balance of the obligation. | |
Where the provisions of a capital lease contain a floating rate element, such as an index linked rate of hire, then the minimum lease payments are assumed to equal the index at inception of the lease. Any variations in the index, and therefore the payments made, are accounted for as contingent rental income or expense and are taken to the statement of operations in the period in which they become realizable and recorded within 'Contingent rental expense (income)'. | |
Depreciation of vessels and equipment under capital lease is included within "Depreciation" in the consolidated statement of operations. Vessels and equipment under capital lease are depreciated on a straight-line basis over the vessels' remaining economic useful lives or on a straight-line basis over the term of the lease. The method applied is determined by the criteria by which the lease has been assessed to be a capital lease. | |
Newbuildings | Newbuildings |
The carrying value of the vessels under construction ("Newbuildings") represents the accumulated costs to the balance sheet date which the Company has had to pay by way of purchase installments and other capital expenditures together with capitalized interest and associated finance costs. No charge for depreciation is made until the vessel is available for use. | |
Interest expense | Interest expense |
Interest costs are expensed as incurred except for interest costs that are capitalized. Interest expenses are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at the Company's current rate of borrowing. The amount of interest expense capitalized in an accounting period shall be determined by applying an interest rate ("the capitalization rate") to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period shall be based on the rates applicable to borrowings outstanding during the period. The Company does not capitalize amounts beyond the actual interest expense incurred in the period. | |
If the Company's financing plans associate a specific new borrowing with a qualifying asset, the Company uses the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate to be applied to such excess shall be a weighted average of the rates applicable to other borrowings of the Company. | |
Discount on the Issuance of Debt | Discount on the issuance of debt |
Up to July 2014, the Company's term notes are presented net of the discount on the issuance. The discount is being amortized using the effective interest method over the period to maturity of the respective debt. The amortization of the discount is included in interest expense. | |
Impairment of long-lived assets | Impairment of long-lived assets |
The carrying values of long-lived assets held and used by the Company and newbuildings 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. | |
Deferred charges | Deferred charges |
Loan costs, including debt arrangement fees, are capitalized and amortized on a straight-line basis over the term of the relevant loan. The straight line basis of amortization approximates the effective interest method in the Company's consolidated statement of operations. Amortization of loan costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. | |
Trade accounts receivable | Trade accounts receivable |
Trade and other receivables are presented net of allowances for doubtful balances. If amounts become uncollectible, they are charged against income when that determination is made. | |
Revenue and expense recognition | Revenue and expense recognition |
Revenues and expenses are recognized on the accruals basis. Revenues are generated from voyage charter, time charter and bareboat charter hires. Voyage revenues are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are recognized as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Time charter and bareboat charter revenues are recorded over the term of the charter as a service is provided. The Company uses a discharge-to-discharge basis in determining percentage of completion for all spot voyages and voyages servicing contracts of affreightment whereby it recognizes revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. However, the Company does not recognize revenue if a charter has not been contractually committed to by a customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | |
Profit share expense represents amounts due to Ship Finance based on 20% (increased to 25% with effect from January 1, 2012) of the excess of vessel revenues earned by the Company over the base hire paid to Ship Finance for chartering in the vessels. | |
Revenues and voyage expenses of the vessels operating in pool arrangements are pooled and the resulting net pool revenues, calculated on a time charter equivalent basis, are allocated to the pool participants according to an agreed formula on the basis of the number of days a vessel operates in the pool. The pools are responsible for paying voyage expenses and distribute net pool revenues to the participants. Pool revenues are reported net of voyage expenses as voyage charter revenues for all periods presented | |
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 includes losses from the sale of vessels, gains from the termination of leases for vessels which are chartered in and the amortization of deferred gains. Gains (losses) from the sale of assets are recognized when the vessel has been delivered and all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel. Gains (losses) from the termination of leases for vessels which are chartered in are recognized when the lease is effectively terminated and the vessel has been redelivered to the owner. | |
A deferred gain will arise when the Company enters into a sale-leaseback transaction regarding a vessel and the Company does not relinquish the right to substantially all of the remaining use of the vessel. This deferred gain will be amortized in proportion to the gross rental payments over the minimum term of the lease. | |
Drydocking | Drydocking |
Normal vessel repair and maintenance costs are expensed when incurred. The Company recognizes the cost of a drydocking at the time the drydocking takes place, that is, it applies the "expense as incurred" method. | |
Derivatives | Derivatives |
Changes in the fair values of forward freight agreements, which are entered into for speculative purposes, are recognized in "mark to market on derivatives" in the consolidated statements of operations. | |
Financial instruments | Financial instruments |
In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. | |
Foreign currencies | Foreign currencies |
The functional currency of the Company and the majority of its subsidiaries is the U.S. dollar as the majority of revenues and expenditures are denominated in U.S. dollars. The Company's reporting currency is also U.S. dollars. For subsidiaries that maintain their accounts in currencies other than U.S. dollars, the Company uses the current method of translation whereby the statements of operations are translated using the average exchange rate and the assets and liabilities are translated using the year end exchange rate. Foreign currency translation gains or losses are recorded as a separate component of other comprehensive income in equity. | |
Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction gains or losses are included in the consolidated statements of operations. | |
Share-based payments | Share-based payments |
In accordance with the guidance on "Share Based Payments", the Company is required to expense the fair value of stock options issued to employees over the period the options vests. The Company amortizes stock-based compensation for awards on a straight-line basis over which the employee is required to provide service in exchange for the reward - the requisite service (vesting) period. No compensation cost is recognized for stock options for which employees do not render the requisite service. | |
Earnings per share | Earnings per share |
Basic EPS is computed based on the income available to common stockholders and the weighted average number of shares outstanding for basic EPS. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. | |
Investment in finance leases | Investment in finance leases |
For capital leases that are sales-type leases, the difference between the gross investment in the lease and the sum of the present values of lease payments and residual value is recorded as unearned lease interest income. The discount rate used in determining the present values is the interest rate implicit in the lease. The present value of the minimum lease payments, computed using the interest rate implicit in the lease, is recorded as the sales price, from which the carrying value of the vessel at the commencement of the lease is deducted in order to determine the profit or loss on sale. The unearned lease interest income is amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in the lease. | |
Convertible debt | Convertible debt |
Convertible bond loans issued by the Company include both a loan component (host contract) and an option to convert the loan to shares (embedded derivative). | |
An embedded derivative, such as a conversion option, may be separated from its host contract and accounted for separately if certain criteria are met including if the contract that embodies both the embedded derivative and the host contract is not measured at fair value, the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract and if a separate instrument with the same terms as the embedded instrument would be a derivative. | |
If an embedded derivative instrument is separated from its host contract, the host contract shall be accounted for based on generally accepted accounting principles applicable to instruments of that type which do not contain embedded derivative instruments. | |
A conversion of the bonds at more favorable terms than the original bond is treated as an inducement and the Company recognizes a debt conversion expense equal to the fair value of all securities and other consideration transferred in the transaction in excess of the fair value of securities issuable pursuant to the original conversion terms. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations [Abstract] | |||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Amounts recorded in respect of discontinued operations in the year ended December 31, 2014, 2013 and 2012 are as follows; | ||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Operating revenues | — | 1,840 | 89,747 | ||||||
Loss on sale of assets | — | (847 | ) | (17,946 | ) | ||||
Contingent rental expense | — | — | 32,156 | ||||||
Impairment loss on vessels | — | — | 27,316 | ||||||
Net loss from discontinued operations | — | (1,204 | ) | (12,544 | ) | ||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Components of the numerator for the calculation of basic and diluted earnings per share | 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: | ||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Net loss from continuing operations, excluding loss attributable to noncontrolling interest | (162,938 | ) | (187,305 | ) | (70,210 | ) | |||
Net loss from discontinued operations | — | (1,204 | ) | (12,544 | ) | ||||
Net loss attributable to Frontline Ltd. | (162,938 | ) | (188,509 | ) | (82,754 | ) | |||
The components of the denominator for the calculation of basic EPS and diluted EPS are as follows: | |||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||
Weighted average number of ordinary shares | 99,939 | 79,751 | 77,859 | ||||||
GAIN_ON_SALE_OF_ASSETS_AND_AMO1
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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 each of the three years ended December 31, may be summarized as follows; | ||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Net gain on lease terminations | 40,382 | 21,237 | 21,806 | ||||||
Net loss on sale of vessels | (15,762 | ) | — | (2,109 | ) | ||||
Amortization of deferred gains | — | 2,321 | 15,062 | ||||||
24,620 | 23,558 | 34,759 | |||||||
LEASES_Tables
LEASES (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Leases [Abstract] | |||
Future minimum rental payments | The future minimum rental payments under the Company's non-cancelable operating leases are as follows: | ||
(in thousands of $) | |||
Year ending December 31, | |||
2015 | 1,908 | ||
2016 | 642 | ||
2017 | 508 | ||
2018 | 350 | ||
2019 | 334 | ||
Thereafter | 1,586 | ||
Total minimum lease payments | 5,328 | ||
Schedule of minimum future revenues on bareboat charters | The minimum future revenues to be received on time charter, which are accounted for as operating leases and other contractually committed income as of December 31, 2014 are as follows: | ||
(in thousands of $) | |||
2015 | 4,435 | ||
2016 | — | ||
2017 | — | ||
2018 | — | ||
2019 | — | ||
Thereafter | — | ||
Total minimum lease payments | 4,435 | ||
INVESTMENT_IN_FINANCE_LEASE_Ta
INVESTMENT IN FINANCE LEASE (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
INVESTMENT IN FINANCE LEASE [Abstract] | ||||||
Components of investments in sales-type leases | The following lists the components of the investment in sales-type lease as at December 31. | |||||
(in thousands of $) | 2014 | 2013 | ||||
Net minimum lease payments receivable | 67,145 | 78,452 | ||||
Estimated residual values of leased property (unguaranteed) | 20,320 | 20,320 | ||||
Less: unearned income | (38,647 | ) | (47,398 | ) | ||
Total investment in sales-type lease | 48,818 | 51,374 | ||||
Current portion | 3,028 | 2,555 | ||||
Long-term portion | 45,790 | 48,819 | ||||
48,818 | 51,374 | |||||
Minimum future gross revenues under non-cancellable sales-type leases | The minimum future gross revenues to be received under the Company's non-cancelable sales-type lease as of December 31, 2014 are as follows: | |||||
(in thousands of $) | ||||||
2015 | 11,307 | |||||
2016 | 11,338 | |||||
2017 | 11,307 | |||||
2018 | 11,307 | |||||
2019 | 11,307 | |||||
Thereafter | 10,579 | |||||
Total minimum lease revenues | 67,145 | |||||
MARKETABLE_SECURITIES_Tables
MARKETABLE SECURITIES (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Marketable Securities [Abstract] | ||||||
Schedule of Available-for-sale Securities Reconciliation | Marketable securities held by the Company are equity securities considered to be available-for-sale securities. | |||||
(in thousands of $) | 2014 | 2013 | ||||
Cost | 2,830 | 2,707 | ||||
Accumulated net unrealized (loss) gain | (206 | ) | 772 | |||
Fair value | 2,624 | 3,479 | ||||
TRADE_ACCOUNTS_RECEIVABLE_NET_
TRADE ACCOUNTS RECEIVABLE, NET TRADE ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Receivables [Abstract] | |||
Schedule of movements in the allowance for doubtful accounts | Movements in the allowance for doubtful accounts in the three years ended December 31, 2014 may be summarized as follows; | ||
(in thousands of $) | |||
Balance at December 31, 2011 | (4,487 | ) | |
Additions charged to income | (6,033 | ) | |
Deductions credited to income | 663 | ||
Balance at December 31, 2012 | (9,857 | ) | |
Additions charged to income | (55 | ) | |
Balance at December 31, 2013 | (9,912 | ) | |
Additions charged to income | (68 | ) | |
Balance at December 31, 2014 | (9,980 | ) |
OTHER_RECEIVABLES_Tables
OTHER RECEIVABLES (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
OTHER RECEIVABLES [Abstract] | ||||||
Schedule of Other Receivables | ||||||
(in thousands of $) | 2014 | 2013 | ||||
Agent receivables | 4,440 | 5,065 | ||||
Claims receivables | 7,553 | 4,938 | ||||
Other receivables | 4,710 | 6,177 | ||||
16,703 | 16,180 | |||||
NEWBUILDINGS_Tables
NEWBUILDINGS (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
NEWBUILDINGS [Abstract] | |||
Summary roll forward of new build information | Movements in the three years ended December 31, 2014 may be summarized as follows: | ||
(in thousands of $) | |||
Balance at December 31, 2011 | 13,049 | ||
Installments and newbuilding supervision fees paid | 12,936 | ||
Interest capitalized | 928 | ||
Balance at December 31, 2012 | 26,913 | ||
Installments and newbuilding supervision fees paid | 572 | ||
Interest capitalized | 2,183 | ||
Balance at December 31, 2013 | 29,668 | ||
Installments and newbuilding supervision fees paid | 42,130 | ||
Interest capitalized | 411 | ||
Transfers to Vessels and Equipment | (56,740 | ) | |
Balance at December 31, 2014 | 15,469 | ||
VESSELS_AND_EQUIPMENT_Tables
VESSELS AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Summary Rollforward of Vessels and equipment | Movements in the three years ended December 31, 2014 may be summarized as follows: | ||||||||
(in thousands of $) | Cost | Accumulated Depreciation | Net Carrying Value | ||||||
Balance at December 31, 2011 | 459,312 | (147,020 | ) | 312,292 | |||||
Purchase of vessels and equipment | 730 | — | |||||||
Disposal of vessels and equipment | (51,960 | ) | 40,290 | ||||||
Other movements | 443 | (341 | ) | ||||||
Depreciation | — | (18,508 | ) | ||||||
Balance at December 31, 2012 | 408,525 | (125,579 | ) | 282,946 | |||||
Purchase of vessels and equipment | 374 | — | |||||||
Other movements | (531 | ) | 449 | ||||||
Depreciation | — | (18,434 | ) | ||||||
Balance at December 31, 2013 | 408,368 | (143,564 | ) | 264,804 | |||||
Purchase of vessels and equipment | 542 | — | |||||||
Transfers from Newbuildings | 56,740 | — | |||||||
Effect of de-consolidation of subsidiaries | (224,602 | ) | 49,803 | ||||||
Other movements | (936 | ) | 854 | ||||||
Depreciation | — | (11,082 | ) | ||||||
Impairment loss | (62,153 | ) | 49,728 | ||||||
Disposals | (117,297 | ) | 50,223 | ||||||
Balance at December 31, 2014 | 60,662 | (4,038 | ) | 56,624 | |||||
VESSELS_UNDER_CAPITAL_LEASE_NE1
VESSELS UNDER CAPITAL LEASE, NET (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases, Capital [Abstract] | |||||||||
Schedule of book value of vessels | Movements in the three years ended December 31, 2014 may be summarized as follows: | ||||||||
(in thousands of $) | Cost | Accumulated Depreciation | Net Carrying Value | ||||||
Balance at December 31, 2011 | 2,073,779 | (1,051,607 | ) | 1,022,172 | |||||
Disposals | (110,625 | ) | 100,806 | ||||||
Impairment loss | (32,042 | ) | — | ||||||
Lease modification | 9,115 | — | |||||||
Depreciation | — | (96,337 | ) | ||||||
Balance at December 31, 2012 | 1,940,227 | (1,047,138 | ) | 893,089 | |||||
Disposals | (159,016 | ) | 155,848 | ||||||
Impairment loss | (153,508 | ) | 49,784 | ||||||
Depreciation | — | (81,389 | ) | ||||||
Balance at December 31, 2013 | 1,627,703 | (922,895 | ) | 704,808 | |||||
Impairment loss | (204,260 | ) | 118,976 | ||||||
Additions | 1,210 | — | |||||||
Depreciation | — | (70,389 | ) | ||||||
Balance at December 31, 2014 | 1,424,653 | (874,308 | ) | 550,345 | |||||
Schedule of future minimum lease payments for capital leases | The outstanding obligations under capital leases are payable as follows: | ||||||||
(in thousands of $) | |||||||||
Year ending December 31, | |||||||||
2015 | 82,402 | ||||||||
2016 | 139,256 | ||||||||
2017 | 102,451 | ||||||||
2018 | 96,292 | ||||||||
2019 | 87,690 | ||||||||
Thereafter | 330,064 | ||||||||
Minimum lease payments | 838,155 | ||||||||
Less: imputed interest | (194,474 | ) | |||||||
Present value of obligations under capital leases | 643,681 | ||||||||
Summary of company activity with non consolidated lessor entities | The following table discloses information about the Company's activity with these non-consolidated lessor entities in the three year period ended December 31, 2014: | ||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Repayments of principal obligations under capital leases | 12,948 | 12,260 | 11,665 | ||||||
Contingent rental expense (income) | 4,237 | (7,761 | ) | 2,436 | |||||
Interest expense for capital leases | 4,429 | 5,389 | 6,301 | ||||||
Deferred lease obligation | — | — | 3,795 | ||||||
EQUITY_METHOD_INVESTMENTS_Tabl
EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
EQUITY METHOD INVESTMENTS [Abstract] | |||||||||
Schedule of participation in investments recorded using the equity method | As of December 31, the Company had the following participation in investments that are recorded using the equity method: | ||||||||
2014 | 2013 | ||||||||
CalPetro Tankers (Bahamas I) Limited | — | % | 100 | % | |||||
CalPetro Tankers (Bahamas II) Limited | — | % | 100 | % | |||||
CalPetro Tankers (IOM) Limited | — | % | 100 | % | |||||
VLCC Chartering Ltd | 50 | % | — | % | |||||
Frontline 2012 Ltd. | 5.6 | % | 5.4 | % | |||||
Summarized balance sheet information of significant subsidiaries | Summarized financial statements of Frontline 2012 are as follows: | ||||||||
(in thousands of $) | 2014 | 2013 | |||||||
Current assets | 417,985 | 480,177 | |||||||
Non current assets | 2,083,783 | 1,193,803 | |||||||
Current liabilities | 232,877 | 108,852 | |||||||
Non current liabilities | 821,541 | 501,971 | |||||||
Summarized statement of operations information of significant subsidiaries | |||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Operating revenues | 275,258 | 133,900 | 140,849 | ||||||
Net operating income | 46,731 | 65,755 | 25,673 | ||||||
Net income | 84,511 | 69,499 | 8,055 | ||||||
Summarized balance sheet information of equity method investees | Summarized financial statements of investees of which the Company has determined it is not the primary beneficiary and accounts for under the equity method as of December 31, is as follows: | ||||||||
(in thousands of $) | 2014 | 2013 | |||||||
Current assets | — | 15,457 | |||||||
Non current assets | — | 5,132 | |||||||
Current liabilities | — | 9,981 | |||||||
Non current liabilities | — | 9,525 | |||||||
Summarized statement of operations information of equity method investees | |||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Net operating revenues | 931 | 1,651 | 2,473 | ||||||
Net operating income | 691 | 1,353 | 2,155 | ||||||
Net loss | (585 | ) | (538 | ) | (544 | ) |
DEFERRED_CHARGES_Tables
DEFERRED CHARGES (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||
Deferred Charges | ||||||
(in thousands of $) | 2014 | 2013 | ||||
Debt arrangement fees | 12,464 | 11,836 | ||||
Accumulated amortization | (11,768 | ) | (11,141 | ) | ||
696 | 695 | |||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Payables and Accruals [Abstract] | ||||||
Accrued expenses | ||||||
(in thousands of $) | 2014 | 2013 | ||||
Voyage expenses | 10,092 | 11,027 | ||||
Ship operating expenses | 4,689 | 5,614 | ||||
Administrative expenses | 1,493 | 1,297 | ||||
Interest expense | 2,556 | 12,429 | ||||
Taxes | 491 | 325 | ||||
Contingent rental expense | 3,009 | 2,615 | ||||
Other | 115 | 94 | ||||
22,445 | 33,401 | |||||
DEBT_Tables
DEBT (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Debt Disclosure [Abstract] | ||||||
Long-term debt | ||||||
(in thousands of $) | 2014 | 2013 | ||||
U.S. dollar denominated floating rate debt | 29,500 | — | ||||
U.S. dollar denominated fixed rate debt: | ||||||
4.5% convertible bond due 2015 | 126,700 | 190,000 | ||||
8.04% First Preferred Mortgage Term Notes | 36,657 | 83,240 | ||||
7.84% First Preferred Mortgage Term Notes | — | 196,240 | ||||
Unamortized discount on issuance of 7.84% First Preferred Mortgage Term Notes | — | (10,402 | ) | |||
Total debt | 192,857 | 459,078 | ||||
Current portion of long-term debt | (165,357 | ) | (22,706 | ) | ||
Long term portion of debt | 27,500 | 436,372 | ||||
Summary of movement in debt | Movements in debt in each of the three years ended December 31, 2014, maybe summarized as follows: | |||||
(in thousands of $) | ||||||
Balance at December 31, 2011 | 513,513 | |||||
4.5% convertible bond - buy-back | (10,000 | ) | ||||
Loan repayments | (19,521 | ) | ||||
Balance at December 31, 2012 | 483,992 | |||||
4.5% convertible bond - debt-for-equity swap | (25,000 | ) | ||||
Loan repayments | (21,531 | ) | ||||
Issuance of 7.84% First Preferred Mortgage Term Notes | 32,019 | |||||
Discount on issuance of 7.84% First Preferred Mortgage Term Notes | (12,222 | ) | ||||
Amortization of discount on issuance of 7.84% First Preferred Mortgage Term Notes | 1,820 | |||||
Balance at December 31, 2013 | 459,078 | |||||
4.5% convertible bond - buy-back | (17,800 | ) | ||||
4.5% convertible bond - debt-for-equity swaps | (45,500 | ) | ||||
Loan repayments | (54,732 | ) | ||||
Loan draw downs | 30,000 | |||||
Effect of de-consolidation of subsidiaries - 7.84% First Preferred Mortgage Term Notes | (179,818 | ) | ||||
Amortization of discount on issuance of 7.84% First Preferred Mortgage Term Notes | 1,629 | |||||
Balance at December 31, 2014 | 192,857 | |||||
Debt repayment schedule | The outstanding debt as of December 31, 2014 is repayable as follows: | |||||
(in thousands of $) | ||||||
Year ending December 31, | ||||||
2015 | 165,357 | |||||
2016 | 2,000 | |||||
2017 | 25,500 | |||||
2018 | — | |||||
2019 | — | |||||
Thereafter | — | |||||
192,857 | ||||||
Assets pledged | ||||||
(in thousands of $) | 2014 | 2013 | ||||
Vessels, net, | 55,812 | 263,367 | ||||
Restricted cash and investments | 38,560 | 66,249 | ||||
SHARE_CAPITAL_Tables
SHARE CAPITAL (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
SHARE CAPITAL [Abstract] | ||||||
Schedule of stock by class | ||||||
Authorized share capital: | ||||||
(in thousands of $, except share data) | 2014 | 2013 | ||||
1,000,000,000 ordinary shares of $1.00 each (2013: 312,500,000 ordinary shares of $1.00 each) | 1,000,000 | 312,500 | ||||
Issued and fully paid share capital: | ||||||
(in thousands of $, except per share data) | 2014 | 2013 | ||||
112,342,989 ordinary shares of $1.00 each (2013: 86,511,713 ordinary shares of $1.00 each) | 112,343 | 86,512 | ||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |||||||||
Activity in accumulated other comprehensive income loss | The activity in Accumulated Other Comprehensive Loss is summarized as follows: | ||||||||
(in thousands of $) | Unrealized investment gains (losses) | Translation adjustments | |||||||
Total | |||||||||
Balance at December 31, 2011 | (668 | ) | (4,111 | ) | (4,779 | ) | |||
Translation adjustment | — | 97 | 97 | ||||||
Net unrealized gains on marketable securities | 527 | — | 527 | ||||||
Balance at December 31, 2012 | (141 | ) | (4,014 | ) | (4,155 | ) | |||
Translation adjustment | — | (63 | ) | (63 | ) | ||||
Net unrealized gains on marketable securities | 915 | — | 915 | ||||||
Balance at December 31, 2013 | 774 | (4,077 | ) | (3,303 | ) | ||||
Translation adjustment | — | 25 | 25 | ||||||
Net unrealized losses on marketable securities | (980 | ) | — | (980 | ) | ||||
Balance at December 31, 2014 | (206 | ) | (4,052 | ) | (4,258 | ) |
SHARE_OPTION_PLANS_Tables
SHARE OPTION PLANS (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of the newly granted option awards is estimated on the date of grant using a Black-Scholes option valuation model with the following assumptions: | |||||
2011 | ||||||
Risk free interest rate | 1.35 | % | ||||
Expected life (years) | 3.5 | |||||
Expected volatility | 62.27 | % | ||||
Expected dividend yield | 0 | % | ||||
Schedule of Share-based Compensation Arrangements by Exercise Price Range | The following summarizes share option transactions related to the Frontline Scheme: | |||||
Number of Options | Weighted Average Exercise Price | |||||
(in thousands) | ||||||
Options outstanding as of December 31, 2011 | 739.7 | NOK 130.46 | ||||
Forfeited | (13.7 | ) | NOK 130.46 | |||
Options outstanding as December 31, 2012 | 726 | NOK 130.46 | ||||
Forfeited | (13.3 | ) | NOK 130.46 | |||
Options outstanding as of December 31, 2013 | 712.7 | NOK 130.46 | ||||
Forfeited | (6.7 | ) | NOK 130.46 | |||
Expired | (581.0 | ) | NOK130.46 | |||
Options outstanding as of December 31, 2014 | 125 | NOK 130.46 | ||||
Exercisable options as at: | ||||||
December 31, 2014 | 125 | NOK130.46 | ||||
December 31, 2013 | 670.9 | NOK130.46 | ||||
December 31, 2012 | 629.3 | NOK130.46 | ||||
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 instruments as of December 31, 2014 and 2013 are as follows: | |||||||||||
2014 | 2013 | |||||||||||
Carrying | Fair | Carrying | Fair | |||||||||
(in thousands of $) | Value | Value | Value | Value | ||||||||
Assets: | ||||||||||||
Cash and cash equivalents | 64,080 | 64,080 | 53,759 | 53,759 | ||||||||
Restricted cash and investments | 42,074 | 42,074 | 68,363 | 68,363 | ||||||||
Marketable securities | 2,624 | 2,624 | 3,479 | 3,479 | ||||||||
Liabilities: | ||||||||||||
7.84% First Preferred Mortgage Term Notes | — | — | 185,838 | 129,381 | ||||||||
8.04% First Preferred Mortgage Term Notes | 36,657 | 33,143 | 83,240 | 70,696 | ||||||||
4.5% Convertible Bond | 126,700 | 114,347 | 190,000 | 140,315 | ||||||||
Floating rate debt | 29,500 | 29,500 | — | — | ||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The estimated fair value of financial assets and liabilities are as follows: | |||||||||||
(in thousands of $) | 2014 | Level 1 | Level 2 | Level 3 | ||||||||
Fair Value | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | 64,080 | 64,080 | — | — | ||||||||
Restricted cash and investments | 42,074 | 42,074 | — | — | ||||||||
Marketable securities | 2,624 | 2,624 | — | — | ||||||||
Liabilities: | ||||||||||||
8.04% First Preferred Mortgage Term Notes | 33,143 | — | 33,143 | — | ||||||||
4.5% Convertible Bond | 114,347 | — | 114,347 | — | ||||||||
Floating rate debt | 29,500 | — | 29,500 | — | ||||||||
(in thousands of $) | 2013 | Level 1 | Level 2 | Level 3 | ||||||||
Fair Value | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | 53,759 | 53,759 | — | — | ||||||||
Restricted cash and investments | 68,363 | 68,363 | — | — | ||||||||
Marketable securities | 3,479 | 3,479 | — | — | ||||||||
Liabilities: | ||||||||||||
7.84% First Preferred Mortgage Term Notes | 129,381 | — | 129,381 | — | ||||||||
8.04% First Preferred Mortgage Term Notes | 70,696 | 70,696 | ||||||||||
4.5% Convertible bond | 140,315 | — | 140,315 | — | ||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Schedule of leasing transactions with Ship Finance | A summary of leasing transactions with Ship Finance during the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Charter hire paid (principal and interest): continuing operations | 123,225 | 150,891 | 161,840 | ||||||
Charter hire paid (principal and interest): discontinued operations | — | 434 | 14,492 | ||||||
Lease termination fees (expense) income: continuing operations | — | (5,204 | ) | 22,766 | |||||
Lease termination fees expense: discontinued operations | — | — | (24,543 | ) | |||||
Contingent rental expense: continuing operations | 32,663 | — | 20,020 | ||||||
Contingent rental expense: discontinued operations | — | — | 32,156 | ||||||
Remaining lease obligation | 593,998 | 726,717 | 875,670 | ||||||
Schedule of net amounts earned (incurred) from related parties excluding Ship Finance | A summary of net amounts earned (incurred) from related parties, excluding the Ship Finance lease related balances above, for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||
(in thousands of $) | 2014 | 2013 | 2012 | ||||||
Seatankers Management Co. Ltd | 2,320 | 1,416 | 1,009 | ||||||
Golar LNG Limited | 1,631 | 2,119 | 1,820 | ||||||
Ship Finance International Limited | 6,281 | 5,094 | 4,261 | ||||||
Golden Ocean Group Limited | 5,393 | 3,166 | 5,566 | ||||||
Bryggegata AS | (2,013 | ) | (1,982 | ) | (1,455 | ) | |||
Arcadia Petroleum Limited | 646 | 7,962 | 5,423 | ||||||
Seadrill Limited | 2,348 | 1,475 | 2,574 | ||||||
Archer Limited | 466 | 410 | 390 | ||||||
Deep Sea Supply Plc | 149 | 69 | 41 | ||||||
Aktiv Kapital ASA | — | 40 | 21 | ||||||
Orion Tankers Ltd | — | — | 343 | ||||||
Frontline 2012 Ltd | 10,102 | 7,410 | (4,004 | ) | |||||
North Atlantic Drilling Ltd | 1,128 | 60 | — | ||||||
CalPetro Tankers (Bahamas I) Limited | 80 | 54 | 51 | ||||||
CalPetro Tankers (Bahamas II) Limited | 80 | 54 | 51 | ||||||
CalPetro Tankers (IOM) Limited | 80 | 54 | 51 | ||||||
Windsor group | 287 | — | — | ||||||
Knightsbridge Shipping Limited | 2,341 | — | — | ||||||
Schedule of related party receivables | A summary of short term balances due from related parties as at December 31, 2014 and 2013 is as follows: | ||||||||
(in thousands of $) | 2014 | 2013 | |||||||
Receivables | |||||||||
Ship Finance International Limited | 3,444 | 2,272 | |||||||
Seatankers Management Co. Ltd | 320 | 394 | |||||||
Archer Ltd | 100 | 8 | |||||||
Golar LNG Limited | — | 942 | |||||||
Northern Offshore Ltd | 13 | 13 | |||||||
Golden Ocean Group Limited | 1,490 | 1,219 | |||||||
Seadrill Limited | 557 | 1,478 | |||||||
Frontline 2012 Ltd | 3,672 | 2,860 | |||||||
CalPetro Tankers (Bahamas I) Limited | — | 14 | |||||||
CalPetro Tankers (Bahamas II) Limited | — | 14 | |||||||
CalPetro Tankers (IOM) Limited | — | 14 | |||||||
Deep Sea Supply Plc | 61 | 4 | |||||||
Aktiv Kapital Ltd | — | 6 | |||||||
Arcadia Petroleum Limited | 124 | 174 | |||||||
North Atlantic Drilling Ltd | 817 | 75 | |||||||
Knightsbridge Shipping Limited | 2,039 | — | |||||||
12,637 | 9,487 | ||||||||
Schedule of Related Party Payables | A summary of short term balances due to related parties as at December 31, 2014 and 2013 is as follows: | ||||||||
(in thousands of $) | 2014 | 2013 | |||||||
Payables | |||||||||
Ship Finance International Limited | (45,244 | ) | (8,528 | ) | |||||
Seatankers Management Co. Ltd | (343 | ) | (506 | ) | |||||
Golar LNG Limited | — | (155 | ) | ||||||
Golden Ocean Group Limited | (914 | ) | (1,047 | ) | |||||
Frontline 2012 Ltd | (3,048 | ) | (1,183 | ) | |||||
Knightsbridge Shipping Limited | (320 | ) | — | ||||||
Windsor group | (5,844 | ) | — | ||||||
(55,713 | ) | (11,419 | ) | ||||||
Schedule related party payables, non current | The long term related party balance at December 31, 2014 is as follows: | ||||||||
(in thousands of $) | |||||||||
7.254% loan note payable due 2021 and 2022 | 78,616 | ||||||||
7.25% loan note payable due 2022 and 2023 | 48,385 | ||||||||
Loan note repayments | (6,018 | ) | |||||||
Total loan note | 120,983 | ||||||||
Less: current portion of loan note (included in short term related party balance) | (11,031 | ) | |||||||
109,952 | |||||||||
Schedule of related party payables, repayable non current | The note balance at December 31, 2014 is repayable as follows: | ||||||||
(in thousands of $) | |||||||||
Year ending December 31, | |||||||||
2015 | 11,031 | ||||||||
2016 | 14,070 | ||||||||
2017 | 15,107 | ||||||||
2018 | 16,197 | ||||||||
2019 | 17,366 | ||||||||
Thereafter | 47,212 | ||||||||
120,983 | |||||||||
GENERAL_1_Details
GENERAL 1 (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 35 Months Ended | 1 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jul. 15, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Jan. 31, 2004 | Mar. 31, 2007 | Feb. 28, 2008 | Dec. 31, 2012 | Dec. 31, 2011 |
vessel | capital_lease | tanker_size | entity | vessel | ||||
T | vessel | |||||||
Related Party Transaction [Line Items] | ||||||||
Number of vessels disposed of | 1 | |||||||
Number of tanker sizes | 2 | |||||||
Lower range of VLCC tanker size (in dry weight tonnage) | 200,000 | |||||||
Upper range of VLCC tanker size ((in dry weight tonnage) | 320,000 | |||||||
Lower range of Suezmax tanker size (in dry weight tonnage) | 120,000 | |||||||
Upper range of Suezmax tanker size (in dry weight tonnage) | 170,000 | |||||||
Number of vessels the gross charter payment commitment was reduced (in number of vessels) | 32 | |||||||
Number of vessels owned through ITCL | 4 | |||||||
Ship Finance International Limited [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of vessel-owning entities sold to Ship Finance (in entities) | 46 | |||||||
Number of vessels owned by each vessel-owning entity (in vessels) | 1 | |||||||
Number of entities owning an option to acquire a VLCC (in entities) | 1 | |||||||
Number of shares retained in Ship Finance retained after distribution to shareholders (in shares) | 73,383 | |||||||
Percent of total shares retained (in hundredths) | 0.01% | |||||||
Independent Tankers Corporation Limited [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of subsidiary's or equity investee's stock owned by parent company sold in transaction (in hundredths) | 17.53% | |||||||
Frontline 2012 Ltd [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of wholly-owned special purpose companies sold to Frontline 2012 (in number of subsidiaries) | 15 | |||||||
Number of VLCC newbuilding contracts owned by the special purpose companies which have been sold to Frontline 2012 (in number of vessels) | 5 | |||||||
Number of VLCCs owned by the special purpose companies which have been sold to Frontline 2012 (in number of vessels) | 6 | |||||||
Number of VLCC's owned with a time charters attached which have been sold to Frontline 2012 (in number of vessels) | 1 | |||||||
Number of Suezmax tankers owned by the special purpose companies which have been sold to Frontline 2012 (in number of vessels) | 4 | |||||||
Loss on sale of special purpose companies | ($307) |
GENERAL_GENERAL_2_Details
GENERAL GENERAL 2 (Details) | 0 Months Ended | 12 Months Ended |
Jul. 15, 2014 | Dec. 31, 2014 | |
vessel | vessel | |
Number of vessels owned by group | 22 | |
Number of vessels owned through ITCL | 4 | |
VLCC Vessels [Member] | ||
Number of vessels owned by group | 14 | |
Number of Vessels under Commercial Management | 9 | |
Double Hull Suezmax [Member] | ||
Number of vessels owned by group | 8 | |
Number of Vessels on Order | 1 | |
Number of Vessels under Commercial Management | 6 | |
Aframax [Member] | ||
Number of Vessels under Commercial Management | 1 |
ACCOUNTING_POLICIES_2_Details
ACCOUNTING POLICIES 2 (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |
Special Purpose Entities [Member] | |||
Related Party Transaction [Line Items] | |||
Number of vessels where rate reduction applies | 4 | ||
Ship Finance International Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Agreed per day rate reduction | $6,500 | $6,500 | |
Length of period over which rate reduction applies | 4 years | ||
Compensation percentage of any difference between the renegotiated rates and actual market rate up to the original contract rates | 100.00% | 100.00% | 100.00% |
ACCOUNTING_POLICIES_3_Details
ACCOUNTING POLICIES 3 (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
recycling_market | ||
Significant Acquisitions and Disposals [Line Items] | ||
Average period over which market price of scrap per ton is calculated | 10 years | |
Number of Recycling Markets | 3 | |
Profit share expense percentage (in hundredths) | 20.00% | 25.00% |
Vessel [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Estimated remaining economic useful life | P25Y | |
Property, Plant and Equipment, Other Types [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Estimated remaining economic useful life | P5Y |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
capital_lease | vessel | vessel | vessel | ||
Operating revenues | $559,688 | $517,190 | $578,361 | ||
Loss on sale of assets | -24,620 | -23,558 | -34,759 | ||
Contingent rental expense (income) | 4,237 | -8,726 | 0 | ||
Impairment of vessels | 103,700 | 32,000 | |||
Net loss from discontinued operations | 0 | -1,204 | -12,544 | ||
Number of vessels disposed of | 1 | ||||
Number of vessels impaired | 1 | 5 | |||
OBO [Member] | |||||
Impairment of vessels | 27,300 | ||||
Number of vessels disposed of | 2 | ||||
Number of vessels impaired | 4 | ||||
Number of vessels whose lease was terminated | 1 | 3 | |||
Front Rider [Member] | |||||
Impairment of vessels | 4,900 | ||||
Front Climber [Member] | |||||
Impairment of vessels | 4,200 | ||||
Front Driver [Member] | |||||
Impairment of vessels | 4,000 | ||||
Front Guider [Member] | |||||
Impairment of vessels | 14,200 | ||||
Discontinued Operations [Member] | |||||
Operating revenues | 0 | 1,840 | 89,747 | ||
Loss on sale of assets | 0 | -847 | -17,946 | ||
Contingent rental expense (income) | 0 | 0 | 32,156 | ||
Impairment of vessels | $0 | $0 | $27,316 |
LOSS_ON_DECONSOLIDATION_OF_SUB1
LOSS ON DE-CONSOLIDATION OF SUBSIDIARIES 1 (Details) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 15, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
vessel | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels owned through ITCL | 4 | ||||
Loss from de-consolidation of subsidiaries | $12,415 | $0 | $0 | ||
Debt Amortized Discount from Bond Buyback Sale | -1,629 | -1,820 | |||
Windsor Group [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loss from de-consolidation of subsidiaries | 12,400 | ||||
First Preferred Mortgage Term Notes due 2021 [Member] | Windsor Group [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Debt Amortized Discount from Bond Buyback Sale | $8,800 | ||||
8.04% First Preferred Mortgage Term Notes | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 7.84% |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
major-customer | major-customer | major-customer | |
Revenue from External Customer [Line Items] | |||
Number of reportable segments | 1 | ||
Number of operating segments | 2 | ||
Maximum percentage consolidated operating revenues from individual major customers (in hundredths) | 10.00% | ||
Major Customer 1 [Member] | |||
Revenue from External Customer [Line Items] | |||
Number of major customers for revenue purposes | 1 | 0 | 1 |
Percent of revenue from single customer (in hundredths) | 18.00% | ||
Maximum percentage consolidated operating revenues from individual major customers (in hundredths) | 14.00% | ||
Major Customer 2 [Member] [Member] | |||
Revenue from External Customer [Line Items] | |||
Number of major customers for revenue purposes | 1 | ||
Maximum percentage consolidated operating revenues from individual major customers (in hundredths) | 10.00% |
IMPAIRMENT_OF_LONG_TERM_ASSETS1
IMPAIRMENT OF LONG TERM ASSETS (Details) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Nov. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2013 | |
vessel | vessel | Rate | vessel | vessel | |||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment loss on vessels | $97,709,000 | $103,724,000 | $4,726,000 | ||||||
Number of vessels impaired | 1 | 5 | |||||||
Impairment of vessels | 103,700,000 | 32,000,000 | |||||||
Asset Impairment Charges | 12,400,000 | 103,700,000 | 32,000,000 | ||||||
Lease Termination Probability | 100.00% | 100.00% | |||||||
Number of vessels assigned a probability of lease termination | 2 | ||||||||
Front Opalia, Front Commerce & Front Commanche [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of Leased Vessels Impaired | 3 | ||||||||
VLCC Ulriken [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 26,000,000 | ||||||||
Golden Victory [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 45,600,000 | ||||||||
Front Champion [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 42,500,000 | ||||||||
Front Century [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 15,600,000 | ||||||||
Front Rider [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 4,900,000 | ||||||||
Front Climber [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 4,200,000 | ||||||||
Front Driver [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 4,000,000 | ||||||||
Front Guider [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 14,200,000 | ||||||||
Asset Impairment Charges | 14,200,000 | ||||||||
Front Pride [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 4,700,000 | ||||||||
VLCC Vessels [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of Leased Vessels Impaired | 3 | ||||||||
Number of vessels impaired | 3 | ||||||||
Asset Impairment Charges | 85,300,000 | ||||||||
Number of vessels whose lease was terminated | 3 | 3 | |||||||
VLCC Vessels [Member] | Front Opalia, Front Commerce & Front Commanche [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of Leased Vessels Impaired | 3 | ||||||||
OBO [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of vessels impaired | 4 | ||||||||
Impairment of vessels | 27,300,000 | ||||||||
Number of vessels whose lease was terminated | 1 | 3 | |||||||
Double Hull Suezmax [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of vessels impaired | 1 | ||||||||
Front Opalia [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 27,800,000 | ||||||||
Front Commerce [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 26,700,000 | ||||||||
Front Comanche [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 30,700,000 | ||||||||
VLCC Ulriken [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 12,400,000 | ||||||||
VLCC Ulriken [Member] | VLCC Vessels [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of vessels impaired | 1 | ||||||||
Ship Finance International Limited [Member] | Front Pride [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | 200,000 | ||||||||
Equipment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 62,153,000 | ||||||||
Equipment [Member] | Front Champion / Golden Victory [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 88,100,000 | ||||||||
Equipment [Member] | VLCC Ulriken [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of vessels | 12,400,000 | ||||||||
Equipment [Member] | Ship Finance International Limited [Member] | Front Champion / Golden Victory [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | $13,800,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Foreign tax exemption expiration date | 3/31/35 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net loss from continuing operations, excluding loss attributable to noncontrolling interest | ($162,938) | ($187,305) | ($70,210) |
Net loss from discontinued operations | 0 | -1,204 | -12,544 |
Net loss attributable to Frontline Ltd. | ($162,938) | ($188,509) | ($82,754) |
Weighted average shares outstanding, basic and diluted (in 000's) | 99,939,000 | 79,751,000 | 77,859,000 |
Stock Compensation Plan | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares | 125,000 | 670,900 | 629,233 |
Convertible Debt Securities | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares | 3,465,849 | 5,197,406 | 5,881,275 |
GAIN_ON_SALE_OF_ASSETS_AND_AMO2
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS [Abstract] | |||
Net gain on lease terminations | $40,382 | $21,237 | $21,806 |
Net loss on sale of vessels | -15,762 | 0 | -2,109 |
Amortization of deferred gains | 0 | 2,321 | 15,062 |
Gain (loss) on sale of vessels | $24,620 | $23,558 | $34,759 |
LEASES_Details
LEASES (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2011 | Mar. 31, 2011 | |
vessel | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Total vessels leased in on long-term time and bareboat charters | 21 | |||||
Rental expense for operating leases | $2,200,000 | $6,600,000 | $40,000,000 | |||
Gain on sale of assets and amortization of deferred gains | 24,620,000 | 23,558,000 | 34,759,000 | |||
Charter hire expenses | 0 | 4,176,000 | 37,461,000 | |||
Future minimum operating lease payments | ||||||
2015 | 1,908,000 | |||||
2016 | 642,000 | |||||
2017 | 508,000 | |||||
2018 | 350,000 | |||||
2019 | 334,000 | |||||
Thereafter | 1,586,000 | |||||
Total minimum lease payments | 5,328,000 | |||||
Minimum lease revenues [Abstract] | ||||||
2015 | 4,435,000 | |||||
2016 | 0 | |||||
2017 | 0 | |||||
2018 | 0 | |||||
2019 | 0 | |||||
Thereafter | 0 | |||||
Total minimum lease revenues | 4,435,000 | |||||
Maritime Equipment [Member] | Front VLCC Shanghai renamed Gulf Eyadah [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Gain on sale of assets and amortization of deferred gains | 6,400,000 | |||||
Maritime Equipment [Member] | VLCC Front Eagle renamed DHT Eagle [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Gain on sale of assets and amortization of deferred gains | 3,200,000 | |||||
Assets Leased to Others [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Cost of vessels | 46,200,000 | 166,300,000 | ||||
Accumulated depreciation of vessels | 33,200,000 | 28,800,000 | ||||
Assets Held under Operating Leases [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Number of vessels leased on operating leases which were disposed over during the period (in number of vessels) | 4 | |||||
Sale and Lease Back Transactions [Member] | Maritime Equipment [Member] | Front VLCC Shanghai renamed Gulf Eyadah [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Charter duration of new contract with new owners | 2 years | |||||
Charter rate per day of vessel | 35,000 | |||||
Gain on sale leaseback transaction recognized in period | 0 | 0 | 7,900,000 | |||
Sale and Lease Back Transactions [Member] | Maritime Equipment [Member] | VLCC Front Eagle renamed DHT Eagle [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Charter duration of new contract with new owners | 2 years | |||||
Charter rate per day of vessel | 32,500 | |||||
Gain on sale leaseback transaction recognized in period | 0 | 2,300,000 | 7,200,000 | |||
Special Purpose Entities [Member] | Maritime Equipment [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Charter hire expenses | $0 | $0 | $40,000 |
INVESTMENT_IN_FINANCE_LEASE_De
INVESTMENT IN FINANCE LEASE (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | vessel | vessel |
Vessels Accounted for as Sales Type Leases [Abstract] | ||
Number of vessels leased to third parties on time charter classified as investment in finance lease | 1 | 1 |
Components of the investment in sales-type leases [Abstract] | ||
Net minimum lease payments receivable | $67,145 | $78,452 |
Estimated residual values of leased property (unguaranteed) | 20,320 | 20,320 |
Less: unearned income | -38,647 | -47,398 |
Total investment in sales-type lease | 48,818 | 51,374 |
Current portion | 3,028 | 2,555 |
Long-term portion | 45,790 | 48,819 |
Total investment in sales-type lease | 48,818 | 51,374 |
Future minimum gross revenues [Abstract] | ||
2015 | 11,307 | |
2016 | 11,338 | |
2017 | 11,307 | |
2018 | 11,307 | |
2019 | 11,307 | |
Thereafter | 10,579 | |
Total minimum lease revenues | $67,145 |
MARKETABLE_SECURITIES_Details
MARKETABLE SECURITIES (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Equity securities available-for-sale | ||
Cost | $2,830,000 | $2,707,000 |
Accumulated net unrealized (loss) gain | -206,000 | 772,000 |
Fair value | 2,624,000 | 3,479,000 |
Unrealized gain (loss) | -200,000 | 800,000 |
Avance Gas [Member] | ||
Equity securities available-for-sale | ||
Shares received | 108,069 | |
Kightsbridge [Member] | ||
Equity securities available-for-sale | ||
Shares received | 12,374 | 8,766 |
Payment for shares | 0 | |
Income earned on shares | $10,000 | $60,000 |
TRADE_ACCOUNTS_RECEIVABLE_NET_1
TRADE ACCOUNTS RECEIVABLE, NET (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning balance | ($9,912) | ($9,857) | ($4,487) |
Additions charged to income | -68 | -55 | -6,033 |
Deductions credited to income | 663 | ||
Ending balance | ($9,980) | ($9,912) | ($9,857) |
OTHER_RECEIVABLES_Details
OTHER RECEIVABLES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other Receivables | $16,703 | $16,180 | ||
Allowance for doubtful accounts | 9,980 | 9,912 | 9,857 | 4,487 |
Agent receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other Receivables | 4,440 | 5,065 | ||
Claims receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other Receivables | 7,553 | 4,938 | ||
Other receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other Receivables | 4,710 | 6,177 | ||
Total Other Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for doubtful accounts | $0 | $0 |
NEWBUILDINGS_Details
NEWBUILDINGS (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 |
vessel | ||||
NEWBUILDINGS [Abstract] | ||||
Balance, beginning of period | $29,668 | $26,913 | $13,049 | |
Installments and newbuilding supervision fees paid | 42,130 | 572 | 12,936 | |
Interest capitalized | 411 | 2,183 | 928 | |
Transfers to Vessels and Equipment | -56,740 | |||
Balance, end of period | $15,469 | $29,668 | $26,913 | |
number of vessels swapped | 2 |
VESSELS_AND_EQUIPMENT_Details
VESSELS AND EQUIPMENT (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||||
Jul. 15, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2011 | |
vessel | capital_lease | vessel | ||||||||
Vessels and equipment [Roll Forward] | ||||||||||
Net Carrying Value Beginning balance | $264,804,000 | $264,804,000 | ||||||||
Transfers to Vessels and Equipment | 56,740,000 | |||||||||
Depreciation | -81,471,000 | -99,823,000 | -114,845,000 | |||||||
Impairment of vessels | -103,700,000 | -32,000,000 | ||||||||
Net Carrying Value ending balance | 56,624,000 | 264,804,000 | ||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 15,700,000 | |||||||||
Number of vessels owned through ITCL | 4 | |||||||||
Number Of Vessels Disposed Of | 1 | |||||||||
Altair Voyager, Cygnus Voyager and Sirius Voyager [Member] | ||||||||||
Vessels and equipment [Roll Forward] | ||||||||||
Number of vessels whose lease was terminated | 3 | |||||||||
Front Alfa [Member] | ||||||||||
Vessels and equipment [Roll Forward] | ||||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 2,100,000 | |||||||||
Vessels and Equipment [Member] | ||||||||||
Vessels and equipment [Roll Forward] | ||||||||||
Balance, beginning of period | 408,368,000 | 408,525,000 | 408,368,000 | 408,525,000 | 459,312,000 | 459,312,000 | ||||
Accumulated Depreciation beginning balance | -143,564,000 | -125,579,000 | -143,564,000 | -125,579,000 | -147,020,000 | -147,020,000 | ||||
Net Carrying Value Beginning balance | 264,804,000 | 282,946,000 | 264,804,000 | 282,946,000 | 312,292,000 | 312,292,000 | ||||
Purchase of vessels and equipment | 542,000 | 374,000 | 730,000 | |||||||
Transfers to Vessels and Equipment | 56,740,000 | |||||||||
Effect of de-consolidation of subsidiaries | -224,602,000 | |||||||||
Effect of de-consolidation of subsidiaries, accumulated depreciation | 49,803,000 | |||||||||
Other movements cost | -936,000 | -531,000 | 443,000 | |||||||
Other movements depreciation | -854,000 | -449,000 | -341,000 | |||||||
Depreciation | -11,082,000 | -18,434,000 | -18,508,000 | |||||||
Disposals cost | -117,297,000 | -51,960,000 | ||||||||
Disposals depreciation | 50,223,000 | 40,290,000 | ||||||||
Impairment of vessels | -62,153,000 | |||||||||
Tangible asset impairment charges, accumulated depreciation charge portion | 49,728,000 | |||||||||
Balance, end of period | 60,662,000 | 408,368,000 | 408,525,000 | |||||||
Accumulated Depreciation ending balance | -4,038,000 | -143,564,000 | -125,579,000 | |||||||
Net Carrying Value ending balance | 56,624,000 | 264,804,000 | 282,946,000 | |||||||
Vessel [Member] | ||||||||||
Vessels and equipment [Roll Forward] | ||||||||||
Number of vessels the company owns (in vessels) | 1 | 9 | ||||||||
Number of Vessels classified as an investment in finance lease. | 3 | |||||||||
Vessel [Member] | VLCC Ulriken [Member] | ||||||||||
Vessels and equipment [Roll Forward] | ||||||||||
Impairment of vessels | -12,400,000 | |||||||||
Vessel [Member] | Altair Voyager, Cygnus Voyager and Sirius Voyager [Member] | ||||||||||
Vessels and equipment [Roll Forward] | ||||||||||
Number of vessels whose lease was terminated | 3 | |||||||||
Number Of Vessels Disposed Of | 3 | |||||||||
Vessel [Member] | Front Alfa [Member] | ||||||||||
Vessels and equipment [Roll Forward] | ||||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $24,800,000 |
VESSELS_UNDER_CAPITAL_LEASE_NE2
VESSELS UNDER CAPITAL LEASE, NET 1 (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capital Leased Assets [Line Items] | ||||
Impairment of vessels | ($103,700) | ($32,000) | ||
Depreciation | 81,471 | 99,823 | 114,845 | |
Leased Vessels [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Capital Leased Assets, Gross | 1,424,653 | 1,627,703 | 1,940,227 | 2,073,779 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 874,308 | 922,895 | 1,047,138 | -1,051,607 |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 550,345 | 704,808 | 893,089 | 1,022,172 |
Disposal of vessel under capital lease cost | -159,016 | -110,625 | ||
Disposal of accumulated depreciation of vessels under capital lease | 155,848 | 100,806 | ||
Impairment of vessels | -204,260 | -153,508 | -32,042 | |
Impairment of vessels, accumulated depreciation charge portion | 118,976 | -49,784 | 0 | |
Capital lease modification adjustment to carrying value of asset | 1,210 | 9,115 | ||
Depreciation | 0 | 0 | 0 | |
Depreciation expense on capital leases | ($70,389) | ($81,389) | ($96,337) |
VESSELS_UNDER_CAPITAL_LEASE_NE3
VESSELS UNDER CAPITAL LEASE, NET 2 (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
vessel | vessel | |
Outstanding Obligations Under Capital Leases: [Abstract] | ||
2015 | $82,402 | |
2016 | 139,256 | |
2017 | 102,451 | |
2018 | 96,292 | |
2019 | 87,690 | |
Thereafter | 330,064 | |
Minimum lease payments | 838,155 | |
Less: imputed interest | -194,474 | |
Present value of obligations under capital leases | $643,681 | |
Vessels under capital leases | 21 | 24 |
Vessels leased from Ship Finance | 17 | 20 |
Initial terms of leases, minimum | 12 years | |
Initial terms of leases, maximum | 22 years | |
Remaining periods on these leases, minimum | 1 year | |
Remaining periods on these leases, maximum | 12 years |
VESSELS_UNDER_CAPITAL_LEASE_NE4
VESSELS UNDER CAPITAL LEASE, NET 3 (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2011 | |
vessel | |||||
Number of vessels in each variable interest entity | 1 | ||||
Contingent rental expense (income) | $4,237,000 | ($8,726,000) | $0 | ||
Deferred lease liability | 0 | 0 | 3,795,000 | ||
Gain on sale of assets and amortization of deferred gains | 24,620,000 | 23,558,000 | 34,759,000 | ||
Special Purpose Entities [Member] | |||||
Vessels leased from variable interest entities | 4 | 4 | |||
Original cost to the lessor of the assets under variable interest entity arrangement | 258,000,000 | 258,000,000 | |||
Guarantor obligations, maximum exposure, undiscounted | 36,000,000 | 36,000,000 | |||
Profit share payment basis | 25.00% | ||||
Profit share expense | 0 | 0 | 0 | ||
Repayments of Debt and Capital Lease Obligations | 12,948,000 | 12,260,000 | 11,665,000 | ||
Contingent rental expense (income) | 4,237,000 | -7,761,000 | 2,436,000 | ||
Capital Leases, Income Statement, Interest Expense | 4,429,000 | 5,389,000 | 6,301,000 | ||
Sale leaseback transaction, gross proceeds | 67,000,000 | ||||
Operating Lease Length | 2 years | ||||
Maritime Equipment [Member] | VLCC Front Eagle renamed DHT Eagle [Member] | |||||
Gain on sale of assets and amortization of deferred gains | 3,200,000 | ||||
Maritime Equipment [Member] | VLCC Front Eagle renamed DHT Eagle [Member] | Sale and Lease Back Transactions [Member] | |||||
Gain on sale leaseback transaction recognized in period | $0 | $2,300,000 | $7,200,000 |
VESSELS_UNDER_CAPITAL_LEASE_NE5
VESSELS UNDER CAPITAL LEASE, NET 4 (Details) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Mar. 31, 2013 | Nov. 30, 2013 | Dec. 27, 2012 | Nov. 30, 2014 | |
vessel | vessel | vessel | vessel | vessel | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Asset Impairment Charges | $12,400,000 | $103,700,000 | $32,000,000 | |||||||
Number of vessels impaired | 1 | 5 | ||||||||
Related party, Lease termination payments paid | 32,600,000 | |||||||||
Period of rate reduction | 4 years | |||||||||
Contingent rental expense (income) | 4,237,000 | -8,726,000 | 0 | |||||||
Ship Finance International Limited [Member] | ||||||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Lease expiration minimum year | 12/31/18 | |||||||||
Lease expiration maximum year | 12/31/27 | |||||||||
Reduction in capital lease obligation and corresponding reduction in vessels under capital lease which resulted from reassessment of leases due to change in lease terms | 9,100,000 | 9,100,000 | ||||||||
Percentage of charter revenues earned the Company agrees to pay as profit sharing expense in excess of daily base charterhire paid | 20.00% | 20.00% | ||||||||
Agreed per day rate reduction | 6,500 | 6,500 | ||||||||
Total Compensation paid in exchange for rate reduction | 106,000,000 | 106,000,000 | ||||||||
Amount of total compensation paid which is a non-refundable prepayment of profit share | 50,000,000 | 50,000,000 | 50,000,000 | |||||||
Amount of total compensation paid which is a release of restricted cash which served as security for charter payments | 56,000,000 | 56,000,000 | ||||||||
Compensation percentage of any difference between the renegotiated rates and actual market rate up to the original contract rates | 100.00% | 100.00% | 100.00% | |||||||
Contingent rental expense (income) | 32,700,000 | 0 | ||||||||
Adjusted percentage of charter revenues earned the Company agrees to pay as profit sharing expense in excess of original threshold rate (in hundredths) | 25.00% | |||||||||
Change in capital lease obligations due to rate reduction | 126,500,000 | |||||||||
Change in capital lease obligations due to payment | 106,000,000 | |||||||||
Total profit share | 0 | |||||||||
OBO [Member] | ||||||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Asset Impairment Charges | 27,300,000 | |||||||||
Double Hull Suezmax [Member] | ||||||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Asset Impairment Charges | 4,700,000 | |||||||||
Number of vessels impaired | 1 | |||||||||
Double Hull Suezmax [Member] | Ship Finance International Limited [Member] | ||||||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Capital leased assets, number of units | 5 | |||||||||
Double Hull VLCC [Member] | ||||||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Number of vessels whose lease was terminated | 2 | |||||||||
Number of vessels impaired | 3 | |||||||||
Double Hull VLCC [Member] | Ship Finance International Limited [Member] | ||||||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Capital leased assets, number of units | 12 | |||||||||
Front Guider [Member] | ||||||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Asset Impairment Charges | 14,200,000 | |||||||||
Related party, Lease termination payments paid | 10,800,000 | |||||||||
Double Hull Suezmax [Member] | ||||||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Number of vessels impaired | 1 | |||||||||
OBO [Member] | ||||||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Asset Impairment Charges | 32,000,000 | |||||||||
Number of vessels impaired | 4 | |||||||||
Number of vessels disposed of which have been impaired in the year | 3 | |||||||||
VLCC Vessels [Member] | ||||||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||||||
Asset Impairment Charges | $85,300,000 | |||||||||
Number of vessels whose lease was terminated | 3 | 3 | ||||||||
Number of vessels impaired | 3 |
EQUITY_METHOD_INVESTMENTS_Deta
EQUITY METHOD INVESTMENTS (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Oct. 31, 2014 | Dec. 31, 1994 | Oct. 31, 2013 | Oct. 02, 2014 | |
vessel | tanker | ||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of oil tankers acquired | 3 | ||||||||||
Chevron holds options to purchase each vessel on April 1, 2015 | $1 | ||||||||||
Treasury Stock, Shares | 6,800,000 | ||||||||||
Common Stock, Par or Stated Value Per Share | $1 | $1 | |||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 6,001,000 | 13,298,000 | ||||||||
Cash dividends received from equity method investees | 2,000,000 | 0 | 0 | ||||||||
Stock dividends received from equity method investees | 0 | 1,300,000 | 0 | ||||||||
CalPetro Tankers (Bahamas I) Limited [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage (in hundredths) | 0.00% | 100.00% | |||||||||
CalPetro Tankers (Bahamas II) Limited [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage (in hundredths) | 0.00% | 100.00% | |||||||||
CalPetro Tankers (IOM) Limited [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage (in hundredths) | 0.00% | 100.00% | |||||||||
VLCC Chartering Ltd [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage (in hundredths) | 50.00% | 0.00% | |||||||||
Frontline 2012 Ltd [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage (in hundredths) | 5.60% | 5.40% | |||||||||
Issuance ratio, number of shares held in equity method investee | 124.55 | ||||||||||
Frontline 2012 Ltd [Member] | Private Placement [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage (in hundredths) | 7.90% | 5.40% | 6.30% | 5.40% | |||||||
Shares issued | 34,100,000 | 59,000,000 | |||||||||
Common Stock, Par or Stated Value Per Share | $2 | $2 | |||||||||
Subscription price of ordinary shares issued (in dollars per share) | $6.60 | $5.25 | $6.60 | ||||||||
Number of shares allocated in transaction in shares | 1,143,000 | ||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 6,000,000 | ||||||||||
Equity method investment, gain loss on dilution of ownership | 4,700,000 | 5,200,000 | |||||||||
Fair value of equity method investments | 71,300,000 | 109,900,000 | |||||||||
Undistributed earnings from equity method investees | 15,700,000 | 13,100,000 | |||||||||
Orion Tankers Ltd [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership percentage (in hundredths) | 50.00% | ||||||||||
Equity Method Investment, Amount Sold | 242,000 | ||||||||||
Avance Gas [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of shares allocated in transaction in shares | 108,069 | ||||||||||
Value of shares allocated in transaction in Dollars | 1,300,000 | ||||||||||
Issuance ratio, number of shares issued per share holding in equity method investee | 1 | ||||||||||
Significant Subsidiary Frontline 2012 [Member] | |||||||||||
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |||||||||||
Current assets | 417,985,000 | 480,177,000 | |||||||||
Non current assets | 2,083,783,000 | 1,193,803,000 | |||||||||
Current liabilities | 232,877,000 | 108,852,000 | |||||||||
Non current liabilities | 821,541,000 | 501,971,000 | |||||||||
Net operating revenues | 275,258,000 | 133,900,000 | 140,849,000 | ||||||||
Net operating income | 46,731,000 | 65,755,000 | 25,673,000 | ||||||||
Net loss | 84,511,000 | 69,499,000 | 8,055,000 | ||||||||
Variable Interest Entities CalPetro Bahamas B1, CalPetro Bahamas BII, CalPetro IOM [Member] | |||||||||||
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |||||||||||
Current assets | 0 | 15,457,000 | |||||||||
Non current assets | 0 | 5,132,000 | |||||||||
Current liabilities | 0 | 9,981,000 | |||||||||
Non current liabilities | 0 | 9,525,000 | |||||||||
Net operating revenues | 931,000 | 1,651,000 | 2,473,000 | ||||||||
Net operating income | 691,000 | 1,353,000 | 2,155,000 | ||||||||
Net loss | -585,000 | -538,000 | -544,000 | ||||||||
Altair Voyager, Cygnus Voyager and Sirius Voyager [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Vessel sold | 3 | ||||||||||
Variable Interest Entities CalPetro Bahamas B1, CalPetro Bahamas BII, CalPetro IOM [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Cash in VIE's | 1,300,000 | ||||||||||
Restricted cash | 700,000 | ||||||||||
VLCC Chartering Ltd [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Payments to acquire investment | 200 | ||||||||||
Variable Interest Entity, Primary Beneficiary | Variable Interest Entities CalPetro Bahamas B1, CalPetro Bahamas BII, CalPetro IOM [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Cash in VIE's | 1,300,000 | ||||||||||
Restricted cash | 700,000 |
DEFERRED_CHARGES_Details
DEFERRED CHARGES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Debt arrangement fees | $12,464 | $11,836 |
Accumulated amortization | -11,768 | -11,141 |
Total | $696 | $695 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Voyage expenses | $10,092 | $11,027 |
Ship operating expenses | 4,689 | 5,614 |
Administrative expenses | 1,493 | 1,297 |
Interest expense | 2,556 | 12,429 |
Taxes | 491 | 325 |
Contingent rental expense | 3,009 | 2,615 |
Other | 115 | 94 |
Accrued expenses | $22,445 | $33,401 |
DEBT_Details
DEBT (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 2 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||||||
Mar. 26, 2010 | Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Oct. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Jul. 15, 2014 | Aug. 31, 2008 | Feb. 28, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Aug. 25, 2011 | 24-May-11 | Mar. 07, 2011 | Feb. 22, 2011 | Dec. 21, 2010 | Sep. 08, 2010 | Aug. 27, 2010 | Jun. 02, 2010 | 21-May-10 | |
D | tranch | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Total US Dollar floating rate and fixed rate debt | $192,857,000 | $459,078,000 | $192,857,000 | $192,857,000 | |||||||||||||||||||||||
Current portion of long-term debt | -165,357,000 | -22,706,000 | -165,357,000 | -165,357,000 | |||||||||||||||||||||||
Long-term debt | 27,500,000 | 436,372,000 | 27,500,000 | 27,500,000 | |||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Balance at beginning of period | 459,078,000 | 483,992,000 | 513,513,000 | 513,513,000 | |||||||||||||||||||||||
Loan repayments | -54,732,000 | -21,531,000 | -19,521,000 | ||||||||||||||||||||||||
Repurchase of debt carrying value | -17,800,000 | 10,000,000 | |||||||||||||||||||||||||
Notional value of long term debt in subsidiary entity sold | 32,019,000 | ||||||||||||||||||||||||||
Debt Amortized Discount from Bond Buyback Sale | 1,629,000 | 1,820,000 | |||||||||||||||||||||||||
Balance at end of period | 192,857,000 | 459,078,000 | 483,992,000 | 192,857,000 | 192,857,000 | ||||||||||||||||||||||
Convertible bonds due 2015 [Abstract] | |||||||||||||||||||||||||||
Repurchase of debt purchase price | 16,300,000 | ||||||||||||||||||||||||||
Debt Conversion, Cash Payment | 10,000,000 | ||||||||||||||||||||||||||
Convertible Debt number of days up to April 14, 2015 to convert at conversion price | 10 | ||||||||||||||||||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||||||||||||||||
2015 | 165,357,000 | 165,357,000 | 165,357,000 | ||||||||||||||||||||||||
2016 | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||
2017 | 25,500,000 | 25,500,000 | 25,500,000 | ||||||||||||||||||||||||
2018 | 0 | 0 | 0 | ||||||||||||||||||||||||
2019 | 0 | 0 | 0 | ||||||||||||||||||||||||
Thereafter | 0 | 0 | 0 | ||||||||||||||||||||||||
Total debt | 192,857,000 | 459,078,000 | 483,992,000 | 192,857,000 | 192,857,000 | ||||||||||||||||||||||
Assets pledged [Abstract] | |||||||||||||||||||||||||||
Vessels, net, | 56,624,000 | 264,804,000 | 56,624,000 | 56,624,000 | |||||||||||||||||||||||
Vessels by Name [Member] | |||||||||||||||||||||||||||
First Preferred Mortgage Term Notes [Abstract] | |||||||||||||||||||||||||||
Number of Vessels Pledged as Security | 6 | ||||||||||||||||||||||||||
Assets pledged [Abstract] | |||||||||||||||||||||||||||
Vessels, net, | 55,812,000 | 263,367,000 | 55,812,000 | 55,812,000 | |||||||||||||||||||||||
Vessel [Member] | |||||||||||||||||||||||||||
First Preferred Mortgage Term Notes [Abstract] | |||||||||||||||||||||||||||
Number of Vessels Pledged as Security | 1 | 1 | 1 | ||||||||||||||||||||||||
Restricted cash and investment [Member] | |||||||||||||||||||||||||||
Assets pledged [Abstract] | |||||||||||||||||||||||||||
Restricted cash and investments | 38,560,000 | 66,249,000 | 38,560,000 | 38,560,000 | |||||||||||||||||||||||
Debt Conversion [Member] | |||||||||||||||||||||||||||
Convertible bonds due 2015 [Abstract] | |||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 23,000,000 | ||||||||||||||||||||||||||
4.5% convertible bond due 2015 | |||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Repurchase of debt carrying value | 17,800,000 | ||||||||||||||||||||||||||
Convertible bonds due 2015 [Abstract] | |||||||||||||||||||||||||||
Stated interest rate (in hundredths) | 4.50% | 4.50% | 4.50% | 4.50% | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 8,251,724 | 4,744,752 | |||||||||||||||||||||||||
Share Price | $1.45 | $2.62 | $2.62 | $2.62 | |||||||||||||||||||||||
8.04% First Preferred Mortgage Term Notes | |||||||||||||||||||||||||||
First Preferred Mortgage Term Notes [Abstract] | |||||||||||||||||||||||||||
Stated interest rate range, minimum (in hundredths) | 7.84% | ||||||||||||||||||||||||||
Stated interest rate range, maximum (in hundredths) | 8.04% | ||||||||||||||||||||||||||
First Preferred Mortgage Term Notes due 2021 [Member] | First Preferred Mortgage Term Notes due 2021 [Member] | |||||||||||||||||||||||||||
First Preferred Mortgage Term Notes [Abstract] | |||||||||||||||||||||||||||
Stated interest rate range, maximum (in hundredths) | 7.84% | ||||||||||||||||||||||||||
4.5% convertible bond due 2015 | |||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Repurchase of debt carrying value | -10,000,000 | ||||||||||||||||||||||||||
Convertible bonds due 2015 [Abstract] | |||||||||||||||||||||||||||
Repurchase of debt purchase price | 5,400,000 | ||||||||||||||||||||||||||
Gain (Loss) on repurchase of debt instrument | 1,500,000 | 4,600,000 | |||||||||||||||||||||||||
Repurchase of debt percentage holding | 23.50% | 4.40% | |||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 25,000,000 | ||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 6,474,827 | ||||||||||||||||||||||||||
Debt Conversion, Cash Payment | 10,000,000 | 9,600,000 | 2,250,000 | ||||||||||||||||||||||||
Debt Conversion, Expense due to Inducement Offer | 41,100,000 | 12,700,000 | |||||||||||||||||||||||||
4.5% convertible bond due 2015 | Debt Conversion [Member] | |||||||||||||||||||||||||||
Convertible bonds due 2015 [Abstract] | |||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 22,500,000 | ||||||||||||||||||||||||||
4.5% convertible bond due 2015 | 4.5% convertible bond due 2015 | |||||||||||||||||||||||||||
Convertible bonds due 2015 [Abstract] | |||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | -45,500,000 | -25,000,000 | |||||||||||||||||||||||||
US Dollar denominated fixed rate debt [Member] | 4.5% convertible bond due 2015 | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Total US Dollar floating rate and fixed rate debt | 126,700,000 | 190,000,000 | 126,700,000 | 126,700,000 | |||||||||||||||||||||||
Convertible bonds due 2015 [Abstract] | |||||||||||||||||||||||||||
Stated interest rate (in hundredths) | 4.50% | 4.50% | 4.50% | 4.50% | |||||||||||||||||||||||
Debt instrument placed on private placement | 225,000,000 | ||||||||||||||||||||||||||
Convertible, conversion price (in dollars per share) | 39 | $36.56 | $36.56 | $36.56 | $36.56 | $36.56 | $37.05 | $38.09 | |||||||||||||||||||
USD/NOK exchange rate | 6.0448 | ||||||||||||||||||||||||||
Dividend declared (in dollars per share) | $0.02 | $0.10 | $0.10 | $0.25 | $0.75 | $0.75 | |||||||||||||||||||||
Minimum adjustment to conversion price, percent | 1.00% | ||||||||||||||||||||||||||
Bond redemption features (in hundredths) | 100.00% | ||||||||||||||||||||||||||
Bond redemption feature, minimum (in hundredths) | 90.00% | ||||||||||||||||||||||||||
Number of new shares to be issued (in shares) | 3,465,849 | ||||||||||||||||||||||||||
US Dollar denominated fixed rate debt [Member] | 8.04% First Preferred Mortgage Term Notes | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Total US Dollar floating rate and fixed rate debt | 36,657,000 | 83,240,000 | 36,657,000 | 36,657,000 | |||||||||||||||||||||||
Debt Unamortized Discount Resulting from Bond Buyback Sale | 0 | -10,402,000 | 0 | 0 | |||||||||||||||||||||||
Convertible bonds due 2015 [Abstract] | |||||||||||||||||||||||||||
Bond redemption features (in hundredths) | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||
First Preferred Mortgage Term Notes [Abstract] | |||||||||||||||||||||||||||
Stated interest rate range, minimum (in hundredths) | 7.84% | ||||||||||||||||||||||||||
Stated interest rate range, maximum (in hundredths) | 8.04% | ||||||||||||||||||||||||||
US Dollar denominated fixed rate debt [Member] | First Preferred Mortgage Term Notes due 2019 [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Total US Dollar floating rate and fixed rate debt | 0 | 196,240,000 | 0 | 0 | |||||||||||||||||||||||
First Preferred Mortgage Term Notes [Abstract] | |||||||||||||||||||||||||||
Stated interest rate range, maximum (in hundredths) | 8.04% | ||||||||||||||||||||||||||
US Dollar denominated fixed rate debt [Member] | First Preferred Mortgage Notes [Member] | |||||||||||||||||||||||||||
First Preferred Mortgage Term Notes [Abstract] | |||||||||||||||||||||||||||
Sinking fund redemption price (in hundredths) | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||
US Dollar denominated floating rate debt [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Total US Dollar floating rate and fixed rate debt | 29,500,000 | 0 | 29,500,000 | 29,500,000 | |||||||||||||||||||||||
Long-term debt | 60,000,000 | ||||||||||||||||||||||||||
US Dollar denominated floating rate debt [Member] | Vessel [Member] | |||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Loan draw downs | 30,000,000 | ||||||||||||||||||||||||||
US Dollar denominated floating rate debt [Member] | US Dollar denominated floating rate debt [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long-term debt | 60,000,000 | ||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Weighted average interest on floating rate debt | 2.80% | ||||||||||||||||||||||||||
US Dollar denominated floating rate debt [Member] | US Dollar denominated floating rate debt [Member] | Vessels by Name [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long-term debt | 60,000,000 | ||||||||||||||||||||||||||
US Dollar denominated floating rate debt [Member] | US Dollar denominated floating rate debt [Member] | Front Ull and Front Idun [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long-term debt | 0 | ||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Loan draw downs | 30,000,000 | ||||||||||||||||||||||||||
First Preferred Mortgage Term Notes due 2019 [Member] | 8.04% First Preferred Mortgage Term Notes | |||||||||||||||||||||||||||
First Preferred Mortgage Term Notes [Abstract] | |||||||||||||||||||||||||||
Stated interest rate range, maximum (in hundredths) | 8.04% | 8.04% | |||||||||||||||||||||||||
Windsor Group [Member] | First Preferred Mortgage Term Notes due 2021 [Member] | |||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Debt Amortized Discount from Bond Buyback Sale | -8,800,000 | ||||||||||||||||||||||||||
Deconsolidation of subsidiaries | -179,818,000 | ||||||||||||||||||||||||||
Windsor Group [Member] | First Preferred Mortgage Term Notes due 2021 [Member] | First Preferred Mortgage Term Notes due 2021 [Member] | |||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Deconsolidation of subsidiaries | -179,800,000 | ||||||||||||||||||||||||||
International Tankers Corporation Ltd [Member] | 8.04% First Preferred Mortgage Term Notes | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Unamortized Discount Resulting from Bond Buyback Sale | -12,200,000 | ||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Notional value of long term debt in subsidiary entity sold | 32,000,000 | ||||||||||||||||||||||||||
Debt Amortized Discount from Bond Buyback Sale | -1,600,000 | ||||||||||||||||||||||||||
First Preferred Mortgage Term Notes [Abstract] | |||||||||||||||||||||||||||
Number of tranches of term notes purchased | 3 | ||||||||||||||||||||||||||
Proceeds from Issuance of Debt | 19,800,000 | ||||||||||||||||||||||||||
Debt discount effective interest rate | 7.84% | ||||||||||||||||||||||||||
Stated interest rate range, minimum (in hundredths) | 7.84% | ||||||||||||||||||||||||||
Reported Value Measurement [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Total US Dollar floating rate and fixed rate debt | 29,500,000 | 0 | 29,500,000 | 29,500,000 | |||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Debt Amortized Discount from Bond Buyback Sale | -12,222,000 | ||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Repurchase of debt carrying value | -33,300,000 | ||||||||||||||||||||||||||
Subsequent Event [Member] | 4.5% convertible bond due 2015 | |||||||||||||||||||||||||||
Convertible bonds due 2015 [Abstract] | |||||||||||||||||||||||||||
Gain (Loss) on repurchase of debt instrument | 300,000 | ||||||||||||||||||||||||||
Subsequent Event [Member] | US Dollar denominated floating rate debt [Member] | Vessel [Member] | |||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Loan draw downs | 30,000,000 | 30,000,000 | |||||||||||||||||||||||||
Subsequent Event [Member] | US Dollar denominated floating rate debt [Member] | US Dollar denominated floating rate debt [Member] | Vessels by Name [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long-term debt | 60,000,000 | ||||||||||||||||||||||||||
Subsequent Event [Member] | International Tankers Corporation Ltd [Member] | 8.04% First Preferred Mortgage Term Notes | |||||||||||||||||||||||||||
Movement in debt [Roll Forward] | |||||||||||||||||||||||||||
Loan repayments | ($36,700,000) |
SHARE_CAPITAL_Details
SHARE CAPITAL (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2013 | Sep. 19, 2014 | 14-May-13 | Jun. 30, 2013 | |
Authorized share capital [Abstract] | |||||||||
Ordinary shares authorized (in shares) | 1,000,000,000 | 312,500,000 | 1,000,000,000 | 312,500,000 | |||||
Ordinary shares authorized - par value (in dollars per share) | $1 | $1 | $1 | ||||||
Ordinary shares authorized | $1,000,000,000 | $312,500,000 | $1,000,000,000 | $312,500,000 | |||||
Issued and fully paid share capital [Abstract] | |||||||||
Ordinary shares issued (in shares) | 112,342,989 | 86,511,713 | 112,342,989 | ||||||
Ordinary shares issued (dollars per share) | $1 | $1 | $1 | ||||||
Common Stock, Value, Issued | 112,343,000 | 86,512,000 | 112,343,000 | ||||||
Additional Paid in Capital [Abstract] | |||||||||
ATM Offering Maximum Aggregate Sales Proceeds | 100,000,000 | 100,000,000 | |||||||
Net proceeds from issuance of shares | 52,934,000 | 4,802,000 | 0 | ||||||
Debt Conversion, Cash Payment | 10,000,000 | ||||||||
Special General Meeting [Member] | |||||||||
Authorized share capital [Abstract] | |||||||||
Ordinary shares authorized (in shares) | 312,500,000 | ||||||||
Ordinary shares authorized - par value (in dollars per share) | $2.50 | $2.50 | $1 | $1 | |||||
Ordinary shares authorized | 312,500,000 | ||||||||
Issued and fully paid share capital [Abstract] | |||||||||
Ordinary shares issued (in shares) | 77,858,502 | ||||||||
Ordinary shares issued (dollars per share) | $2.50 | $2.50 | $1 | $1 | |||||
Common Stock, Value, Issued | 194,646,255 | 77,858,502 | |||||||
Common Stock Value Per Share Canceled | $1.50 | ||||||||
At-The-Market Offering [Member] | |||||||||
Additional Paid in Capital [Abstract] | |||||||||
ATM Offering Maximum Aggregate Sales Proceeds | 40,000,000 | 40,000,000 | 40,000,000 | ||||||
Shares issued | 12,834,800 | 2,178,384 | |||||||
Net proceeds from issuance of shares | 54,200,000 | 6,200,000 | |||||||
Debt Conversion [Member] | |||||||||
Additional Paid in Capital [Abstract] | |||||||||
Debt Conversion, Original Debt, Amount | 22,500,000 | 23,000,000 | 25,000,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 4,744,752 | 8,251,724 | 6,474,827 | ||||||
Debt Conversion, Cash Payment | 9,600,000 | 2,250,000 | |||||||
Adjustment to Additional Paid in Capital, Debt Conversion with Inducement Offer | 28,600,000 | 25,400,000 | 28,900,000 | ||||||
Annual General Meeting [Member] | |||||||||
Authorized share capital [Abstract] | |||||||||
Ordinary shares authorized (in shares) | 1,000,000,000 | ||||||||
Ordinary shares authorized | $1,000,000,000 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated other comprehensive income (loss) [Roll Forward] | |||
Beginning balance | ($3,303) | ($4,155) | ($4,779) |
Translation adjustment | 25 | -63 | 97 |
Net unrealized gains on marketable securities | -980 | 915 | 527 |
Ending balance | -4,258 | -3,303 | -4,155 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated other comprehensive income (loss) [Roll Forward] | |||
Beginning balance | 774 | -141 | -668 |
Translation adjustment | 0 | 0 | 0 |
Net unrealized gains on marketable securities | -980 | 915 | 527 |
Ending balance | -206 | 774 | -141 |
Accumulated Translation Adjustment [Member] | |||
Accumulated other comprehensive income (loss) [Roll Forward] | |||
Beginning balance | -4,077 | -4,014 | -4,111 |
Translation adjustment | 25 | -63 | 97 |
Net unrealized gains on marketable securities | 0 | 0 | 0 |
Ending balance | ($4,052) | ($4,077) | ($4,014) |
SHARE_OPTION_PLANS_Details
SHARE OPTION PLANS (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Expired (in shares) | -581,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||
Expired, weighted average exercise price (in krones per share) | $130.46 | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based payment award, expiration period | 5 years | ||||
Further grant of options | 145,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Risk free interest rate (in hundredths) | 1.35% | ||||
Expected life | 3 years 6 months | ||||
Expected volatility (in hundredths) | 62.27% | ||||
Expected dividend yield (in hundredths) | 0.00% | ||||
Estimated risk free interest rate basis | interest rate on three-year U.S. treasury zero coupon issues. | ||||
Assumption of percentage of options granted will vest (in hundredths) | 95.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Options outstanding at beginning of period (in shares) | 712,700 | 726,000 | 739,700 | ||
Forfeited (in shares) | -6,700 | -13,300 | -13,700 | ||
Options outstanding at end of period (in shares) | 125,000 | 712,700 | 726,000 | 739,700 | |
Options outstanding at end of period, Exercisable, Number (in shares) | 125,000 | 670,900 | 629,300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||
Options outstanding at beginning of period, weighted average exercise price (in krones per share) | $130.46 | $130.46 | $130.46 | ||
Forfeited, weighted average exercise price (in krones per share) | $130.46 | $130.46 | $130.46 | ||
Options outstanding at end of period, weighted average exercise price (in krones per share) | $130.46 | $130.46 | $130.46 | $130.46 | |
Options outstanding at end of period, Exercisable, number (in shares) | 125,000 | 670,900 | 629,300 | ||
Options outstanding at end of period, Exercisable, weighted average exercise price (in Krones per share) | $130.46 | $130.46 | |||
Options outstanding at end of period, Exercisable, weighted average remaining contractual terms (in years) | 1 year 3 months 18 days | 1 year 6 months | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $0.50 | $0.40 | $2.50 | ||
Options outstanding and exercisable, intrinsic value | 0 | 0 | |||
Employee service share-based compensation, aggregate disclosures [Abstract] | |||||
Non-vested awards, unrecognized compensation cost | 0 | 0.04 | |||
Compensation expense recognized | $0.04 | $0.20 | $0.80 | ||
Maximum [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period, minimum | 3 years |
FINANCIAL_INSTRUMENTS_Details
FINANCIAL INSTRUMENTS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
types_of_risk | instrument | instrument | |
instrument | |||
Fair Value Disclosures [Abstract] | |||
Number of risks related to subsidiaries' reporting in foreign currency | 2 | ||
Number of forward freight contracts entered into and outstanding for speculative purposes | 0 | 0 | 24 |
Mark to market of derivatives | $0 | $585 | $1,725 |
FINANCIAL_INSTRUMENTS_2_Detail
FINANCIAL INSTRUMENTS 2 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total US Dollar floating rate and fixed rate debt | 192,857,000 | $459,078,000 | |
Front Century [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of vessels carried at fair value using level 3 inputs | 21,100,000 | 24,200,000 | 25,800,000 |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 64,080,000 | 53,759,000 | |
Restricted cash and investments | 42,074,000 | 68,363,000 | |
Marketable securities | 2,624,000 | 3,479,000 | |
First Preferred Mortgage Term Notes, Fair Value Disclosure 2 | 129,381,000 | ||
8.04% First Preferred Mortgage Term Notes | 33,143,000 | 70,696,000 | |
Convertible bond (4.5%) | 114,347,000 | 140,315,000 | |
Total US Dollar floating rate and fixed rate debt | 29,500,000 | ||
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 | 64,080,000 | 53,759,000 | |
Restricted cash and investments | 42,074,000 | 68,363,000 | |
Marketable securities | 2,624,000 | 3,479,000 | |
First Preferred Mortgage Term Notes, Fair Value Disclosure 2 | 0 | ||
8.04% First Preferred Mortgage Term Notes | 0 | ||
Convertible bond (4.5%) | 0 | 0 | |
Total US Dollar floating rate and fixed rate debt | 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 | 0 | |
Restricted cash and investments | 0 | 0 | |
Marketable securities | 0 | 0 | |
First Preferred Mortgage Term Notes, Fair Value Disclosure 2 | 129,381,000 | ||
8.04% First Preferred Mortgage Term Notes | 33,143,000 | 70,696,000 | |
Convertible bond (4.5%) | 114,347,000 | 140,315,000 | |
Total US Dollar floating rate and fixed rate debt | 29,500,000 | ||
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 | 0 | |
Restricted cash and investments | 0 | 0 | |
Marketable securities | 0 | 0 | |
First Preferred Mortgage Term Notes, Fair Value Disclosure 2 | 0 | ||
8.04% First Preferred Mortgage Term Notes | 0 | ||
Convertible bond (4.5%) | 0 | 0 | |
Total US Dollar floating rate and fixed rate debt | 0 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 64,080,000 | 53,759,000 | |
Restricted cash and investments | 42,074,000 | 68,363,000 | |
Marketable securities | 2,624,000 | 3,479,000 | |
First Preferred Mortgage Term Notes, Fair Value Disclosure 2 | 0 | 185,838,000 | |
8.04% First Preferred Mortgage Term Notes | 36,657,000 | 83,240,000 | |
Convertible bond (4.5%) | 126,700,000 | 190,000,000 | |
Total US Dollar floating rate and fixed rate debt | 29,500,000 | 0 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 64,080,000 | 53,759,000 | |
Restricted cash and investments | 42,074,000 | 68,363,000 | |
Marketable securities | 2,624,000 | 3,479,000 | |
First Preferred Mortgage Term Notes, Fair Value Disclosure 2 | 0 | 129,381,000 | |
8.04% First Preferred Mortgage Term Notes | 33,143,000 | 70,696,000 | |
Convertible bond (4.5%) | 114,347,000 | 140,315,000 | |
Total US Dollar floating rate and fixed rate debt | 29,500,000 | $0 | |
8.04% First Preferred Mortgage Term Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Stated interest rate, minimum | 7.84% | ||
Stated interest rate, maximum | 8.04% |
FINANCIAL_INSTRUMENTS_3_Detail
FINANCIAL INSTRUMENTS 3 (Details) | 12 Months Ended | |
Dec. 31, 2014 | Mar. 26, 2010 | |
8.04% First Preferred Mortgage Term Notes | ||
Debt Stated Interest Rate [Abstract] | ||
Stated interest rate, minimum | 7.84% | |
Stated interest rate, maximum | 8.04% | |
4.5% convertible bond due 2015 | ||
Debt Stated Interest Rate [Abstract] | ||
Stated interest rate (in hundredths) | 4.50% | 4.50% |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||
Jul. 15, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Oct. 31, 2013 | 29-May-12 | |
vessel | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of vessels owned through ITCL | 4 | ||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Contingent rental expense (income) | $4,237,000 | ($8,726,000) | $0 | ||||||||||
Remaining lease obligation | 643,681,000 | ||||||||||||
Due from Related Parties, Current | 12,637,000 | 9,487,000 | |||||||||||
Payables with related parties | -55,713,000 | -11,419,000 | |||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 6,001,000 | 13,298,000 | ||||||||||
Impairment of vessels | 103,700,000 | 32,000,000 | |||||||||||
Lease termination payments received | 22,200,000 | ||||||||||||
Lease termination payments paid | 32,600,000 | ||||||||||||
Front Pride [Member] | |||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Impairment of vessels | 4,700,000 | ||||||||||||
Front Champion / Golden Victory [Member] | |||||||||||||
Related Party Note Payable [Abstract] | |||||||||||||
Related Party Note Payable | 79,000,000 | ||||||||||||
Front Opalia, Front Commerce and Front Comanche [Member] | |||||||||||||
Related Party Note Payable [Abstract] | |||||||||||||
Related Party Note Payable | 48,300,000 | ||||||||||||
Seatankers Management Co. Ltd [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 2,320,000 | 1,416,000 | 1,009,000 | ||||||||||
Due from Related Parties, Current | 320,000 | 394,000 | |||||||||||
Payables with related parties | -343,000 | -506,000 | |||||||||||
Golar LNG Limited [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 1,631,000 | 2,119,000 | 1,820,000 | ||||||||||
Due from Related Parties, Current | 0 | 942,000 | |||||||||||
Payables with related parties | 0 | -155,000 | |||||||||||
Ship Finance International Limited [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage of charter revenues earned the Company agrees to pay as profit sharing expense in excess of daily base charterhire paid (in hundredths) | 20.00% | 20.00% | |||||||||||
Adjusted Percentage of charter revenues earned the Company agrees to pay as profit sharing expense in excess of original threshold rate (in hundredths) | 25.00% | ||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Contingent rental expense (income) | 32,700,000 | 0 | |||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 6,281,000 | 5,094,000 | 4,261,000 | ||||||||||
Due from Related Parties, Current | 3,444,000 | 2,272,000 | |||||||||||
Payables with related parties | -45,244,000 | -8,528,000 | |||||||||||
Related Party Note Payable [Abstract] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||||||||
Interest Expense, Related Party | 5,900,000 | ||||||||||||
Related Party Note Payable | 120,983,000 | ||||||||||||
Related Party Note Payable Amount Paid | -6,018,000 | ||||||||||||
Related Party Note Payable, Current Portion | -11,031,000 | ||||||||||||
Related Party Note Payable, Long Term Portion | 109,952,000 | ||||||||||||
Related Party Note Payable, Payable After Year 1 | 11,031,000 | ||||||||||||
Related Party Note Payable, Payable After Year 2 | 14,070,000 | ||||||||||||
Related Party Note Payable, Payable After Year 3 | 15,107,000 | ||||||||||||
Related Party Note Payable, Payable After Year 4 | 16,197,000 | ||||||||||||
Related Party Note Payable, Payable After Year 5 | 17,366,000 | ||||||||||||
Related Party Note Payable, Payable Thereafter | 47,212,000 | ||||||||||||
Ship Finance International Limited [Member] | Edinburgh (Ex Titan Aries) [Member] | |||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Lease termination payments received | 7,800,000 | ||||||||||||
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | 7,600,000 | 7,600,000 | |||||||||||
Ship Finance International Limited [Member] | Front Pride [Member] | |||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | 200,000 | 200,000 | |||||||||||
Lease termination payments paid | 2,100,000 | ||||||||||||
Ship Finance International Limited [Member] | Front Champion / Golden Victory [Member] | |||||||||||||
Related Party Note Payable [Abstract] | |||||||||||||
Related Party Note Payable | 78,616,000 | ||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Impairment of vessels | 88,100,000 | ||||||||||||
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | 13,800,000 | ||||||||||||
Ship Finance International Limited [Member] | Front Opalia, Front Commerce and Front Comanche [Member] | |||||||||||||
Related Party Note Payable [Abstract] | |||||||||||||
Related Party Note Payable | 48,385,000 | ||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Impairment of vessels | 85,300,000 | ||||||||||||
Golden Ocean Group Limited [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 5,393,000 | 3,166,000 | 5,566,000 | ||||||||||
Due from Related Parties, Current | 1,490,000 | 1,219,000 | |||||||||||
Payables with related parties | -914,000 | -1,047,000 | |||||||||||
Bryggegata AS [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | -2,013,000 | -1,982,000 | -1,455,000 | ||||||||||
Arcadia Petroleum Limited [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 646,000 | 7,962,000 | 5,423,000 | ||||||||||
Due from Related Parties, Current | 124,000 | 174,000 | |||||||||||
Related Party Note Payable [Abstract] | |||||||||||||
Earned freights on chartering vessels | 7,500,000 | ||||||||||||
Seadrill Limited [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 2,348,000 | 1,475,000 | 2,574,000 | ||||||||||
Due from Related Parties, Current | 557,000 | 1,478,000 | |||||||||||
Archer Limited (formerly Seawell) [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 466,000 | 410,000 | 390,000 | ||||||||||
Due from Related Parties, Current | 100,000 | 8,000 | |||||||||||
Deep Sea Supply Plc [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 149,000 | 69,000 | 41,000 | ||||||||||
Due from Related Parties, Current | 61,000 | 4,000 | |||||||||||
Aktiv Kapital ASA [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 0 | 40,000 | 21,000 | ||||||||||
Due from Related Parties, Current | 0 | 6,000 | |||||||||||
Orion Tankers Ltd [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 0 | 0 | 343,000 | ||||||||||
Frontline 2012 Ltd [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 10,102,000 | 7,410,000 | -4,004,000 | ||||||||||
Number of vessels chartered in from Frontline 2012 | 2 | ||||||||||||
Due from Related Parties, Current | 3,672,000 | 2,860,000 | |||||||||||
Payables with related parties | -3,048,000 | -1,183,000 | |||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 6,000,000 | ||||||||||||
Number of shares allocated in transaction in shares | 1,143,000 | 3,546,000 | |||||||||||
Number of shares issued by Equity Method Investee in transaction | 59,000,000 | 34,100,000 | 56,000,000 | ||||||||||
Sale of Stock, Par Value | $2 | ||||||||||||
Sale of stock, price per share | $5.25 | $6.60 | $3.75 | ||||||||||
Percentage of share capital obtained in Frontline 2012 (in hundredths) | 7.90% | 8.80% | 6.30% | 5.40% | 7.90% | ||||||||
Equity method investment, gain loss on dilution of ownership | 4,700,000 | 5,200,000 | 700,000 | ||||||||||
Issuance ratio, number of shares held in equity method investee | 124.55 | ||||||||||||
Payment to participate in private placement of Frontline 2012 | 13,300,000 | ||||||||||||
North Atlantic Drilling Ltd [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 1,128,000 | 60,000 | 0 | ||||||||||
Due from Related Parties, Current | 817,000 | 75,000 | |||||||||||
CalPetro Tankers (Bahamas I) Limited [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 80,000 | 54,000 | 51,000 | ||||||||||
Due from Related Parties, Current | 0 | 14,000 | |||||||||||
CalPetro Tankers (Bahamas II) Limited [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 80,000 | 54,000 | 51,000 | ||||||||||
Due from Related Parties, Current | 0 | 14,000 | |||||||||||
CalPetro Tankers (IOM) Limited [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 80,000 | 54,000 | 51,000 | ||||||||||
Due from Related Parties, Current | 0 | 14,000 | |||||||||||
Northern Offshore Ltd [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Due from Related Parties, Current | 13,000 | 13,000 | |||||||||||
Windsor Group [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 287,000 | 0 | 0 | ||||||||||
Payables with related parties | -5,844,000 | 0 | |||||||||||
Knightsbridge Tankers Limited [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 2,341,000 | 0 | 0 | ||||||||||
Due from Related Parties, Current | 2,039,000 | 0 | |||||||||||
Payables with related parties | -320,000 | 0 | |||||||||||
Continuing Operations [Member] | Ship Finance International Limited [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Charterhire paid (principal and interest) | 123,225,000 | 150,891,000 | 161,840,000 | ||||||||||
Lease termination fees (expense) income | 0 | -5,204,000 | 22,766,000 | ||||||||||
Contingent rental expense (income) | 32,663,000 | 0 | 20,020,000 | ||||||||||
Remaining lease obligation | 593,998,000 | 726,717,000 | 875,670,000 | ||||||||||
Discontinued Operations [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Contingent rental expense (income) | 0 | 0 | 32,156,000 | ||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Impairment of vessels | 0 | 0 | 27,316,000 | ||||||||||
Discontinued Operations [Member] | Ship Finance International Limited [Member] | |||||||||||||
Transaction Details with Ship Finance [Abstract] | |||||||||||||
Charterhire paid (principal and interest) | 0 | 434,000 | 14,492,000 | ||||||||||
Lease termination fees (expense) income | 0 | 0 | -24,543,000 | ||||||||||
Contingent rental expense (income) | 0 | 0 | 32,156,000 | ||||||||||
Avance Gas [Member] | |||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Number of shares allocated in transaction in shares | 108,069 | ||||||||||||
Issuance ratio, number of shares issued per share holding in equity method investee | 1 | ||||||||||||
Value of shares allocated in transaction in Dollars | 1,300,000 | ||||||||||||
Upfront Payment / Note Payable [Member] | Ship Finance International Limited [Member] | Front Champion / Golden Victory [Member] | |||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Lease termination payments paid | 89,900,000 | ||||||||||||
Upfront Payment [Member] | Ship Finance International Limited [Member] | Front Champion / Golden Victory [Member] | |||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Lease termination payments paid | 10,900,000 | ||||||||||||
Equipment [Member] | |||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Impairment of vessels | 62,153,000 | ||||||||||||
Equipment [Member] | Front Opalia, Front Commerce and Front Comanche [Member] | Ship Finance International Limited [Member] | |||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Impairment of vessels | 85,300,000 | ||||||||||||
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | 40,400,000 | ||||||||||||
Equipment [Member] | Front Opalia, Front Commerce and Front Comanche [Member] | Upfront Payment / Note Payable [Member] | Ship Finance International Limited [Member] | |||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Lease termination payments paid | 58,800,000 | ||||||||||||
Equipment [Member] | Front Opalia, Front Commerce and Front Comanche [Member] | Upfront Payment [Member] | Ship Finance International Limited [Member] | |||||||||||||
Related Party Equity Transactions [Abstract] | |||||||||||||
Lease termination payments paid | $10,500,000 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | 60 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments & contingencies [Line Items] | ||
Newbuilding installment Commitments | $40.90 | |
Britannia Steam Ship Insurance Association [Member] | ||
Commitments & contingencies [Line Items] | ||
Maximum Aggregate Liability in Respect to Possible Claims | 0.4 | 1.7 |
Restricted cash | 0.4 | 1.7 |
Special Purpose Entities [Member] | ||
Commitments & contingencies [Line Items] | ||
Number of vessels sold and leased back | 4 | 4 |
Options on the lessor's side to extend the charters (upper range) | 5 years | |
Total amount of potential payment under put options with respect to capital leases | $36 | $36 |
Frontline 2012 Ltd [Member] | ||
Commitments & contingencies [Line Items] | ||
Number of newbuilding contracts under guarantee | 5 | |
Number of newbuilding contracts settled | 4 | |
Minimum [Member] | Special Purpose Entities [Member] | ||
Commitments & contingencies [Line Items] | ||
Sale Leaseback Transaction, Lease Term | 8 years | |
Maximum [Member] | Special Purpose Entities [Member] | ||
Commitments & contingencies [Line Items] | ||
Sale Leaseback Transaction, Lease Term | 12 years 6 months |
DISPOSAL_OF_ASSETS_Details
DISPOSAL OF ASSETS (Details) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||
Jul. 15, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2011 | Jun. 30, 2012 | Dec. 31, 2012 | Feb. 28, 2013 | Nov. 30, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2011 | Sep. 30, 2012 | Oct. 02, 2014 | |
vessel | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Related party, Lease termination payments paid | $32,600,000 | ||||||||||||||||
Number of vessels owned through ITCL | 4 | ||||||||||||||||
Impairment of vessels | 103,700,000 | 32,000,000 | |||||||||||||||
Net gain on lease terminations | 40,382,000 | 21,237,000 | 21,806,000 | ||||||||||||||
VLCC Ulriken [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Impairment of vessels | 12,400,000 | ||||||||||||||||
Altair Voyager, Cygnus Voyager and Sirius Voyager [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain on lease terminations | 1,300,000 | ||||||||||||||||
Vessels and Equipment [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Impairment of vessels | 62,153,000 | ||||||||||||||||
Vessels and Equipment [Member] | Front Alfa [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain (loss) on sale | -2,100,000 | ||||||||||||||||
Impairment of vessels | 24,800,000 | ||||||||||||||||
Vessels and Equipment [Member] | Front Rider [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Impairment of vessels | 4,900,000 | ||||||||||||||||
Vessels and Equipment [Member] | Front Climber [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Impairment of vessels | 4,200,000 | ||||||||||||||||
Vessels and Equipment [Member] | Front Driver [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Impairment of vessels | 4,000,000 | ||||||||||||||||
Vessels and Equipment [Member] | Front Guider [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Impairment of vessels | 14,200,000 | ||||||||||||||||
Vessels and Equipment [Member] | Edinburgh (Ex Titan Aries) [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain (loss) on sale | 7,600,000 | ||||||||||||||||
Vessels and Equipment [Member] | Front Pride [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Impairment of vessels | 4,700,000 | ||||||||||||||||
Vessels and Equipment [Member] | Front Champion / Golden Victory [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Impairment of vessels | 88,100,000 | ||||||||||||||||
Vessels and Equipment [Member] | VLCC Ulysses (ex Phoenix Voyager) [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain (loss) on sale | 15,700,000 | ||||||||||||||||
Vessels and Equipment [Member] | VLCC Ulriken [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Impairment of vessels | 12,400,000 | ||||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Striver [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Related party, Lease termination payments paid | 8,100,000 | ||||||||||||||||
Net gain (loss) on sale | -400,000 | -9,200,000 | |||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Titan Orion (ex-Front Duke) [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain (loss) on sale | 10,600,000 | ||||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Rider [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain (loss) on sale | -100,000 | ||||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Climber [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain (loss) on sale | -200,000 | -200,000 | |||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Driver [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain (loss) on sale | -800,000 | -800,000 | |||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Ticen Ocean (renamed Front Lady) [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain (loss) on sale | 11,200,000 | 11,200,000 | |||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Viewer & Front Guider [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Related party, Lease termination payments paid | 23,500,000 | ||||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Viewer [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Related party, Lease termination payments paid | 12,700,000 | ||||||||||||||||
Net gain (loss) on sale | -16,500,000 | ||||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Guider [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Related party, Lease termination payments paid | 10,800,000 | ||||||||||||||||
Capital lease modification adjustment to carrying value of asset | 9,100,000 | ||||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Pride [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Related party, Lease termination payments paid | 2,100,000 | ||||||||||||||||
Net gain (loss) on sale | 200,000 | ||||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Champion / Golden Victory [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain (loss) on sale | 13,800,000 | ||||||||||||||||
Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Opalia, Front Commerce and Front Comanche [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Net gain (loss) on sale | 40,400,000 | ||||||||||||||||
Impairment of vessels | 85,300,000 | ||||||||||||||||
Upfront Payment / Note Payable [Member] | Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Champion / Golden Victory [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Related party, Lease termination payments paid | 89,900,000 | ||||||||||||||||
Upfront Payment / Note Payable [Member] | Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Opalia, Front Commerce and Front Comanche [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Related party, Lease termination payments paid | 58,800,000 | ||||||||||||||||
Upfront Payment [Member] | Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Champion / Golden Victory [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Related party, Lease termination payments paid | 10,900,000 | ||||||||||||||||
Upfront Payment [Member] | Ship Finance International Limited [Member] | Vessels and Equipment [Member] | Front Opalia, Front Commerce and Front Comanche [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Related party, Lease termination payments paid | 10,500,000 | ||||||||||||||||
Variable Interest Entities CalPetro Bahamas B1, CalPetro Bahamas BII, CalPetro IOM [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Proceeds from contract termination held in restricted cash | 700,000 | ||||||||||||||||
Altair Voyager, Cygnus Voyager and Sirius Voyager [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Number of vessels sold from early termination Agreement | 3 | ||||||||||||||||
Proceeds from contract termination held in restricted cash | 700,000 | ||||||||||||||||
Variable Interest Entity, Primary Beneficiary | Variable Interest Entities CalPetro Bahamas B1, CalPetro Bahamas BII, CalPetro IOM [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Proceeds from contract termination held in restricted cash | $700,000 | ||||||||||||||||
Altair Voyager, Cygnus Voyager and Sirius Voyager [Member] | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Number of vessels whose lease was terminated | 3 |
SUPPLEMENTAL_INFORMATION_Detai
SUPPLEMENTAL INFORMATION (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 15, 2014 | Mar. 26, 2010 | Oct. 02, 2014 | Oct. 31, 2014 | |
Non-cash investing and financing activities [Abstract] | |||||||
Adjustment in capital lease obligation with equal and opposite impact on related party balance | $99,500,000 | ||||||
Debt Conversion, Cash Payment | 10,000,000 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 2,000,000 | 0 | 0 | ||||
Lease Modifications [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Adjustment in capital lease obligation with equal and opposite impact on related party balance | 105,800,000 | ||||||
Adjustment in capital lease obligation which resulted from reassessment of leases due to change in lease terms | 9,100,000 | ||||||
Debt Conversion [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Debt Conversion, Original Debt, Amount | 45,500,000 | 25,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||
Debt Conversion, Converted Instrument, Shares Issued | 12,996,476 | 6,474,827 | |||||
Debt Conversion, Cash Payment | 19,600,000 | 2,250,000 | |||||
Avance gas transaction [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Value of shares allocated in transaction in Dollars | 1,300,000 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 1,300,000 | ||||||
Number of shares allocated in transaction in shares | 108,069 | ||||||
Windsor Group [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Restricted cash removed from deconsolidation | 17,900,000 | ||||||
Other current assets removed from deconsolidation | 28,100,000 | ||||||
Vessels removed from deconsolidation | 174,800,000 | ||||||
Other current liabilities removed from deconsolidation | 28,600,000 | ||||||
Debt removed from deconsolidation | 179,800,000 | ||||||
Variable Interest Entities CalPetro Bahamas B1, CalPetro Bahamas BII, CalPetro IOM [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Proceeds from divestiture of businesses and interests in affiliates | 1,300,000 | ||||||
Restricted cash | 700,000 | ||||||
Variable Interest Entity, Primary Beneficiary | Variable Interest Entities CalPetro Bahamas B1, CalPetro Bahamas BII, CalPetro IOM [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Proceeds from divestiture of businesses and interests in affiliates | 1,300,000 | ||||||
Restricted cash | 700,000 | ||||||
Front Opalia, Front Commerce and Front Comanche [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Related Party Note Payable | 48,300,000 | ||||||
Front Champion & Golden Victory [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Related Party Note Payable | 79,000,000 | ||||||
Ship Finance International Limited [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Related Party Note Payable | 120,983,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||
Ship Finance International Limited [Member] | Front Opalia, Front Commerce and Front Comanche [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Related Party Note Payable | 48,385,000 | ||||||
Ship Finance International Limited [Member] | Front Champion & Golden Victory [Member] | |||||||
Non-cash investing and financing activities [Abstract] | |||||||
Related Party Note Payable | $78,616,000 |
POOL_REVENUES_Details
POOL REVENUES (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues [Abstract] | |||
Pool earnings allocated on a net basis | $0 | $0 | $35.90 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||
Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 13, 2015 | Jun. 30, 2013 | Dec. 31, 2011 | Mar. 06, 2015 | |
Subsequent Event [Line Items] | ||||||||||||||||
ATM Offering Maximum Aggregate Sales Proceeds | $100,000,000 | $100,000,000 | ||||||||||||||
Net proceeds from issuance of shares | 52,934,000 | 4,802,000 | 0 | |||||||||||||
Shares issued | -70,649,000 | -18,051,000 | 131,149,000 | -70,649,000 | ||||||||||||
Ordinary shares issued (in shares) | 112,342,989 | 86,511,713 | 112,342,989 | |||||||||||||
Repayments of Debt | 54,732,000 | 21,531,000 | 19,521,000 | |||||||||||||
Repurchase of debt carrying value | 17,800,000 | -10,000,000 | ||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
ATM Offering Maximum Aggregate Sales Proceeds | 150,000,000 | |||||||||||||||
Ordinary shares issued (in shares) | 123,255,436 | |||||||||||||||
Repurchase of debt carrying value | 33,300,000 | |||||||||||||||
Repurchase of debt against nominal value | 99.00% | |||||||||||||||
Subsequent Event [Member] | Frontline 2012 Ltd [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock Dividends, Shares | 4,100,000 | |||||||||||||||
At-The-Market Offering [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
ATM Offering Maximum Aggregate Sales Proceeds | 40,000,000 | 40,000,000 | 40,000,000 | |||||||||||||
Shares issued | 12,834,800 | 2,178,384 | ||||||||||||||
Net proceeds from issuance of shares | 54,200,000 | 6,200,000 | ||||||||||||||
At-The-Market Offering [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Shares issued | 902,744 | 10,009,703 | ||||||||||||||
Net proceeds from issuance of shares | 37,200,000 | |||||||||||||||
Common Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Shares issued | 25,831,276 | 8,653,211 | 0 | |||||||||||||
Shares issued | 112,343,000 | 86,512,000 | 194,646,000 | 112,343,000 | 194,646,000 | |||||||||||
Ordinary shares issued (in shares) | 112,342,989 | 86,511,713 | 77,858,502 | 112,342,989 | 77,858,502 | |||||||||||
Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Shares issued | 123,255,436 | |||||||||||||||
Avance Gas [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock expected to be received | 222,000 | |||||||||||||||
Convertible Debt [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Repurchase of debt carrying value | 10,000,000 | |||||||||||||||
Gain (Loss) on Repurchase of Debt Instrument | 1,500,000 | 4,600,000 | ||||||||||||||
Convertible Debt [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Gain (Loss) on Repurchase of Debt Instrument | 300,000 | |||||||||||||||
US Dollar denominated floating rate debt [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Front Ull & Front Idun Loan | 60,000,000 | |||||||||||||||
US Dollar denominated floating rate debt [Member] | Front UII [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Loan draw downs | 30,000,000 | |||||||||||||||
US Dollar denominated floating rate debt [Member] | Front UII [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Loan draw downs | 30,000,000 | 30,000,000 | ||||||||||||||
First Preferred Mortgage Term Notes due 2019 and 2021 [Member] | Subsequent Event [Member] | International Tankers Corporation Ltd [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Repayments of Debt | 36,700,000 | |||||||||||||||
US Dollar denominated floating rate debt [Member] | US Dollar denominated floating rate debt [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Front Ull & Front Idun Loan | 60,000,000 | |||||||||||||||
US Dollar denominated floating rate debt [Member] | US Dollar denominated floating rate debt [Member] | Vessels by Name [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Front Ull & Front Idun Loan | 60,000,000 | |||||||||||||||
US Dollar denominated floating rate debt [Member] | US Dollar denominated floating rate debt [Member] | Vessels by Name [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Front Ull & Front Idun Loan | 60,000,000 | |||||||||||||||
Frontline 2012 Ltd [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Investment Repurchase Agreement, Description of Investments Subject to Agreement | 13460000 | |||||||||||||||
Forward contract maximum maturity | P6M | |||||||||||||||
Forward contract percentage threshold | 20.00% | |||||||||||||||
Common Stock, Value, Outstanding | $75,000,000 |
Sch1STATEMENT_OF_OPERATIONS_De
Sch1-STATEMENT OF OPERATIONS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other income | $37,775 | $25,754 | $25,785 |
Operating revenues | 559,688 | 517,190 | 578,361 |
General and Administrative Expense | 40,787 | 31,628 | 33,906 |
Operating Expenses | 632,908 | 641,182 | 594,212 |
Operating Income (Loss) | -48,600 | -100,434 | 18,908 |
Interest income | 47 | 83 | 130 |
Interest expense | -75,825 | -90,718 | -94,089 |
Foreign currency exchange (loss) gain | -179 | -92 | 84 |
Debt conversion expense | -41,067 | -12,654 | 0 |
Dividends received, net | 296 | 86 | 134 |
Other non-operating items, net | 1,190 | 1,181 | 1,110 |
Nonoperating Income (Expense) | -122,601 | -89,160 | -89,760 |
Net Income (Loss) Attributable to Parent | -162,938 | -188,509 | -82,754 |
Parent [Member] | |||
Other income | 635 | 590 | 338 |
Operating revenues | 635 | 590 | 338 |
General and Administrative Expense | 3,125 | 2,961 | 3,995 |
Operating Expenses | 3,125 | 2,961 | 3,995 |
Operating Income (Loss) | -2,490 | -2,371 | -3,657 |
Interest income | 169 | 552 | 1,009 |
Interest expense | -14,288 | -10,581 | -10,125 |
Foreign currency exchange (loss) gain | -434 | 51 | 249 |
Debt conversion expense | -41,067 | -12,654 | 0 |
Dividends received, net | 786 | 86 | 134 |
Other non-operating items, net | 1,458 | -28 | -22 |
Nonoperating Income (Expense) | -53,376 | -22,574 | -8,755 |
Net income (loss) before equity in net income/loss of subsidiaries | -55,866 | -24,945 | -12,412 |
Equity in net income/loss of subsidiaries | -107,072 | -163,564 | -70,342 |
Net Income (Loss) Attributable to Parent | ($162,938) | ($188,509) | ($82,754) |
Sch1STATEMENT_OF_COMPREHENSIVE
Sch1-STATEMENT OF COMPREHENSIVE LOSS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net loss | ($171,660) | ($191,082) | ($83,775) |
Net unrealized gains on marketable securities | -980 | 915 | 527 |
Translation adjustment | 25 | -63 | 97 |
Other comprehensive (loss) income | -955 | 852 | 624 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -172,615 | -190,230 | -83,151 |
Parent [Member] | |||
Net loss | -162,938 | -188,509 | -82,754 |
Net unrealized gains on marketable securities | -980 | 915 | 527 |
Translation adjustment | 25 | -63 | 97 |
Other comprehensive (loss) income | -955 | 852 | 624 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ($163,893) | ($187,657) | ($82,130) |
Sch1BALANCE_SHEET_Details
Sch1-BALANCE SHEET (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and Cash Equivalents, at Carrying Value | $64,080,000 | $53,759,000 | $137,603,000 | $160,566,000 |
Restricted Cash and Cash Equivalents, Current | 42,074,000 | 68,363,000 | ||
Fair value | 2,624,000 | 3,479,000 | ||
Trade accounts receivable, net | 18,943,000 | 11,828,000 | ||
Due from Related Parties, Current | 12,637,000 | 9,487,000 | ||
Other Receivables | 16,703,000 | 16,180,000 | ||
Prepaid expenses and accrued income | 3,861,000 | 3,858,000 | ||
Total current assets | 233,243,000 | 260,153,000 | ||
Deferred Finance Costs, Noncurrent, Net | 696,000 | 695,000 | ||
Total assets | 962,179,000 | 1,367,605,000 | ||
Short-term debt and current portion of long-term debt | 165,357,000 | 22,706,000 | ||
Related party payables | 55,713,000 | 11,419,000 | ||
Accounts Payable, Trade, Current | 3,098,000 | 13,302,000 | ||
Accrued Liabilities, Current | 22,445,000 | 33,401,000 | ||
Other current liabilities | 2,496,000 | 2,916,000 | ||
Total current liabilities | 328,588,000 | 130,772,000 | ||
Long-term debt | 27,500,000 | 436,372,000 | ||
Related party payables | 109,952,000 | 72,598,000 | ||
Other long-term liabilities | 2,096,000 | 2,208,000 | ||
Liabilities | 1,032,828,000 | 1,385,656,000 | ||
Common Stock, Value, Issued | 112,343,000 | 86,512,000 | ||
Additional paid in capital | 244,018,000 | 149,985,000 | ||
Contributed surplus | 474,129,000 | 474,129,000 | ||
Accumulated other comprehensive loss | -4,258,000 | -3,303,000 | -4,155,000 | -4,779,000 |
Retained deficit | -897,213,000 | -734,275,000 | ||
Stockholders' Equity Attributable to Parent | -70,981,000 | -26,952,000 | ||
Liabilities and Equity | 962,179,000 | 1,367,605,000 | ||
Parent [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 1,669,000 | 6,568,000 | 30,600,000 | 83,830,000 |
Restricted Cash and Cash Equivalents, Current | 445,000 | 1,728,000 | ||
Fair value | 2,516,000 | 3,373,000 | ||
Trade accounts receivable, net | 0 | 18,000 | ||
Due from Related Parties, Current | 0 | 487,000 | ||
Other Receivables | 1,635,000 | 2,299,000 | ||
Prepaid expenses and accrued income | 152,000 | 168,000 | ||
Total current assets | 6,417,000 | 14,641,000 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 182,651,000 | 239,441,000 | ||
Deferred Finance Costs, Noncurrent, Net | 153,000 | 696,000 | ||
Total assets | 189,221,000 | 254,778,000 | ||
Short-term debt and current portion of long-term debt | 136,700,000 | 0 | ||
Related party payables | 11,031,000 | 6,017,000 | ||
Accounts Payable, Trade, Current | 325,000 | 279,000 | ||
Accrued Liabilities, Current | 1,837,000 | 2,487,000 | ||
Other current liabilities | 196,000 | 268,000 | ||
Total current liabilities | 150,089,000 | 9,051,000 | ||
Long-term debt | 0 | 200,000,000 | ||
Related party payables | 109,952,000 | 72,610,000 | ||
Other long-term liabilities | 161,000 | 69,000 | ||
Liabilities | 260,202,000 | 281,730,000 | ||
Common Stock, Value, Issued | 112,343,000 | 86,512,000 | ||
Additional paid in capital | 244,018,000 | 149,985,000 | ||
Contributed surplus | 474,129,000 | 474,129,000 | ||
Accumulated other comprehensive loss | -4,258,000 | -3,303,000 | ||
Retained deficit | -897,213,000 | -734,275,000 | ||
Stockholders' Equity Attributable to Parent | -70,981,000 | -26,952,000 | ||
Liabilities and Equity | $189,221,000 | $254,778,000 |
Schedule_I_Financial_Informati1
Schedule I - Financial Information of Registrant Sch1-BALANCE SHEET Additional Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Share capital, shares outstanding (in shares) | 112,342,989 | 86,511,713 |
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Parent [Member] | ||
Share capital, shares outstanding (in shares) | 112,342,989 | 86,511,713 |
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Sch1STATEMENT_OF_CASH_FLOWS_De
Sch1-STATEMENT OF CASH FLOWS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Cash Provided by (Used in) Operating Activities | $55,413 | ($42,684) | $68,574 |
Change in restricted cash | 8,396 | 19,143 | 13,060 |
Loans from (to) associated companies | 0 | 250 | -250 |
Investment in associated companies | 0 | -6,001 | -13,298 |
Proceeds from sale of investment in associated companies | 0 | 242 | 0 |
Proceeds from Noncontrolling Interests | 49 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | 19,735 | 13,286 | -2,993 |
Net proceeds from issuance of shares | 52,934 | 4,802 | 0 |
Repayments of long-term debt, convertible bond buy backs and cash payments of debt conversion | -90,612 | -23,781 | -24,921 |
Repayments of Related Party Debt | -6,103 | -402 | 0 |
Net cash used in financing activities | -64,827 | -54,446 | -88,544 |
Cash and Cash Equivalents, Period Increase (Decrease) | 10,321 | -83,844 | -22,963 |
Cash and cash equivalents at beginning of year | 53,759 | 137,603 | 160,566 |
Cash and cash equivalents at end of year | 64,080 | 53,759 | 137,603 |
Interest paid, net of interest capitalized | 76,614 | 91,120 | 98,991 |
Income taxes paid | 370 | 493 | 518 |
Parent [Member] | |||
Net Cash Provided by (Used in) Operating Activities | -17,185 | -19,497 | -39,682 |
Change in restricted cash | 1,283 | -1,578 | 0 |
Loans from (to) associated companies | 0 | 250 | -250 |
Investment in associated companies | 0 | -6,001 | -13,298 |
Proceeds from sale of investment in associated companies | 0 | 242 | 0 |
Proceeds from Noncontrolling Interests | 49 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | 1,332 | -7,087 | -13,548 |
Net proceeds from issuance of shares | 52,934 | 4,802 | 0 |
Repayments of long-term debt, convertible bond buy backs and cash payments of debt conversion | -35,877 | -2,250 | 0 |
Repayments of Related Party Debt | -6,103 | ||
Net cash used in financing activities | 10,954 | 2,552 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | -4,899 | -24,032 | -53,230 |
Cash and cash equivalents at beginning of year | 6,568 | 30,600 | 83,830 |
Cash and cash equivalents at end of year | 1,669 | 6,568 | 30,600 |
Interest paid, net of interest capitalized | 15,124 | 10,125 | 10,125 |
Income taxes paid | $0 | $0 | $0 |
Schedule_I_Financial_Informati2
Schedule I - Financial Information of Registrant Sch 1 - NOTES (Details) (Parent [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Parent [Member] | |||
Cash dividends received by subsidiaries | $0 | $0 | $0 |
Cash dividends received from associated companies | $2,000,000 | $0 | $0 |
Uncategorized_Items
Uncategorized Items | ||
[fro_CapitalReorganization] | 0 | 0 |