Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | FRONTLINE LTD / |
Entity Central Index Key | 913,290 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 169,809,324 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2016 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenues | |||
Time charter revenues | $ 226,058 | $ 121,091 | $ 37,928 |
Voyage charter revenues | 502,284 | 331,388 | 202,283 |
Finance lease interest income | 2,194 | 577 | 0 |
Other income | 23,770 | 5,878 | 1,615 |
Total operating revenues | 754,306 | 458,934 | 241,826 |
Other operating (losses) gains | (2,683) | 108,923 | 68,989 |
Operating expenses | |||
Voyage expenses and commission | 161,641 | 109,706 | 103,708 |
Contingent rental income | (18,621) | 0 | 0 |
Ship operating expenses | 119,515 | 64,357 | 49,607 |
Charter hire expenses | 67,846 | 43,387 | 0 |
Impairment loss on vessels and vessels held under capital lease | 61,692 | 0 | 0 |
Provision for uncollectible receivable | 4,000 | 0 | 0 |
Administrative expenses | 37,026 | 10,582 | 4,943 |
Depreciation | 141,043 | 52,607 | 31,845 |
Total operating expenses | 574,142 | 280,639 | 190,103 |
Net operating income | 177,481 | 287,218 | 120,712 |
Other income (expenses) | |||
Interest income | 367 | 47 | 118 |
Interest expense | (56,687) | (17,621) | (7,421) |
Gain on sale of shares | 0 | 0 | 16,850 |
Share of results from associated company and gain on equity interest | 0 | 2,727 | 16,064 |
Impairment loss on shares | (7,233) | (10,507) | 0 |
Foreign currency exchange gain | 9 | 134 | 18 |
Gain (loss) on derivatives | 3,718 | (6,782) | (8,779) |
Other non-operating items, net | 204 | 320 | (148) |
Net other (expenses) income | (59,622) | (31,682) | 16,702 |
Net income before income taxes and non-controlling interest | 117,859 | 255,536 | 137,414 |
Income tax expense | (345) | (150) | 0 |
Net income from continuing operations | 117,514 | 255,386 | 137,414 |
Net loss from discontinued operations | 0 | (131,006) | (51,159) |
Net income | 117,514 | 124,380 | 86,255 |
Net (income) loss attributable to non-controlling interest | (504) | 30,244 | 63,214 |
Net income attributable to the Company | $ 117,010 | $ 154,624 | $ 149,469 |
Loss per share attributable to Frontline Ltd. stockholders: | |||
Basic and diluted earnings per share attributable to the Company from continuing operations (in dollars per share) | $ 0.75 | $ 2.13 | $ 1.10 |
Basic and diluted (loss) earnings per share attributable to the Company from discontinued operations (in dollars per share) | 0 | (0.84) | 0.10 |
Basic and diluted earnings per share attributable to the Company (in dollars per share) | 0.75 | 1.29 | 1.19 |
Cash dividends per share declared, as restated for reverse business acquisition and reverse share split (in dollars per share) | $ 1.05 | $ 0.25 | $ 4.46 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
COMPREHENSIVE (LOSS) INCOME, NET OF TAX | |||
Net income | $ 117,514 | $ 124,380 | $ 86,255 |
Unrealized losses from marketable securities | (5,425) | (9,582) | 0 |
Unrealized loss from marketable securities reclassified to Consolidated Statement of Operations | 7,233 | 9,369 | 0 |
Foreign currency translation loss | (686) | (170) | 0 |
Other comprehensive income (loss) | 1,122 | (383) | 0 |
Comprehensive income | 118,636 | 123,997 | 86,255 |
Comprehensive income (loss) attributable to non-controlling interest | 504 | (30,244) | (63,214) |
Comprehensive income attributable to the Company | 118,132 | 154,241 | 149,469 |
Comprehensive income | $ 118,636 | $ 123,997 | $ 86,255 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 202,402 | $ 264,524 |
Restricted cash | 677 | 368 |
Marketable securities | 8,428 | 13,853 |
Trade accounts receivable, net | 49,079 | 57,367 |
Related party receivables | 5,095 | 10,234 |
Other receivables | 19,416 | 29,121 |
Inventories | 37,702 | 25,779 |
Voyages in progress | 45,338 | 52,167 |
Prepaid expenses and accrued income | 5,741 | 4,315 |
Current portion of investment in finance lease | 9,745 | 9,329 |
Other current assets | 3 | 408 |
Total current assets | 383,626 | 467,465 |
Long-term assets | ||
Newbuildings | 308,324 | 266,233 |
Vessels and equipment, net | 1,477,395 | 1,189,198 |
Vessels and equipment under capital lease, net | 536,433 | 694,226 |
Investment in finance lease | 30,908 | 40,656 |
Goodwill | 225,273 | 225,273 |
Derivative instruments receivable | 4,358 | 417 |
Total assets | 2,966,317 | 2,883,468 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 67,365 | 57,575 |
Current portion of obligations under capital leases | 56,505 | 89,798 |
Related party payables | 18,103 | 28,720 |
Trade accounts payable | 4,325 | 9,500 |
Accrued expenses | 26,159 | 29,689 |
Value of unfavorable time charter contracts | 0 | 6,799 |
Derivative instruments payable | 0 | 4,081 |
Other current liabilities | 10,292 | 15,875 |
Total current liabilities | 182,749 | 242,037 |
Long-term liabilities | ||
Long-term debt | 914,592 | 745,695 |
Obligations under capital leases | 366,095 | 446,553 |
Other long-term liabilities | 3,112 | 2,840 |
Total liabilities | 1,466,548 | 1,437,125 |
Commitments and contingencies | ||
Equity | ||
Share capital (2016: 169,809,324 shares issued and outstanding, par value $1.00 per share. 2015: 781,937,649 shares issued and outstanding, par value $1.00 per share.) | 169,809 | 781,938 |
Additional paid in capital | 195,304 | 109,386 |
Contributed surplus | 1,099,680 | 474,129 |
Accumulated other comprehensive income (loss) | 739 | (383) |
Retained earnings | 34,069 | 81,212 |
Total equity attributable to the Company | 1,499,601 | 1,446,282 |
Non-controlling interest | 168 | 61 |
Total equity | 1,499,769 | 1,446,343 |
Total liabilities and equity | $ 2,966,317 | $ 2,883,468 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 16, 2011 |
Equity | |||||
Share capital, shares outstanding (in shares) | 169,809,324 | 781,937,649 | 635,205,000 | 635,205,000 | |
Ordinary shares issued (dollars per share) | $ 1 | $ 1 | $ 2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Statement of Cash Flows [Abstract] | |||
Net income | $ 117,514 | $ 124,380 | $ 86,255 |
Net loss from discontinued operations | 0 | 131,006 | 51,159 |
Net income from continuing operations | 117,514 | 255,386 | 137,414 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | |||
Depreciation | 141,043 | 52,607 | 31,845 |
Amortization of deferred charges | 2,027 | 1,917 | 677 |
Other operating loss (gain) | 2,683 | (108,923) | (68,989) |
Gain on sale of shares | 0 | 0 | (16,850) |
Amortization of time charter contract value | (6,799) | 816 | 2,822 |
Contingent rental income | (18,621) | 0 | 0 |
Impairment loss on vessels and vessels held under capital lease | 61,692 | 0 | 0 |
Provision for uncollectible receivable | 4,000 | 0 | 0 |
Share of results from associated company and gain on equity interest | 0 | (2,727) | (16,064) |
Debt modification fees paid | 0 | 0 | (2,640) |
Impairment loss on marketable securities | 7,233 | 10,507 | 0 |
Mark to market (gain) loss on derivatives | (8,017) | 3,618 | 5,765 |
Dividends received from Avance Gas | 0 | 4,101 | 7,052 |
Other, net | (1,232) | 1,015 | 339 |
Changes in operating assets and liabilities, net of acquisition: | |||
Trade accounts receivable | 4,287 | (21,037) | (6,116) |
Other receivables | 10,833 | (5,049) | 1 |
Inventories | (12,241) | 9,367 | (2,917) |
Voyages in progress | 6,828 | 15,505 | (10,021) |
Prepaid expenses and accrued income | (1,427) | 5,892 | (1,494) |
Other current assets | 406 | (405) | 0 |
Trade accounts payable | (5,175) | 2,832 | 145 |
Accrued expenses | (2,936) | (7,771) | (2,443) |
Related party balances | (10,707) | (8,601) | (1,715) |
Other current liabilities | (5,583) | 5,574 | 1,169 |
Other | 207 | (868) | 0 |
Cash (used in) provided by operating activities of discontinued operations | 0 | (6,410) | 661 |
Net cash provided by operating activities | 286,015 | 207,346 | 58,641 |
Investing activities | |||
Change in restricted cash | (309) | 35,713 | (35,800) |
Additions to newbuildings, vessels and equipment | (622,460) | (786,772) | (202,231) |
Refund of newbuilding installments and interest | 43,497 | 58,793 | 173,840 |
Sale proceeds received in advance | 0 | 0 | 139,200 |
Proceeds from sale of newbuilding vessels | 173,187 | 456,366 | 0 |
Cash acquired upon the Merger | 0 | 87,443 | 0 |
Finance lease payments received | 9,333 | 0 | 0 |
Net proceeds from sale of shares in associated company | 0 | 0 | 57,140 |
Cash used in investing activities of discontinued operations | 0 | (310,822) | (195,658) |
Net cash used in investing activities | (396,752) | (459,279) | (63,509) |
Financing activities | |||
Net proceeds from issuance of shares | 98,200 | 0 | 0 |
Proceeds from long-term debt | 356,066 | 659,700 | 124,000 |
Repayment of long-term debt | (169,883) | (427,338) | (198,889) |
Payment of obligations under finance leases | (61,677) | (5,491) | 0 |
Lease termination receipt | 0 | 3,266 | 0 |
Payment of related party loan note | 0 | (112,687) | 0 |
Debt fees paid | (9,523) | (485) | (500) |
Cash dividends paid | (164,551) | (39,228) | (36,969) |
Payment of fractional shares on reverse share split | (17) | 0 | 0 |
Acquisition of treasury shares | 0 | 0 | (50,397) |
Cash provided by financing activities of discontinued operations | 0 | 141,775 | 116,819 |
Net cash provided by (used in) financing activities | 48,615 | 219,512 | (45,936) |
Net change in cash and cash equivalents | (62,122) | (32,421) | (50,804) |
Net change in cash balances included in held for distribution | 0 | 61,144 | (61,144) |
Cash and cash equivalents at beginning of year | 264,524 | 235,801 | 347,749 |
Cash and cash equivalents at end of year | 202,402 | 264,524 | 235,801 |
Supplemental disclosure of cash flow information: | |||
Interest paid, net of interest capitalized | 53,474 | 17,544 | 8,744 |
Income taxes paid | $ 716 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital [Member] | Treasury Stock [Member] | Additional Paid In Capital [Member] | Contributed Surplus [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Balance at the beginning of year (in shares) at Dec. 31, 2013 | 635,205,000 | ||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||
Total number of treasury shares canceled (in shares) | 0 | ||||||||
Cancellation of shares held by the Company prior to the Merger (in shares) | 0 | ||||||||
Effect of reverse acquisition on common stock outstanding (in shares) | 0 | ||||||||
Effect of reverse split on common stock outstanding (in shares) | 0 | ||||||||
Shares issued (in shares) | 0 | ||||||||
Balance at the end of year (in shares) at Dec. 31, 2014 | 635,205,000 | ||||||||
Balance at beginning of year at Dec. 31, 2013 | $ 635,205 | $ 0 | $ 382,373 | $ 0 | $ 0 | $ 45,579 | $ 0 | ||
Increase (decrease) in Equity [Roll Forward] | |||||||||
Shares purchased | (50,397) | ||||||||
Shares cancelled | 0 | 0 | |||||||
Cancellation of shares held by the Company prior to the Merger | 0 | ||||||||
Gain attributable to change in non-controlling ownership | 0 | ||||||||
Stock dividends | 0 | 0 | |||||||
Effect of reverse business acquisition | 0 | 0 | |||||||
Transfer to contributed surplus | 0 | ||||||||
Stock compensation expense | 0 | ||||||||
Payment for fractional shares on reverse share split | $ 0 | 0 | |||||||
Transfer from additional paid in capital | 0 | ||||||||
Effect of reverse share split | 0 | 0 | |||||||
Shares issued | 0 | 0 | |||||||
Other comprehensive income (loss) | 0 | 0 | |||||||
Arising at date of acquisition | 386,984 | ||||||||
Impact of sale of shares in subsidiary | 0 | ||||||||
Net income | 86,255 | 149,469 | (63,214) | ||||||
Cash dividends | (38,649) | ||||||||
Dividend paid to non-controlling interest | 0 | ||||||||
Impact of de-consolidation | 0 | ||||||||
Balance at the end of year at Dec. 31, 2014 | $ 1,447,350 | 635,205 | (50,397) | 382,373 | 0 | 0 | 156,399 | $ 1,123,580 | 323,770 |
Increase (decrease) in Equity [Roll Forward] | |||||||||
Total number of treasury shares canceled (in shares) | (17,319,898) | ||||||||
Cancellation of shares held by the Company prior to the Merger (in shares) | (34,323,000) | ||||||||
Effect of reverse acquisition on common stock outstanding (in shares) | 198,375,547 | ||||||||
Effect of reverse split on common stock outstanding (in shares) | 0 | ||||||||
Shares issued (in shares) | 0 | ||||||||
Balance at the end of year (in shares) at Dec. 31, 2015 | 781,937,649 | ||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||
Shares purchased | 0 | ||||||||
Shares cancelled | (17,320) | 50,397 | |||||||
Cancellation of shares held by the Company prior to the Merger | (34,323) | ||||||||
Gain attributable to change in non-controlling ownership | 27,485 | ||||||||
Stock dividends | (187,784) | (190,583) | |||||||
Effect of reverse business acquisition | 198,376 | 361,441 | |||||||
Transfer to contributed surplus | (474,129) | ||||||||
Stock compensation expense | 0 | ||||||||
Payment for fractional shares on reverse share split | $ 0 | 0 | |||||||
Transfer from additional paid in capital | 474,129 | ||||||||
Effect of reverse share split | 0 | 0 | |||||||
Shares issued | 0 | 0 | |||||||
Other comprehensive income (loss) | (383) | (383) | |||||||
Arising at date of acquisition | 0 | ||||||||
Impact of sale of shares in subsidiary | (27,485) | ||||||||
Net income | 124,380 | 154,624 | (30,244) | ||||||
Cash dividends | (39,228) | ||||||||
Dividend paid to non-controlling interest | 0 | ||||||||
Impact of de-consolidation | (265,980) | ||||||||
Balance at the end of year at Dec. 31, 2015 | $ 1,446,343 | 781,938 | 0 | 109,386 | 474,129 | (383) | 81,212 | 1,446,282 | 61 |
Increase (decrease) in Equity [Roll Forward] | |||||||||
Total number of treasury shares canceled (in shares) | 0 | ||||||||
Cancellation of shares held by the Company prior to the Merger (in shares) | 0 | ||||||||
Effect of reverse acquisition on common stock outstanding (in shares) | 0 | ||||||||
Effect of reverse split on common stock outstanding (in shares) | (625,551,143) | ||||||||
Shares issued (in shares) | 13,422,818 | ||||||||
Balance at the end of year (in shares) at Dec. 31, 2016 | 169,809,324 | ||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||
Shares purchased | 0 | ||||||||
Shares cancelled | 0 | 0 | |||||||
Cancellation of shares held by the Company prior to the Merger | 0 | ||||||||
Gain attributable to change in non-controlling ownership | 0 | ||||||||
Stock dividends | 0 | 0 | |||||||
Effect of reverse business acquisition | 0 | 0 | |||||||
Transfer to contributed surplus | 0 | ||||||||
Stock compensation expense | 1,418 | ||||||||
Payment for fractional shares on reverse share split | $ 17 | (17) | |||||||
Transfer from additional paid in capital | 0 | ||||||||
Effect of reverse share split | (625,551) | 625,551 | |||||||
Shares issued | 13,422 | 84,517 | |||||||
Other comprehensive income (loss) | 1,122 | 1,122 | |||||||
Arising at date of acquisition | 0 | ||||||||
Impact of sale of shares in subsidiary | 0 | ||||||||
Net income | 117,514 | 117,010 | 504 | ||||||
Cash dividends | (164,153) | ||||||||
Dividend paid to non-controlling interest | (397) | ||||||||
Impact of de-consolidation | 0 | ||||||||
Balance at the end of year at Dec. 31, 2016 | $ 1,499,769 | $ 169,809 | $ 0 | $ 195,304 | $ 1,099,680 | $ 739 | $ 34,069 | $ 1,499,601 | $ 168 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2016 | |
GENERAL [Abstract] | |
GENERAL | 1. ORGANIZATION AND BUSINESS Historical Structure of the Company 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. The Company's ordinary shares are listed on the New York Stock Exchange and the Oslo Stock Exchange under the symbol of "FRO". On December 16, 2016, the Company completed an offering of 13,422,818 new ordinary shares at $7.45 per share, or the Offering, generating net proceeds of $98.2 million . The Company's largest shareholder, Hemen Holdings Ltd., or Hemen, guaranteed the Offering and was allocated 1,342,281 new ordinary shares in the Offering, corresponding to 10% of the Offering. Hemen owns 82,145,703 shares in the Company upon completion of the Offering, or approximately 48.4% of the Company's shares and votes. A resolution was approved at the Company’s Special Meeting of Shareholders on January 29, 2016, to effect a capital reorganization with effect from February 3, 2016, for a 1-for-5 reverse share split of the Company’s ordinary shares and to reduce the Company’s authorized share capital from $1,000,000,000 divided into 1,000,000,000 shares of $1.00 par value each to $500,000,000 divided into 500,000,000 shares of $1.00 par value each. Share capital amounts in the balance sheet as of December 31, 2015 have not been restated for the 1-for-5 reverse share split, however, retrospective treatment has been applied to the calculation of earnings per share. On July 1, 2015, the Company, Frontline Acquisition Ltd, or Frontline Acquisition, a newly formed and wholly-owned subsidiary of the Company, and Frontline 2012 Ltd, or Frontline 2012, entered into an agreement and plan of merger, (as amended from time to time, the "Merger Agreement") pursuant to which Frontline Acquisition and Frontline 2012 agreed to enter into a merger transaction, or the Merger, with Frontline 2012 as the surviving legal entity and thus becoming a wholly-owned subsidiary of the Company. For accounting purposes, the acquisition of Frontline 2012 has been treated as a reverse business acquisition. The Merger was completed on November 30, 2015 and shareholders in Frontline 2012 received shares in the Company as merger consideration. One share in Frontline 2012 gave the right to receive 2.55 shares in the Company and 583.6 million shares were issued as merger consideration based on the total number of Frontline 2012 shares of 249.1 million less 6.8 million treasury shares held by Frontline 2012 and 13.46 million Frontline 2012 shares held by the Company, which were cancelled upon completion of the Merger. Because this transaction is accounted for as a reverse business acquisition, the financial statements included in this Form 20-F for the period through November 30, 2015 are those of Frontline 2012. The financial statements reflect the reverse business acquisition of the Company by Frontline 2012 for the period since November 30, 2015. On December 30, 2011, Frontline 2012 acquired five very large crude carrier, or VLCC, newbuilding contracts, six modern VLCCs, including one on time charter, and four modern Suezmax tankers from the Company at fair market value of $1,120.7 million . Frontline 2012 paid $128.9 million in cash and assumed $666.3 million in bank debt and $325.5 million in remaining new building commitments. Frontline 2012 accounted for the purchase of assets from the Company as a business combination after determining that Frontline 2012 acquired a business and not a group of assets. Frontline 2012 was incorporated in Bermuda on December 12, 2011. On December 16, 2011, Frontline 2012 completed a private placement of 100 million new ordinary shares of $2.00 par value at a subscription price of $2.85 , raising $285.0 million in gross proceeds, subject to certain closing conditions. These conditions were subsequently fulfilled and Frontline 2012 was registered on the Norwegian Over The Counter list, or NOTC, in Oslo on December 30, 2011. Hemen was allocated 50 million shares representing 50% of the share capital of Frontline 2012. The Company was allocated 8,771,000 shares, representing approximately 8.8% of the share capital of Frontline 2012. Business 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, and operates Aframax/LR2 tankers, which are clean product tankers, and range in size from 111,000 to 115,000 dwt. The Company operates through subsidiaries located in Bermuda, India, Liberia, the Marshall Islands, Norway, the United Kingdom and Singapore. The Company is also involved in the charter, purchase and sale of vessels. As of December 31, 2016, the Company's fleet consisted of 56 vessels, with an aggregate capacity of approximately 11 million dwt. The Company's fleet consisted of (i) 28 vessels owned by the Company ( seven VLCCs, ten Suezmax tankers and eleven Aframax/LR2 tankers), (ii) 13 vessels that are under capital leases ( 11 VLCCs and two Suezmax tankers), (iii) one VLCC that is recorded as an investment in a finance lease, (iv) four vessels chartered-in for periods of 12 months including extension options ( two VLCC and two Suezmax tankers), which will be redelivered during the first and second quarter of 2017, (v) two VLCCs where the cost/revenue is split equally with a third party (of which one is chartered-in by the Company and one by a third party), (vi) three MR product tankers that are chartered-in on short term time charters with a remaining duration of less than two months, and (vii) five vessels that are under our commercial management ( two Suezmax tankers and three Aframax oil tankers). Furthermore, the Company has 16 newbuildings under construction, comprised of three VLCCs, six Suezmax tankers and seven Aframax/LR2 tankers. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | 2. ACCOUNTING POLICIES Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles. On November 30, 2015, a wholly-owned subsidiary of the Company acquired Frontline 2012. This transaction has been accounted for as a reverse business acquisition in which Frontline 2012 is treated as the accounting acquirer, primarily because Frontline 2012’s shareholders owned 74.6% of the Company's ordinary shares upon completion of the Merger. As a result, the historical financial statements of Frontline 2012 became the historical financial statements of the Company as of the completion of the Merger. Therefore, the results for the year ended December 31, 2014 reflect the operations and cash flows of Frontline 2012 only. The results of operations and cash flows for the Company, the acquired company for accounting purposes, are included in the consolidated financial statements from November 30, 2015, the date on which the Merger was completed. Amounts shown as "Acquired upon the Merger" in these financial statements are those of the Company due to the fact that Frontline 2012 was determined to be the accounting acquirer in the Merger. Use of estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: vessels and obligations under capital leases, the amount of uncollectible accounts and accounts receivable, the amount to be paid for certain liabilities, including contingent liabilities, the amount of costs to be capitalized in connection with the construction of our newbuildings and the lives of our vessels. Actual results could differ from those estimates. The presentation of unrealized losses from marketable securities in the Consolidated Statement of Comprehensive Income for the year ended December 31, 2015 has been expanded in order to conform to the 2016 presentation. Fair values We have determined the estimated fair value amounts presented in these consolidated financial statements using available market information and appropriate methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. The estimates presented in these consolidated financial statements are not necessarily indicative of the amounts that we could realize in a current market exchange. Estimating the fair value of assets acquired and liabilities assumed in a business combination requires the use of estimates and significant judgments, among others, the following: the expected revenues earned by vessels held under capital lease and the operating costs (including dry docking costs) of those vessels, the expected contingent rental expense, if applicable, to be included in obligations under capital lease, the discount rate used in cash flow based valuations, the market assumptions used when valuing acquired time charter contracts and the value of contingent claims. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Principles of consolidation The consolidated financial statements include the accounts for us and our wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated on consolidation. The operating results of acquired companies are included in our Consolidated Statement of Operations from the date of acquisition. For investments in which we own 20% to 50% of the voting shares and have significant influence over the operating and financial policies, the equity method of accounting is used. Accordingly, our share of the earnings and losses of these companies are included in the share of income (losses) in equity investments in the accompanying Consolidated Statements of Operations. Discontinued operations We believe that the disposal of a component of an entity or a group of components of an entity shall be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Frontline 2012 determined that the stock dividend of 75.4 million shares in Golden Ocean in June 2015 represented a significant strategic shift in Frontline 2012's business and has, therefore, recorded the results of its dry bulk operations as discontinued operations in the years ended December 31, 2015 and 2014. The Consolidated Statement of Cash Flows for the years ended December 31, 2015 and 2014 have also been presented on a discontinued operations basis. Foreign currency translation Our functional currency is the U.S. dollar. Exchange gains and losses on translation of our net equity investments in subsidiaries are reported as a separate component of accumulated other comprehensive loss in shareholders’ equity. Foreign currency transaction gains and losses are recorded in the Consolidated Statement of Operations. 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 Restricted cash consists of cash, which may only be used for certain purposes and is held under a contractual arrangement. 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 Consolidated Statement of Operations. 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. 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 Consolidated Statement of Operations over the lease period. Each of the Company's capital leases were acquired as a result of the Merger and contain a profit share (contingent rental expense), which was reflected in the fair valuation of the obligations under capital lease at the date of the Merger. Any variations in the estimated profit share expense as compared to actual profit share expense incurred is accounted for as contingent rental income or expense and is recorded in the Consolidated Statement of Operations in the period in which it becomes realizable. 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. Newbuildings The carrying value of the vessels under construction, or 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. Goodwill Goodwill arising from a business combination, being the value of purchase consideration in excess of amounts allocable to identifiable assets and liabilities is not amortized and is subject to annual review for impairment or more frequently should indications of impairment arise. For purposes of performing the impairment test of goodwill, we have established that the Company has one reporting unit: tankers. Impairment of goodwill in excess of amounts allocable to identifiable assets and liabilities is determined using a two-step approach, initially based on a comparison of the fair value of the reporting unit to the book value of its net assets; if the fair value of the reporting unit is lower than the book value of its net assets, then the second step compares the implied fair value of the Company's goodwill with its carrying value to measure the amount of the impairment. The Company has selected September 30 as its annual goodwill impairment testing date. 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, or 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. 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, depressed second hand tanker values and issues at the shipyard. 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. 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. The Company has recorded debt issuance costs (i.e. deferred charges) as a direct deduction from the carrying amount of the related debt rather than as an asset following its adoption of Accounting Standards Update 2015-03 and has applied this on a retrospective basis. As a result, debt issuance costs of $10.7 million as of December 31, 2016 and $3.2 million at December 31, 2015 were presented as a deduction from the carrying amount of debt. 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 charters, time charters and a finance lease. 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 revenues are recorded over the term of the charter as a service is provided. When the time charter is based on an index, the Company recognizes revenue when the index has been determined. 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. 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 pool participants are responsible for paying voyage expenses. Adjustments between the pool participants are settled on a quarterly basis. Pool revenues are reported as voyage charter revenues for all periods presented. Rental payments from the Company's sales-type lease are allocated between lease service revenue, lease interest income and repayment of net investment in leases. The amount allocated to lease service revenue is based on the estimated fair value, at the time of entering the lease agreement, of the services provided which consist of ship management and operating services. Other income primarily comprises income earned from the commercial management of related party and third party vessels and newbuilding supervision fees derived from related parties and third parties. Other income is recognized on an accruals basis as the services are provided and revenue become received or receivable. Other operating (losses) gains Other operating (losses) gains relate to (i) gains arising on the cancellation of newbuilding contracts, which are considered to be contingent gains, and are recognized when the gain is virtually certain which is generally on a cash basis, (ii) losses arising on the cancellation of newbuildings which are accounted for when the contracts are cancelled, (iii) gains and losses on the sale of newbuilding contracts, which are recognized when we are reasonably assured that substantially all of the risks of the newbuilding contract have been transferred (iv) gains and losses on the termination of capital leases before the expiration of the lease term, which are accounted for by removing the carrying value of the asset and obligation, with a gain or loss recognized for the difference. Gains and losses on the termination of leases are accounted for when the lease is terminated and the vessel is redelivered to the owners and (v) gains and losses on the sale of vessels, which 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. 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. Contingent rental income (expense) Contingent rental income (expense) results from the Company's capital leases, which were acquired as a result of the Merger. Any variations in the estimated profit share expense that was included in the fair valuation of these lease obligations on the date of the Merger as compared to actual profit share expense incurred is accounted for as contingent rental income (expense). Any contingent rental expense on operating leases is recorded as charter hire expense. 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. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. Derivatives Interest rate and bunker swaps The Company enters into interest rate and bunker swap transactions from time to time to hedge a portion of its exposure to floating interest rates and movements in bunker prices. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without an exchange of underlying principal. The fair values of the interest rate and bunker swap contracts are recognized as assets or liabilities. None of the interest rate and bunker swaps qualify for hedge accounting and changes in fair values are recognized in 'Mark to market gain (loss) on derivatives' in the Consolidated Statement of Operations. Cash outflows and inflows resulting from derivative contracts are presented as cash flows from operations in the Consolidated Statement of Cash Flows. Earnings per share Basic earnings per share is computed based on the income available to ordinary shareholders and the weighted average number of shares outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments. Share-based compensation The Company accounts for share-based payments in accordance with ASC Topic 718 "Compensation – Stock Compensation", under which the fair value of issued stock options is expensed over the period in which the options vest. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 3. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing US GAAP. The FASB recently issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year to period commencing on or after December 15, 2017. The Company is in the process of considering the impact of the standard on its consolidated financial statements. For vessels operating on voyage charters, we expect to continue recognizing revenue over time. The time period over which revenue will be recognized is still being determined and, depending on the final conclusion, each period’s voyage results could differ materially from the same period’s voyage results recognized based on the present revenue recognition guidance. However, the total voyage results recognized over all periods would not change. The adoption of the standard is not expected to have a material impact on other income, primarily income earned from the commercial management of related party and third party vessels and newbuilding supervision fees derived from related parties and third parties. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which made targeted improvements to the recognition and measurement of financial assets and financial liabilities. The update changes how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current US GAAP. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and early adoption is permitted in some cases. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The update requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. It also offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The update eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The update requires excess tax benefits and tax deficiencies to be recorded on the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity on the statement of cash flows. The standard also allows withholding up to the maximum statutory amount for taxes on employee share-based compensation, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on the statement of cash flows and provides an accounting policy election to account for forfeitures as they occur. The new standard is effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The guidance will be effective January 1, 2020, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments . This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-16, Income taxes (Topic 740): Intra-entity transfers of assets other than inventory , which prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. In addition, interpretations of this guidance have developed in practice for transfers of certain intangible and tangible assets. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests held through related parties that are under common control , which amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (VIE) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of cash flows (230): Restricted cash , which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As such, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01 Business combinations (805) , which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. The amendments in this Update provide a screen to determine when a set is not a business. If the screen is not met, it (i) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (ii) removes the evaluation of whether a market participant could replace the missing elements. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted in certain cases. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04 Intangibles - Goodwill and other (350), which simplifies the test for goodwill impairment. This Update eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of the assets acquired and liabilities assumed in a business combination. Instead an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, however the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. |
MERGER WITH FRONTLINE 2012
MERGER WITH FRONTLINE 2012 | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
MERGER WITH FRONTLINE 2012 | 4. MERGER WITH FRONTLINE 2012 The Transaction On July 1, 2015, the Company, Frontline Acquisition and Frontline 2012 entered into a Merger Agreement pursuant to which Frontline Acquisition and Frontline 2012 agreed to enter the Merger, with Frontline 2012 as the surviving legal entity and thus becoming a wholly-owned subsidiary of the Company. The Merger was completed on November 30, 2015 and shareholders in Frontline 2012 received shares in the Company as merger consideration. One share in Frontline 2012 gave the right to receive 2.55 shares in the Company and 583.6 million shares were issued as merger consideration based on the total number of Frontline 2012 shares of 249.1 million less 6.8 million treasury shares held by Frontline 2012 and 13.46 million Frontline 2012 shares held by the Company, which were cancelled upon completion of the Merger. Following completion of the Merger, existing shareholders of the Company and Frontline 2012 owned 25.4% and 74.6% , respectively, of the Company. Prior to the merger announcement, Hemen and certain of its affiliates, owned approximately 13% of the ordinary shares in the Company, approximately 59% of the ordinary shares in Frontline 2012, and approximately 37% of the ordinary shares in Ship Finance International Limited, or Ship Finance. Prior to the merger announcement, Ship Finance owned approximately 28% of the ordinary shares in the Company. Approval of the Merger required that a minimum of 75% of the voting Frontline 2012 shareholders and 50% of the voting Company shareholders voted in favor of the Merger. In connection with the special general meetings of the Company and Frontline 2012, Hemen and Ship Finance entered into voting agreements to vote all of their respective shares in favor of the Merger. Following completion of the Merger, Hemen and Ship Finance, owned 51.7% and 7.0% , respectively, of the Company's outstanding shares. Accounting for the Merger The Merger has been accounted for as a business combination using the acquisition method of accounting under the provisions of ASC 805, with Frontline 2012 selected as the accounting acquirer under this guidance. The factors that were considered in determining that Frontline 2012 should be treated as the accounting acquirer were the relative voting rights in the combined company, the composition of the board of directors in the combined company, the controlling interest of Hemen, the relative sizes of the Company and Frontline 2012, the composition of senior management of the combined company, the name of the combined company, the terms of exchange of equity interests and the continued stock exchange listings of the combined company. Management believes that the relative voting rights in the combined company, the composition of the board of directors in the combined company, the controlling interest of Hemen and the relative sizes of the Company and Frontline 2012 were the most significant factors in determining Frontline 2012 as the accounting acquirer. The following represents the purchase price calculation (in thousands, total amounts may not recalculate due to rounding) and has not been restated for the 1-for-5 reverse share split: (Number of shares in thousands) Total number of Frontline 2012 shares 249,100 Cancellation of treasury shares (6,792 ) Cancellation of shares held by the Company (13,460 ) Number of Frontline 2012 shares qualifying for merger consideration 228,848 Frontline 2012 shares that would be issued to maintain combined company shareholdings (1) 77,794 Total number of Frontline 2012 shares if it was the legal acquirer 306,642 1. As Frontline 2012 shareholders own approximately 74.6% of the combined company, it is calculated that Frontline 2012 would issue approximately 77,794,000 shares in order to retain a 74.6% shareholding if it was the legal acquirer. (in thousands of $) Frontline 2012 shares that would be issued to maintain combined company shareholdings 77,794 Closing Frontline 2012 share price on November 30, 2015 $ 7.18 Total purchase price consideration 558,571 The following represents the calculation of goodwill arising and the allocation of the total purchase price to the estimated fair value and historic cost of assets acquired and fair value of liabilities assumed: (in thousands of $) Total purchase price consideration 558,571 Fair value of net assets acquired and liabilities assumed (333,298 ) Goodwill 225,273 (in thousands of $) Cash and cash equivalents 87,443 Current assets 145,601 Vessels and equipment, net 132,712 Vessels held under capital lease, net 706,219 Favorable newbuilding contracts 16,523 Investment in finance lease, long term portion 41,468 Short-term debt and current portion of long-term debt (4,004 ) Current portion of obligations under capital lease (96,123 ) Other current liabilities (91,250 ) Long-term debt (52,516 ) Obligations under capital lease, long term portion (453,007 ) Other non-current liabilities (99,768 ) Fair value of net assets acquired and liabilities assumed 333,298 The Company believes that the goodwill may be attributable, in part or in whole, to the following factors; the expected synergies from combining the operations of the Company and Frontline 2012, particularly in respect of the benefits of operating an enlarged oil tanker fleet and assembled workforce. Also, the exchange ratio for the merger was agreed between the Company and Frontline 2012 in June 2015. Due to passage of time from June 2015 until completion of the merger in November 2015, the increase in Frontline 2012's share price resulted in a increase in the value of the purchase price consideration, which increased the goodwill amount that was recognized upon completion of the Merger. Vessels and equipment, net The two vessels acquired upon the Merger have been valued at fair value (level 2) based on the average of broker valuations from two different ship broker companies The brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions. The fair value of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives in accordance with Frontline 2012's existing policy. Favorable newbuilding contracts In November 2015, the Company entered into an agreement to purchase two Suezmax tanker newbuilding contracts from Golden Ocean at a purchase price of $55.7 million per vessel. The vessels have delivery dates in the first half of 2017. The contracts were acquired as a result of the Merger and were fair valued (level 2) at $16.5 million being the excess of the estimated fair value of the contracts less the purchase price. The fair value of favorable newbuilding contracts was added to the carrying value of Newbuildings when the purchase of these contracts was completed in December 2015. Vessels acquired with existing time charters The value of a time charter contract acquired with a vessel is recognized separately to the value of the vessel. These contracts are fair valued (level 3) using an 'excess earnings' technique whereby the terms of the contract are assessed relative to current market conditions and they are recorded at the sum of the incremental or decremental cash flows arising over the life of the contracts. The Company acquired five unfavorable time charter contracts upon the Merger. The value of such contracts is amortized over the term of the contracts on a straight line basis. Vessels under capital lease Leases of vessels, where the Company has substantially all the risks and rewards of ownership, are classified as capital leases. The Company acquired nineteen vessels under capital lease upon the Merger, fifteen of which are leased from Ship Finance ( one lease was terminated in December 2015 and one lease was terminated in July 2016) and require daily hire payments to Ship Finance of $20,000 and $15,000 for VLCCs and Suezmaxes, respectively, and a profit share payment (contingent rental expense) of 50% above the daily hire rates. The leasehold interest in these capital leased assets has been recorded at fair value (level 3) based on the discounted value of the expected cash flows from the vessels. The obligations under these capital leases have been recorded at fair value (level 3) based on the net present value of the contractual lease payments and the estimated contingent rental expense that is expected to accrue over the terms of the leases. As of December 31, 2016, the Company has recorded total obligations under these capital leases of $422.6 million of which $262.7 million is in respect of the minimum contractual payments and $159.9 million is in respect of contingent rental expense. Investment in finance leases The Company acquired one sales-type lease as a result of the Merger. The fair value (level 3) of the leasehold interest is based on the expected future cash flows derived from the time charter out of the vessel over the remaining term of the lease. 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 finance lease interest income and 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. The Consolidated Statement of Operations for 2015 includes revenues of $43.5 million and net income of $9.8 million , which are attributable to the Company. Unaudited Pro Forma Results The following unaudited pro forma financial information presents the combined results of operations of the Company and Frontline 2012 as if the Merger had occurred as of the beginning of the years presented. The pro forma financial information is not intended to represent or be indicative of the consolidated results of operations or financial condition of the Company that would have been reported had the acquisition been completed as of the dates presented, and should not be taken as representative of the future consolidated results of operations or financial condition of the Company. (in thousands $, except per share data) 2015 2014 Total operating revenues 934,670 777,436 Net income (loss) from continuing operations 269,352 (90,672 ) Loss from discontinued operations (131,006 ) (51,159 ) Net income (loss) 138,346 (141,831 ) Net loss attributable to non-controlling interest 30,244 63,214 Net income (loss) attributable to the Company 168,590 (78,617 ) Basic and diluted earnings per share; Basic and diluted earnings (loss) per share attributable to the Company from continuing operations $ 2.24 $ (0.73 ) Basic and diluted (loss) income per share attributable to the Company from discontinued operations $ (0.84 ) $ 0.10 Basic and diluted earnings (loss) per share attributable to the Company $ 1.40 $ (0.63 ) Amounts shown above for basic and diluted earnings per share reflect the 1-for-5 reverse share split in February 2016. |
ACQUISITION OF GOLDEN OCEAN
ACQUISITION OF GOLDEN OCEAN | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
ACQUISITION OF GOLDEN OCEAN | ACQUISITION OF GOLDEN OCEAN The Transaction On April 3, 2014, Frontline 2012 and Knightsbridge Shipping Limited (NASDAQ: VLCCF), renamed Golden Ocean Group Limited, or Golden Ocean, entered into an agreement pursuant to which Frontline 2012 sold all of the shares of five SPCs, each owning a cash balance and a Capesize newbuilding, to Golden Ocean. On April 23, 2014, the closing date of the transaction, Golden Ocean issued 15.5 million newly issued ordinary shares to Frontline 2012 as consideration and Golden Ocean assumed $150.0 million in remaining newbuilding installments in connection with the SPCs. The SPCs had newbuilding costs and cash of $41.6 million and $43.4 million , respectively, at this time. Frontline 2012 also agreed to continue the performance guarantees given in favor of the yard until the delivery of each newbuilding for no consideration and, Golden Ocean agreed to hold Frontline 2012 harmless against any claim under the performance guarantee after the closing date of the transaction. Golden Ocean also had the right but not the obligation to sell the SPC back to Frontline 2012 if it reached a point whereby the newbuilding contract could be cancelled. All five newbuildings were delivered to Golden Ocean during 2014. Frontline 2012 owned approximately 31.6% of the total shares outstanding in Golden Ocean with a market value of $194.4 million as a consequence of this transaction and commenced equity accounting for this investment. Frontline 2012 recorded a gain of $74.8 million in 'Gain on cancellation and sale of newbuilding contracts', which has been included within income (loss) from discontinued operations, on the sale of the five SPCs, after elimination of $34.5 million representing 31.6% of the total gain of $109.3 million . In April 2014, Frontline 2012 also agreed to sell twenty-five SPCs to Golden Ocean, each owning a fuel efficient dry bulk newbuilding. Thirteen of the SPCs were sold in September 2014 at which time Golden Ocean issued 31.0 million shares to Frontline 2012 and assumed $490.0 million in respect of remaining newbuilding installments. Cash of $25.1 million was disposed of on the sale of the SPCs. Frontline 2012 owned approximately 58% of the total shares outstanding in Golden Ocean as a consequence of this transaction and commenced consolidation of Golden Ocean. Frontline 2012 sold the remaining twelve SPCs in March 2015 and received 31.0 million shares of Golden Ocean as consideration. Golden Ocean assumed $404.0 million in respect of remaining newbuilding installments, net of a cash payment from Frontline 2012 of $108.6 million . Frontline 2012 owned 77.5 million shares of Golden Ocean following this transaction or 69.7% of the total shares outstanding. Accounting for the Acquisition Frontline 2012's acquisition of Golden Ocean in September 2014 was accounted for as a business combination using the acquisition method of accounting under the provisions of ASC 805, with Frontline 2012 selected as the accounting acquirer under this guidance. The carrying value of Frontline 2012's investment in Golden Ocean at the date of acquisition was $154.0 million and this was revalued at $178.4 million based on the closing share price on September 15, 2014 of $11.51 and $24.4 million was recorded as a gain in 'Share of results from associated company and gain on equity interest', which has been included within income (loss) from discontinued operations. The carrying value of Frontline 2012's investment in Golden Ocean at the date of acquisition of $154.0 million was equal to the $194.4 million market value as of April 3, 2014 less $34.5 million being 31.6% of the total gain of $109.3 million arising on the sale of the five SPCs in April 2014, less $5.9 million being the share of results from this associate until September 15, 2014. The thirteen SPCs sold by Frontline 2012 to Golden Ocean in September 2014 were recorded at their historic cost of $131.6 million (including cash held in the SPCs of $25.1 million ). The valuation of the remaining consideration is based on the fair value of the total number of ordinary shares owned by Frontline 2012 and non-controlling interests based on the September 15, 2014 closing share price of $11.51 : (in thousands of $) Carrying value of the newbuilding contracts in the thirteen SPCs 106,406 Cash held in the thirteen SPCs 25,149 Fair value of non-controlling interest (33.6 million shares at $11.51 per share) 386,984 Fair value of previously held equity (15.5 million shares at $11.51 per share) 178,405 Total value of consideration 696,944 The following represents the calculation of goodwill arising on consolidation based on Frontline 2012's management's allocation of the total purchase price to the estimated fair value and historic cost of assets acquired and fair value of liabilities assumed: (in thousands of $) Assets 125,421 Newbuildings 83,700 Vessels, net 465,334 Current liabilities (27,757 ) Long term liabilities (230,791 ) Fair value of net assets acquired and liabilities assumed 415,907 Newbuildings and cash at historic cost 131,555 Total value of net assets acquired and liabilities assumed 547,462 Total value of consideration 696,944 Goodwill arising on consolidation 149,482 The full amount of the goodwill arising on consolidation was written off in the fourth quarter of 2014 following Frontline 2012's impairment assessment at December 31, 2014, which was triggered by the significant fall in rates per the Baltic Dry Index and the significant fall in Golden Ocean's share price in the fourth quarter of 2014. The goodwill impairment loss has been included within Net loss from discontinued operations. The Consolidated Statement of Operations for 2014 includes revenues of $33.4 million and a net loss of $63.2 million , which are attributable to Golden Ocean and have been recorded in Net loss from discontinued operations. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 6. DISCONTINUED OPERATIONS Frontline 2012 acquired a 31.6% shareholding in Golden Ocean in April 2014 following the sale of five SPCs to Golden Ocean and the receipt of 15.5 million shares as consideration, Frontline 2012 equity accounted for this interest from that time up to September 2014, at which time Frontline 2012 consolidated Golden Ocean. Frontline 2012 recorded share of earnings in respect of Golden Ocean of $0.3 million in the period from April to September 2014. Frontline 2012 also recorded a gain of $24.4 million in 'Share of results from associated companies and gain on equity interest', which has been included within income (loss) from discontinued operations, on the revaluation of its interest in Golden Ocean at the time it commenced consolidation. Frontline 2012 owned 77.5 million shares of Golden Ocean or 69.7% of the total shares outstanding at the time of Golden Ocean's merger with Golden Ocean Group Limited, or the Former Golden Ocean, on March 31, 2015. This ownership percentage was reduced to 44.9% as a result of the aforementioned merger. Frontline 2012 stopped consolidating at this time and equity accounted for its shareholding in Golden Ocean upto June 2015, at which time Frontline 2012 paid a stock dividend of Golden Ocean shares (see below). Frontline 2012 received dividends of $6.2 million from Golden Ocean, prior to its consolidation, in the year ended December 31, 2014. The net revenues, net operating income and net income for Golden Ocean in the year ended December 31, 2014 were $96.7 million , $19.5 million and $16.0 million , respectively. In June 2015, Frontline 2012 paid a stock dividend consisting of 75.4 million Golden Ocean shares. All shareholders holding 3.2142 shares or more, received one share in Golden Ocean for every 3.2142 shares held, rounded down to the nearest whole share. The remaining fractional shares were paid in cash. Frontline 2012 held 77.5 million Golden Ocean shares prior to this stock dividend and retained 2.1 million Golden Ocean shares in respect of the treasury shares held at the time of the dividend. This stock dividend was deemed to trigger discontinued operations presentation of the results of Golden Ocean as it represented a strategic shift that has a major effect on Frontline 2012's financial and operational results. Amounts recorded in respect of discontinued operations in the years ended December 31, 2015 and 2014 are as follows; (in thousands of $) 2015 2014 Operating revenues 18,083 33,432 Gain on sale of newbuilding contracts — 74,834 Voyage expenses and commissions (13,414 ) (17,291 ) Ship operating costs (7,050 ) (6,797 ) Administrative expenses (985 ) (2,490 ) Goodwill impairment loss — (149,482 ) Depreciation (7,712 ) (6,187 ) Vessel impairment loss (62,489 ) — Interest income — 17 Interest expense (2,119 ) (1,698 ) Gain on revaluation of investment in Golden Ocean — 24,422 Share of results from associated companies (14,880 ) 321 Impairment loss on shares (40,556 ) — Gain on non-controlling interest 192 — Other financial items (76 ) — Foreign exchange loss — (2 ) Other non-operating expense — (238 ) Net loss from discontinued operations (131,006 ) (51,159 ) Net loss attributable to non-controlling interest (30,305 ) (63,214 ) Net (loss) income from discontinued operations after non-controlling interest (100,701 ) 12,055 The vessel impairment loss in 2015 relates to five vessels ( KSL China, Battersea, Belgravia, Golden Future and Golden Zhejiang) , which Golden Ocean agreed to sell to, and lease back, from Ship Finance. Impairment losses are taken when events or changes in circumstances occur such that future cash flows for an individual vessel will be less than its carrying value and not fully recoverable. In such instances an impairment charge is recognized if the estimate of the undiscounted cash flows expected to result from the use of the vessel and its eventual disposition is less than the vessel's carrying amount. The impairment loss on shares in 2015 relates to the shares held in Golden Ocean and was incurred in the period from March 31, 2015 (being the date of de-consolidation of Golden Ocean) to June 26, 2015 (being the date of Frontline 2012's stock dividend of Golden Ocean shares). The total impairment loss in this period was $41.7 million , of which $1.1 million was allocated to continuing operations and $40.6 million was allocated to discontinued operations based on the number of Golden Ocean shares that were dividended and retained. An additional impairment loss of $9.4 million was recorded in the period April 1 to December 31, 2015 in relation to the retained non-controlling interest held as an available for sale security. The impairment losses were recorded in the Consolidated Statement of Operations as Impairment loss on marketable securities as it was determined that the losses were other than temporary in view of the significant fall in rates in the Baltic Dry Index. Related Party Transactions On April 3, 2014, Frontline 2012 and Golden Ocean, entered into an agreement pursuant to which Frontline 2012 sold all of the shares of five SPCs, each owning a Capesize newbuilding, to Golden Ocean. On April 23, 2014, the closing date of the transaction, Golden Ocean issued 15.5 million newly issued ordinary shares to Frontline 2012 as consideration and Golden Ocean assumed $150.0 million in remaining newbuilding installments in connection with the SPCs. Frontline 2012 disposed of cash of $43.4 million on the sale of the SPCs. Frontline 2012 owned approximately 31.6% of the total shares outstanding in Golden Ocean as a consequence of this transaction and commenced equity accounting for this investment. In April 2014, Frontline 2012 also agreed to sell twenty-five SPCs to Golden Ocean, each owning a fuel efficient dry bulk newbuilding. Thirteen of the SPCs were sold in September 2014 at which time Golden Ocean issued 31.0 million shares to Frontline 2012 and assumed $490.0 million in respect of remaining newbuilding installments. Cash of $25.1 million was disposed of on the sale of the SPCs. Frontline 2012 owned approximately 58% of the total shares outstanding in Golden Ocean as a consequence of this transaction and accounted for it as a business combination achieved in stages. Frontline 2012 sold the remaining twelve SPCs in March 2015 and received 31.0 million shares of Golden Ocean as consideration. Golden Ocean assumed $404.0 million in respect of remaining newbuilding installments, net of a cash payment from Frontline 2012 of $108.6 million . Management Agreements General Management Agreement Golden Ocean was provided with general administrative services up to March 31, 2015, at which time the General Management Agreement was terminated, by ICB Shipping (Bermuda) Limited, or ICB, a subsidiary of the Company. ICB was entitled to a management fee of $2.3 million per annum, plus a commission of 1.25% on gross freight revenues from Golden Ocean's tanker vessels, 1% of proceeds on the sale of any of Golden Ocean's vessels, and 1% of the cost of the purchase of vessels. In addition, Golden Ocean, in its discretion, has awarded equity incentives to ICB based upon its performance. Such awards were subject to the approval the Golden Ocean Board of Directors. Technical Management The technical management of the Golden Ocean's vessels was provided by ship mangers subcontracted by its General Manager. General Management Agreement fees, Technical Management fees, newbuilding commission and newbuilding supervision fees earned by the General Manager were $0.6 million , $0.2 million , nil and $1.1 million , respectively, for the period January 1, 2015 to March 31, 2015 and $0.7 million , $0.2 million , $0.2 million and $1.5 million , respectively, for the period September 15, 2014 to December 31, 2014. Commercial Management with the Former Golden Ocean Pursuant to a commercial management agreement, or the Dry Bulk Commercial Management Agreement, the Former Golden Ocean managed Golden Ocean's dry bulk carriers. The Former Golden Ocean was able to subcontract some or all of the services provided to Golden Ocean and its subsidiaries to its affiliates or third parties. Pursuant to the Dry Bulk Commercial Management Agreement, the Former Golden Ocean was entitled to receive a commission of 1.25% of all gross freight earned by Golden Ocean's dry bulk carriers. In addition, Golden Ocean, in its discretion, awarded equity incentives to the Former Golden Ocean based on its performance. Such awards were subject to the approval of the Golden Ocean Board of Directors. The Former Golden Ocean was considered a related party from September 15, 2014 when Golden Ocean became a majority-owned subsidiary of Frontline 2012. Management fees earned by the Former Golden Ocean were $0.1 million for the period January 1, 2015 to March 31, 2015 and $0.4 million for the period September 15, 2014 to December 31, 2014. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | 7. SEGMENT INFORMATION The Company and the chief operating decision maker, or 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: tankers, following the reclassification of the results of Golden Ocean as discontinued operations. The tankers segment includes crude oil tankers and product tankers. The Company's management does not evaluate performance by geographical region as this information is not meaningful. Revenues from two customers in the year ended December 31, 2016 accounted for 10% or more of the Company's consolidated revenues in the amounts of $117.8 million and $78.0 million Revenues from one customer in the year ended December 31, 2015 , accounted for 10% or more of the Company's consolidated revenues in the amount of $71.3 million . Revenues from one customer in the year ended December 31, 2014 , accounted for 10% or more of the Company's consolidated revenues in the amount of $41.0 million . |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
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 Under Section 863(c)(2)(A) of the Internal Revenue Code, 50% of all transportation revenue attributable to transportation which begins or ends in the United States shall be treated as from sources within the United States. Such revenue is subject to 4% tax. Revenue tax of $0.9 million has been recorded in voyage expenses and commissions in 2016 (2015: $0.9 million , 2014: $0.4 million ). 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, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 9. EARNINGS PER SHARE The computation of basic earnings per share is based on the weighted average number of shares outstanding during the year and net income attributable to the Company. The impact of stock options using the treasury stock method was anti-dilutive in each year as the exercise price was higher than the average share price and, therefore 1,170,000 , 125,000 and nil options were excluded from the denominator in the calculation for 2016, 2015 and 2014, respectively. The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows: (in thousands of $) 2016 2015 2014 Net income from continuing operations after non-controlling interest 117,010 255,325 137,414 Net (loss) income from discontinued operations after non-controlling interest — (100,701 ) 12,055 Net income attributable to the Company 117,010 154,624 149,469 (in thousands) 2016 2015 2014 Weighted average number of ordinary shares 156,973 120,082 125,189 The weighted average numbers of shares outstanding have been adjusted for the reverse business acquisition of the Company by Frontline 2012 and the 1-for-5 reverse share split that was effected in February 2016. |
GAIN ON CANCELLATION AND SALE O
GAIN ON CANCELLATION AND SALE OF NEWBUILDING CONTRACTS | 12 Months Ended |
Dec. 31, 2016 | |
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS [Abstract] | |
GAIN ON CANCELLATION AND SALE OF NEWBUILDING CONTRACTS | 10. OTHER OPERATING (LOSSES) GAINS (in thousands of $) 2016 2015 2014 (Loss) gain on cancellation of newbuilding contracts (2,772 ) 30,756 68,989 Gain on sale of newbuilding contracts — 78,167 — Gain on lease termination 89 — — (2,683 ) 108,923 68,989 In April 2014, Frontline 2012 recorded a gain of $35.9 million following the receipt of $99.3 million in connection with the cancellation of its first newbuilding contract (hull J0025) at Jinhaiwan. $44.9 million of the amount received was used to repay bank debt, which was secured on the cancelled newbuilding contract. In September 2014, Frontline 2012 recorded a gain of $28.9 million following the receipt of $52.4 million in connection with the cancellation of its fourth newbuilding contract (hull J0028) at Jinhaiwan. There was no bank debt secured on this cancelled newbuilding contract and so none of the amount received was used to repay bank debt. In September 2014, Frontline 2012 recorded a gain of $2.2 million following the receipt of $11.0 million in connection with the cancellation in July 2014 of hull D2172 at STX (Dalian) Shipbuilding Co., Ltd, or STX Dalian. There was no bank debt secured on this cancelled newbuilding contract and so none of the amount received was used to repay bank debt. In October 2014, Frontline 2012 recorded a gain of $2.0 million following the receipt of $11.1 million in connection with the cancellation in September 2014 of hull D2173 at STX Dalian. There was no bank debt secured on this cancelled newbuilding contract and so none of the amount received was used to repay bank debt. In January 2015, Frontline 2012 recorded a gain of $1.7 million following the receipt of $7.6 million in connection with the cancellation in December 2014 of hull D2174 at STX Dalian. There was no bank debt secured on this cancelled newbuilding and so none of the amount received was used to repay bank debt. In June 2015, Frontline 2012 recorded a gain of $23.1 million following the receipt of $24.7 million in connection with the cancellation in October 2013 of hull J0106 at Jinhaiwan. There was no bank debt secured on this cancelled newbuilding and so none of the amount received was used to repay bank debt. In August 2015, Frontline 2012 recorded a total gain of $3.0 million following the receipt of $7.3 million for each vessel in connection with the cancellation in June 2015 of hulls D2175 and D2176 at STX Dalian. There was no bank debt secured on this cancelled newbuilding and so none of the amount received was used to repay bank debt. In October 2015, Frontline 2012 recorded a gain of $2.8 million following the receipt of $11.9 million in connection with the cancellation in May 2014 of hull D2171 at STX Dalian. There was no bank debt secured on this cancelled newbuilding and so none of the amount received was used to repay bank debt. In January 2014, Frontline 2012 received $139.2 million from Avance Gas, a then equity investee, in connection with the agreed sale of eight VLGC newbuildings to Avance Gas immediately following their delivery to Frontline 2012 from the yard. This receipt was placed in a restricted account to be used for installments to be paid by Frontline 2012, past and future construction supervision costs and it also included a profit element to be transferred to cash and cash equivalents on delivery of each newbuilding. All vessels were delivered in 2015 and Frontline 2012 recognized an aggregate gain on sale of $78.2 million . In May 2016, the Company agreed with Ship Finance to terminate the long term charter for the 1998-built VLCC Front Vanguard . The charter with Ship Finance terminated in July 2016. The Company made a compensation payment to Ship Finance of $0.4 million for the termination of the charter and recorded an impairment loss of $7.3 million in 2016 and recorded a gain on lease termination of $0.1 million . In June 2016, the Company entered into an agreement to sell its six MR tankers for an aggregate price of $172.5 million to an unaffiliated third party. Five of these vessels were delivered by the Company in August and September 2016 and the final vessel was delivered in November 2016. The Company recorded an impairment loss of $18.2 million in 2016 in respect of these vessels. In October 2016, the Company entered into an agreement with STX Offshore & Shipbuilding Co., Ltd in Korea, or STX, to terminate the contracts for four VLCC newbuildings due for delivery in 2017. The Company recorded a loss of $2.8 million related to these contract terminations. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
LEASES | 11. LEASES As of December 31, 2016 , the Company leased in thirteen vessels on long-term time charter (2015: fifteen vessels), all of which were leased from Ship Finance (2015: fourteen leased from Ship Finance). All of these long-term charters are classified as capital leases. A further eight vessels are leased in on short-term time charters from third parties and have been classified as operating leases. Four of these short-term time charter agreements have a profit sharing agreement whereby the Company pays the counterparty an amount equal to 60% of the charter revenues earned in excess of the daily base charter hire paid. One of these vessels has a profit sharing agreement whereby the net earnings of the vessel in excess of/below the daily fixed rate charter hire expense will be shared equally with a third party. Furthermore, the Company is committed to make rental payments under operating leases for office premises. Rental expense The future minimum rental payments under the Company's non-cancellable operating leases are as follows: (in thousands of $) 2017 15,413 2018 649 2019 365 2020 230 2021 — Thereafter — 16,657 Total expense for operating leases was $71.8 million , $43.2 million and nil for the years ended December 31, 2016 , 2015 and 2014 , respectively. Contingent rental expense In March 2015, the Company entered into an agreement to charter-in an MR tanker on a fixed rate charter whereby the Company agreed to pay the counterparty a profit sharing payment equal to 50% of the charter revenues earned by Frontline 2012 in excess of the daily base charter hire paid. At December 31, 2016 , the profit share expense incurred and recorded as charter hire expense was nil (2015: $0.7 million ). In November 2015, the Company entered into an agreement to charter-in two VLCCs and two Suezmax tankers on a fixed rate charter whereby the Company agreed to pay the counterparty a profit sharing payment equal to 60% of the charter revenues earned by the Company in excess of the daily base charter hire paid. The charters commenced between January and April 2016. At December 31, 2016 , the profit share expense incurred and recorded as charter hire expense was $4.2 million (2015: nil ). In November 2015, a subsidiary of the Company entered into an agreement to charter-in a VLCC tanker on a fixed rate charter whereby the net earnings of the vessel in excess of/below the daily fixed rate charter hire expense will be shared equally. At December 31, 2016 , the profit share expense incurred and recorded as charter hire expense was $0.2 million (2015: nil ). Rental income Thirteen vessels were on fixed rate time charters at December 31, 2016 (2015: sixteen vessels) of which one vessel (2015: two vessels) was on fixed rate time charter with a profit sharing agreement in place. No vessels were on index linked time charters at December 31, 2016 (2015: two vessels). The minimum future revenues to be received under these contracts as of December 31, 2016 are as follows: (in thousands of $) 2017 89,277 2018 2,426 2019 — 2020 — 2021 — Thereafter — 91,703 The cost and accumulated depreciation of vessels leased to third parties as of December 31, 2016 were $712.6 million and $65.5 million, respectively, and as of December 31, 2015 were $734.2 million and $75.3 million , respectively. Contingent rental income In March 2015, the Company entered into an agreement to charter-out two Suezmax tankers on fixed rate time charters whereby the counterparty agreed to pay the Company a profit sharing payment equal to 50% of the charter revenues earned in excess of daily base charter hire paid. These vessels were redelivered from the charters during March and April 2016 with profit share income in the year ending December 31, 2016 amounting to $0.7 million (2015: $1.0 million ). In December 2014, the Company entered into agreements to charter-out two Suezmax tankers on index linked time charters. During 2016, the Company earned revenues of $7.1 million , recorded as time charter revenues (2015: $27.7 million ; 2014: $17.9 million ). These vessels were redelivered to the Company in January and July 2016. |
RESTRICTED CASH
RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2016 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Cash and Cash Equivalents Disclosure [Text Block] | Restricted cash does not include cash balances of $49.6 million (2015: $40.3 million ), which are required to be maintained by the financial covenants in our loan facilities, or cash balances of $26.0 million (2015: $28.0 million ), which are required to be maintained by our vessel leasing agreements with Ship Finance, as these amounts are included in "Cash and cash equivalents". |
INVESTMENT IN FINANCE LEASE
INVESTMENT IN FINANCE LEASE | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENT IN FINANCE LEASE [Abstract] | |
INVESTMENT IN FINANCE LEASE | 13. INVESTMENT IN FINANCE LEASE As of December 31, 2016 , one of the Company's vessels was accounted for as a sales-type lease ( 2015 : one ) and this was acquired as a result of the Merger. The components of the investment in the sales-type lease may be summarized as follows: (in thousands of $) 2016 2015 Net minimum lease payments receivable 33,563 45,089 Estimated residual values of leased property (unguaranteed) 10,821 10,821 Less: finance lease interest income (3,731 ) (5,925 ) Total investment in sales-type lease 40,653 49,985 Current portion 9,745 9,329 Long-term portion 30,908 40,656 40,653 49,985 The minimum future gross revenues to be received under the sales-type lease as of December 31, 2016 are as follows: (in thousands of $) 2017 11,493 2018 10,419 2019 11,493 2020 158 2021 — Thereafter — 33,563 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, 2016 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | 14. MARKETABLE SECURITIES Marketable securities held by the Company are listed equity securities considered to be available-for-sale securities. (in thousands of $) 2016 2015 Balance at start of the year 13,853 — Shares acquired as a result of stock dividends — 10,632 Shares acquired upon the Merger — 12,803 Impairment loss (7,233 ) (9,369 ) Unrealized gain (loss) recorded in other comprehensive income 1,808 (213 ) 8,428 13,853 In March 2015, Frontline 2012 paid a stock dividend consisting of 4.1 million Avance Gas shares. Frontline 2012 retained 112,715 shares, which were recorded as marketable securities, in respect of the treasury shares held at the time of the dividend. The Company received 329,669 shares when Frontline 2012 paid the stock dividend. As of December 31, 2016 and 2015, the Company holds 442,384 shares in Avance Gas, which are recorded as marketable securities. In June 2015, Frontline 2012 paid a stock dividend consisting of 75.4 million Golden Ocean shares. Frontline 2012 retained 2,114,129 shares, which were recorded as marketable securities, in respect of the treasury shares held at the time of the dividend. The Company received 4,187,667 shares when Frontline 2012 paid the stock dividend and held a further 51,498 shares previously. As of December 31, 2016 and 2015, the Company holds 1,270,657 shares in Golden Ocean (as adjusted for the 1-for-5 reverse share split in August 2016), which are recorded as marketable securities. As of December 31, 2016 and 2015, the Company owned 73,383 shares in Ship Finance, which were acquired as a result of the Merger. An impairment loss of $9.4 million was recorded in the year ended December 31, 2015, as a result of (i) the mark to market loss on the remaining Golden Ocean shares held by Frontline 2012 in the period from June 26, 2015 through December 31, 2015, and (ii) the mark to market loss on the Golden Ocean shares that were acquired as a result of the Merger. An impairment loss was recorded in both cases as it was determined that the loss was other than temporary in view of the significant fall in rates in the Baltic Dry Index. An impairment loss of $2.4 million was recorded in the three months ended March 31, 2016, in respect of the mark to market loss on the Golden Ocean shares that was determined to be other than temporary in view of the significant fall in rates in the Baltic Dry Index and the short to medium term prospects for the dry bulk sector. An impairment loss of $4.9 million was recorded in the nine months ended September 30, 2016, in respect of the mark to market loss on the Avance Gas shares that was determined to be other than temporary in view of the significant fall in rates and the short to medium term prospects for the LPG sector. The cost of sale of available-for-sale marketable securities is calculated on an average cost basis. |
TRADE ACCOUNTS RECEIVABLE, NET
TRADE ACCOUNTS RECEIVABLE, NET | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
TRADE ACCOUNTS RECEIVABLE, NET | 15. TRADE ACCOUNTS RECEIVABLE, NET Trade accounts receivable are presented net of allowance for doubtful accounts of $6.2 million (2015: $1.7 million ). Movements in the allowance for doubtful accounts in the three years ended December 31, 2016 may be summarized as follows; (in thousands of $) Balance at December 31, 2013 154 Additions charged to income 340 Balance at December 31, 2014 494 Additions charged to income 1,184 Balance at December 31, 2015 1,678 Additions charged to income 4,492 Balance at December 31, 2016 6,170 The Company made a provision for an uncollectible receivable of $4.0 million at December 31, 2016 (2015: nil ), which is attributable to a receivable acquired upon the Merger and was recorded following an impairment review triggered by an adverse ruling in court proceedings in 2016. |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2016 | |
OTHER RECEIVABLES [Abstract] | |
OTHER RECEIVABLES | 16. OTHER RECEIVABLES (in thousands of $) 2016 2015 Claims receivable 10,732 12,697 Agent receivables 3,825 3,488 Other receivables 4,859 12,936 19,416 29,121 Claims receivable are primarily attributable to insurance claims. Other receivables are presented net of allowances for doubtful accounts amounting to nil and $0.2 million as of December 31, 2016 and 2015 , respectively. |
NEWBUILDINGS
NEWBUILDINGS | 12 Months Ended |
Dec. 31, 2016 | |
NEWBUILDINGS [Abstract] | |
NEWBUILDINGS | 17. NEWBUILDINGS Movements in the three years ended December 31, 2016 may be summarized as follows: (in thousands of $) Balance at December 31, 2013 252,753 Newbuildings acquired, net, on consolidation of Golden Ocean 83,700 Newbuildings sold to Golden Ocean in April 2014 (41,617 ) Newbuildings sold to Golden Ocean in September 2014 (64,178 ) Additions, net, continuing basis 188,623 Additions, net, discontinued basis 270,130 Transfer to held for distribution (250,118 ) Transfer to Vessels and equipment, net (186,717 ) Interest capitalized, continuing basis 5,129 Interest capitalized, discontinued basis 2,087 Transfer to short term claim receivable (32,742 ) Balance at December 31, 2014 227,050 Additions, net, continuing basis 677,103 Newbuildings acquired upon the Merger 16,523 Newbuildings acquired from related party 1,927 Newbuildings sold to Avance Gas (517,398 ) Transfer to Vessels and equipment, net (133,429 ) Interest capitalized, continuing basis 5,989 Transfer to short term claim receivable (11,532 ) Balance at December 31, 2015 266,233 Additions, net, continuing basis 614,116 Transfer to Vessels and equipment, net (532,766 ) Interest capitalized, continuing basis 6,994 Cancellations (46,253 ) Balance at December 31, 2016 308,324 As of December 31, 2013, Frontline 2012's newbuilding program totaled 62 vessels (including the eight newbuildings sold to Avance Gas) and comprised 20 newbuildings within the crude oil and petroleum product markets, 34 Capesize vessels and eight VLGCs. In February 2014, a wholly-owned subsidiaries of Frontline 2012 signed newbuilding contracts for four 180,000 dwt bulk carriers with expected deliveries between August 2016 and September 2016. In April 2014, Frontline 2012 entered into an agreement with Golden Ocean, and sold all of the shares of five SPCs, each owning a Capesize newbuilding, in exchange for 15.5 million shares of Golden Ocean. Two of the newbuildings were delivered to Golden Ocean in May 2014 and the remaining newbuildings were delivered in June, July and September 2014. The carrying cost of these newbuilding contracts was $41.6 million and Frontline 2012 recognized a gain on sale on these SPCs of $74.8 million , which was recorded in 'Gain on cancellation and sale of newbuilding contracts' and has been included in 'Net loss from discontinued operations'. In May 2014, Frontline 2012 cancelled the first of its six MR newbuilding contracts (hull D2171) at STX Dalian due to the excessive delay compared to the contractual delivery date and demanded payment from STX Dalian and the refund guarantee bank in respect of installments paid and accrued interest of $10.8 million . The carrying cost of hull D2171 at the time of cancellation of $9.0 million was transferred to a short term claim receivable and was settled in October 2015. In July 2014, Frontline 2012 cancelled the second of its six MR newbuilding contracts (hull D2172) at STX Dalian due to the excessive delay compared to the contractual delivery date and demanded payment from STX Dalian and the refund guarantee bank in respect of installments paid and accrued interest. The carrying cost of hull D2172 at the time of cancellation of $8.8 million was transferred to a claim receivable and was settled in September 2014. In September 2014, Frontline 2012 cancelled the third of its six MR newbuilding contracts (hull D2173) at STX Dalian due to the excessive delay compared to the contractual delivery date and demanded payment from STX Dalian and the refund guarantee bank in respect of installments paid and accrued interest of $11.0 million . The carrying cost of hull D2173 at the time of cancellation of $9.1 million was transferred to a claim receivable and was settled in October 2014. In December 2014, Frontline 2012 cancelled the fourth of its six MR newbuilding contracts (hull D2174) at STX Dalian due to the excessive delay compared to the contractual delivery date and demanded payment from $7.5 million in respect of installments paid and accrued interest from STX Dalian and the refund guarantee bank. The carrying cost of hull D2174 at the time of cancellation of $5.8 million was transferred to a short term claim receivable and was settled in January 2015. In January 2014, Frontline 2012 took delivery of Front Dee and Front Clyde and in February and March 2014, took delivery of Front Esk and Front Mersey , respectively, the remaining four fuel efficient MR tanker newbuildings ordered from STX Korea. In September 2014, Frontline 2012 took delivery of Front Lion the first of fourteen fuel efficient Aframax/LR2 tanker newbuildings ordered from Guangzhou Longxe Shipbuilding Co. Ltd. In September and December 2014, a wholly-owned subsidiaries of Frontline 2012 signed newbuilding contracts for six Suezmax carriers with expected deliveries between September 2016 and June 2017. At December 31, 2014, Frontline 2012 had four Capesize newbuilding contracts with STX Dalian and four Capesize newbuilding contracts with STX Korea, which had been sub-contracted to STX Dalian. No installments have been paid in respect of these newbuilding contracts and there has been no activity at STX Dalian in respect of these contracts. At December 31, 2014, Frontline 2012 also had two MR newbuilding contracts with STX Dalian (hulls D2175 and D2176), which had an aggregate carrying value of $11.6 million at that date. As of December 31, 2014, Frontline 2012's newbuilding program, excluding newbuildings agreed to be sold and newbuilding contracts with STX Dalian and STX Korea, comprised 13 Aframax/LR2 tanker newbuildings and six Suezmax tanker newbuildings. In January 2015, Frontline 2012 signed newbuilding contracts for two VLCCs with expected deliveries between February and May 2017. Frontline 2012 took delivery of the second and third Aframax/LR2 tanker newbuildings, Front Panther and Front Puma , in January 2015 and March 2015, respectively. In April 2015, Frontline 2012 signed newbuilding contracts for two Aframax/LR2s with expected deliveries between May and August 2017. In June 2015, Frontline 2012 took delivery of the fourth Aframax/LR2 tanker newbuilding, Front Tiger . In June 2015, Frontline 2012 cancelled the final two MR newbuilding contracts (hulls D2175 and D2176) at STX Dalian due to the excessive delay compared to the contractual delivery date and demanded payment of installments paid and accrued interest from STX Dalian and the refund guarantee bank. The carrying cost of hull D2175 and D2176 at the time of cancellation was $5.8 million per newbuilding, which was transferred to other receivables and settled in August 2015. In June 2015, Frontline 2012 signed newbuilding contracts for two VLCCs with expected deliveries between March and June 2017. In July 2015, Frontline 2012 signed newbuilding contracts for two Aframax/LR2 tankers with expected deliveries between July and August 2017. In September 2015, Frontline 2012 signed newbuilding contracts for two VLCCs with expected deliveries between July and October 2017. In November 2015, the Company entered into an agreement to purchase two Suezmax tanker newbuilding contracts from Golden Ocean at a purchase price of $55.7 million per vessel. The transaction was completed in December 2015. The vessels have delivery dates in the first half of 2017. The contracts were acquired as a result of the Merger and were valued at $16.5 million being the excess of the estimated fair value of the contracts less the purchase price. As at December 31, 2015, the Company's newbuilding program comprised six VLCCs, eight Suezmax tankers and 14 Aframax/LR2 newbuildings. In the first quarter of 2016, the Company took delivery of four Aframax/LR2 tanker newbuildings, Front Ocelot, Front Cheetah, Front Cougar and Front Lynx . The Company took delivery of two Aframax/LR2 tanker newbuildings, Front Leopard and Front Jaguar , in May and June 2016, respectively. In June 2016, the Company acquired two VLCC newbuildings under construction at Hyundai Heavy Industries at a purchase price of $84.0 million each. The Front Duke was delivered to the Company in September 2016 and the Front Duchess was delivered to the Company in February 2017. In June 2016, the Company also acquired options for two VLCC newbuildings, which lapsed in August 2016. In August 2016, the Company took delivery of the Suezmax newbuilding, Front Challenger . In September 2016, the Suezmax newbuilding, Front Crown and the Aframax/LR2 newbuilding, Front Altair , were delivered to the Company. In October 2016, the Company entered into an agreement with STX to terminate the contracts for four VLCC newbuildings due for delivery in 2017. The contracted price of these vessels was $364.3 million , of which the Company has paid installments of $45.5 million . Following the contract terminations, the Company has been released of any and all obligations relating to the contracts, and has received all installment payments made to STX, less a $0.5 million cancellation fee per vessel. The Company recorded a loss of $2.8 million related to the contract terminations in the third quarter of 2016. As of December 31, 2016 , the Company's newbuilding program comprised three VLCCs, six Suezmax tankers and seven Aframax/LR2 tanker newbuildings. |
VESSELS AND EQUIPMENT
VESSELS AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
VESSELS AND EQUIPMENT | 18. VESSELS AND EQUIPMENT Movements in the three years ended December 31, 2016 may be summarized as follows: (in thousands of $) Cost Accumulated Depreciation Net Carrying Value Balance at December 31, 2013 752,948 (49,887 ) 703,061 Transfer from Newbuildings 186,717 — Additions 3,986 — Depreciation — (31,845 ) Balance at December 31, 2014 943,651 (81,732 ) 861,919 Vessels and equipment acquired upon the Merger 132,712 — Transfers from Newbuildings 133,429 — Additions 101,752 — Depreciation — (40,614 ) Balance at December 31, 2015 1,311,544 (122,346 ) 1,189,198 Depreciation — (53,369 ) Additions 215 — Disposals (173,203 ) — Impairment loss (36,311 ) 18,099 Transfers from Newbuildings 532,766 — Balance at December 31, 2016 1,635,011 (157,616 ) 1,477,395 In January 2014, Frontline 2012 took delivery of Front Dee and Front Clyde and in February and March 2014, took delivery of Front Esk and Front Mersey , respectively, the remaining four fuel efficient MR tanker newbuildings ordered from STX Korea at an aggregate value of $137.5 million . In September 2014, Frontline 2012 took delivery of Front Lion, the first of fourteen fuel efficient Aframax/LR2 tanker newbuildings ordered from Guangzhou Longxe Shipbuilding Co. Ltd, at an aggregate value of $44.7 million . In January 2015 and March 2015, Frontline 2012 took delivery of the second and third of fourteen fuel efficient Aframax/LR2 tanker newbuildings, Front Panther and Front Puma , respectively, ordered from Guangzhou Longxe Shipbuilding Co.Ltd at an aggregate value of $89.5 million . In March 2015, Frontline 2012 took delivery of the 2009-built and 2011-built Suezmax tankers, Front Balder and Front Brage , respectively, following an agreement to purchase these vessels in January 2015 at an aggregate value of $100.0 million . In June 2015, Frontline 2012 took delivery of the fourth of fourteen fuel efficient Aframax/LR2 tanker newbuilding, Front Tiger, ordered from Guangzhou Longxe Shipbuilding Co.Ltd at a value of $43.9 million . The Company acquired the 2014-built and 2015-built Suezmax tankers, Front Ull and Front Idun , respectively, at a fair value of $130.0 million as a result of the Merger. The Company also acquired equipment at that time with a fair value of $2.7 million . In the first quarter of 2016, four Aframax/LR2 tanker newbuildings, the Front Ocelot , the Front Cheetah , the Front Cougar and the Front Lynx, were delivered to the Company at an aggregate value of $184.1 million . In May 2016 and June 2016, the Company took delivery of the Aframax/LR2 tanker newbuildings, Front Leopard and Front Jaguar, respectively, at an aggregate value of $92.7 million . In June 2016, the Company entered into an agreement to sell its six MR tankers for an aggregate price of $172.5 million to an unaffiliated third party. Five of these vessels were delivered by the Company in August and September 2016 and the final vessel was delivered in November 2016. The Company recorded an impairment loss of $18.2 million in 2016 in respect of these vessels. In August 2016, the Suezmax newbuilding, Front Challenger , was delivered to the Company at a value of $60.3 million . In September 2016, the VLCC newbuilding, Front Duke , the Suezmax newbuilding, Front Crown , and the Aframax/LR2 newbuilding, Front Altair , were delivered to the Company at an aggregated value of $195.6 million . |
VESSELS UNDER CAPITAL LEASE, NE
VESSELS UNDER CAPITAL LEASE, NET | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Capital [Abstract] | |
VESSELS UNDER CAPITAL LEASE, NET | 19. VESSELS UNDER CAPITAL LEASE, NET Movements in the two years ended December 31, 2016 may be summarized as follows: (in thousands of $) Cost Accumulated Depreciation Net Carrying Value Balance at December 31, 2014 — — — Acquired upon the Merger 706,219 — Depreciation (11,993 ) Balance at December 31, 2015 706,219 (11,993 ) 694,226 Impairment loss (63,958 ) 20,478 Lease termination (34,812 ) 8,173 Depreciation (87,674 ) Balance at December 31, 2016 607,449 (71,016 ) 536,433 The outstanding obligations under capital leases as of December 31, 2016 are payable as follows: (in thousands of $) 2017 85,808 2018 86,040 2019 79,495 2020 69,598 2021 61,270 Thereafter 166,565 Minimum lease payments 548,776 Less: imputed interest (126,176 ) Present value of obligations under capital leases 422,600 As of December 31, 2016 , the Company held 13 vessels under capital leases (2015: 15 vessels), all of which are leased from Ship Finance and were acquired upon the Merger (2015: 14 vessels). The remaining periods on these leases at December 31, 2016 range from 4 to 10 years. The Company recognized capital lease interest expense in 2016 of $35.4 million (2015: $3.4 million ). Two of these vessels have been subleased under noncancelable operating leases. The total future minimum sublease rentals to be received under these contracts as of December 31, 2016 amounts to $7.5 million . In May 2015, the Company and Ship Finance agreed to amendments to the leases on 12 VLCCs and five Suezmaxes, the related management agreements and further amendments to the charter ancillary agreements for the remainder of the charter periods. As a result of the amendments to the charter ancillary agreements, which took effect on July 1, 2015, the daily hire payable to Ship Finance was reduced to $20,000 per day and $15,000 per day for VLCCs and Suezmaxes, respectively. The fee due from Ship Finance for operating costs was increased from $6,500 per day per vessel to $9,000 per day per vessel. In return, the Company issued 11.0 million new shares (as adjusted for the 1-for-5 reverse share split in February 2016) to Ship Finance and the profit share above the new daily hire rates was increased from 25% to 50% . The Company was released from its guarantee obligation in exchange for agreeing to maintain a cash buffer of $2.0 million per vessel in its chartering counterparty. At December 31, 2016 , the contingent rental expense due to Ship Finance is $12.2 million (2015: $20.6 million ). As the Merger has been accounted for as a reverse business acquisition in which Frontline 2012 is treated as the accounting acquirer, all of the Company's assets and liabilities were recorded at fair value on November 30, 2015 such that estimated profit share over the remaining terms of the leases has been recorded in the balance sheet obligations. Consequently, the Company will only record profit share expense following the Merger when the actual expense is different to that estimated at the date of the Merger. As of December 31, 2016, the Company has recorded total obligations under these capital leases of $422.6 million of which $262.7 million is in respect of the minimum contractual payments and $159.9 million is in respect of contingent rental expense. Profit share arising in the year ended December 31, 2016 was $50.9 million , which was $18.6 million less than the amount accrued in the lease obligations payable when the leases were recorded at fair value at the time of the merger with Frontline 2012. No contingent rental expense was recorded in the month of December 2015. In May 2016, the Company agreed with Ship Finance to terminate the long term charter for the 1998-built VLCC Front Vanguard . The charter was terminated in July 2016. The Company agreed to a compensation payment to Ship Finance of $0.4 million for the termination of the charter and recorded an impairment loss of $7.3 million in the three months ended June 30, 2016 and recorded a gain on lease termination of $0.1 million . In the three months ended September, 2016, the Company recorded an impairment loss of $8.9 million in respect of three vessels leased in from Ship Finance - the 1997-built Front Ardenne , the 1998-built Front Brabant and the 1998-built Front Century - based on a 25% probability assumption of terminating the vessel's lease before the next dry dock. This impairment loss included $5.6 million in respect of Front Century. In November 2016, the Company agreed with Ship Finance to terminate the long term charter for Front Century upon the sale and delivery of the vessel to a third party. The charter was terminated in March 2017. The Company has agreed a compensation payment to Ship Finance of approximately $4.0 million for the termination of the charter and recorded an impairment loss of $27.3 million in the three months ended December 31, 2016 based on a 100% probability assumption of terminating the vessel's lease before the next dry dock. The Company expects to record a gain on lease termination of $20.3 million in the first quarter of 2017. Following this termination, the number of vessels on charter from Ship Finance was reduced to twelve vessels, including ten VLCCs and two Suezmax tankers. |
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENTS | 20. EQUITY METHOD INVESTMENTS As of December 31, 2013, Frontline 2012 owned 6,955,975 shares in Avance Gas Holdings Limited, or Avance Gas, a company registered on the over-the-counter market in Oslo on October 17, 2013, representing 22.89% of the total number of shares outstanding. On April 9, 2014, Avance Gas completed an initial public offering, or IPO, of 4,894,262 new ordinary shares. Frontline 2012 did not participate in the IPO and recognized a gain of $5.9 million on the dilution of its investment, which was recorded in 'Share of results from associated company and gain on equity interest'. Also on April 9, 2014, Frontline 2012 sold 2,854,985 shares in Avance Gas for $57.1 million and recognized a gain of $16.9 million , which was recorded in 'Gain on sale of shares'. Following the sale of shares in Avance Gas, Frontline 2012 owned 4,100,990 shares in Avance Gas at December 31, 2014, representing 11.62% of the total number of shares outstanding. On March 25, 2015, Frontline 2012 paid a stock dividend consisting of 4.1 million Avance Gas shares. All shareholders holding 60.74 shares or more, received one share in Avance Gas for every 60.74 shares they held, rounded down to the nearest whole share. The remaining fractional shares were paid in cash. $0.01 million of this dividend was paid in cash and $56.5 million was recorded as a stock dividend. Frontline 2012 retained 112,715 shares, which were recorded as marketable securities, in respect of the treasury shares held at the time of the dividend. Frontline 2012 stopped accounting for the investment as an equity method investment at this time as it no longer had significant influence over Avance Gas. Frontline 2012's share of earnings from Avance Gas was $2.7 million and $10.1 million in 2015 and 2014, respectively. Frontline 2012 received dividends of $4.1 million and $7.1 million from Avance Gas in 2015 and 2014, respectively, while accounting for Avance Gas as an equity method investment. In December 2014, Avance Gas changed its fiscal year end from November 30 to December 31. Avance Gas had net revenues, net operating income and net income of $180.4 million , $88.2 million and $81.8 million , respectively, in the year ended December 31, 2014. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | 21. ACCRUED EXPENSES (in thousands of $) 2016 2015 Voyage expenses 13,527 8,885 Ship operating expenses 6,869 11,030 Administrative expenses 1,355 2,713 Interest expense 2,003 807 Taxes 1,671 1,058 Contingent rental expense — 4,582 Other 734 614 26,159 29,689 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | (in thousands of $) 2016 2015 Deferred charter revenue 6,302 12,374 Other 3,990 3,501 10,292 15,875 |
VALUE OF UNFAVOURABLE TIME CHAR
VALUE OF UNFAVOURABLE TIME CHARTERS (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
unfavourable contracts [Text Block] | 23. VALUE OF UNFAVORABLE CHARTER CONTRACTS The Company acquired five unfavorable charter-out contracts upon the Merger. The allocated fair value is being amortized over the expected life of the contracts as an increase to time charter revenues. As of December 31, 2016, these contracts had been fully amortized. The value of unfavorable charter-out contracts maybe summarized as follows; (in thousands of $) 2016 2015 Acquired upon the Merger 8,109 8,109 Accumulated amortization (8,109 ) (1,310 ) — 6,799 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 24. DEBT (in thousands of $) 2016 2015 U.S. dollar denominated floating rate debt $500.1 million term loan facility 461,997 500,100 $60.6 million term loan facility 54,530 57,999 $466.5 million term loan facility 314,315 248,337 $109.2 million term loan facility 53,797 — $328.4 million term loan facility 107,981 — Total floating rate debt 992,620 806,436 Credit lines 11 20 Total debt 992,631 806,456 Current portion of long term debt 67,365 57,575 Deferred charges 10,674 3,186 Long term portion of debt 914,592 745,695 The outstanding debt as of December 31, 2016 is repayable as follows: (in thousands of $) 2017 67,365 2018 67,368 2019 67,362 2020 376,948 2021 335,896 Thereafter 77,692 992,631 $466.5 million term loan facility During December 2014, the amount of a $136.5 million term loan facility was increased to $466.5 million such that a further ten tranches of $33.0 million , each for a Aframax/LR2 tanker newbuilding, could be drawn. The repayment schedule was amended to installments on a quarterly basis, in an amount of $0.4 million for each MR product tanker and $0.4 million for each Aframax/LR2 tanker with a balloon payment on the final maturity date in April 2021. In addition the loan margin and commitment fee were amended to 2.05% and 0.82% , respectively. In December 2015, the loan margin was reduced to 1.90% . During 2015, $99.0 million was drawn down on delivery of three Aframax/LR2 tankers and $13.1 million was repaid. During, 2016, $192.4 million was drawn down on delivery of six Aframax/LR2 tankers and $126.4 million was repaid. The facility is fully drawn down as of December 31, 2016 . $60.6 million term loan facility In March 2015, Frontline 2012 entered into a $60.6 million term facility to fund the purchase of two second hand vessels. The loan has a term of five years and carries interest at LIBOR plus a margin of 1.80% . Repayments are made on a quarterly basis, each in an amount $0.9 million , with a balloon payment on the final maturity date in March 2021.The facility is fully drawn down as of December 31, 2016 . $500.1 million term loan facility In December 2015, subsidiaries of the Company signed a new $500.1 million senior secured term loan facility with a number of banks, which matures in December 2020 and carries an interest rate of LIBOR plus a margin of 1.9% . The proceeds of this new facility were used to refinance the $420.0 million , $200.0 million , $146.4 million and $60.0 million term loan facilities with an aggregate outstanding balance of $377.7 million and to repay outstanding amounts owed to Ship Finance of $112.7 million . This facility is secured by six VLCCs and six Suezmax tankers. Repayments are made on a quarterly basis, each in an amount $9.5 million , with a balloon payment on the final maturity date in December 2020. The facility is fully drawn down as of December 31, 2016 . $275.0 million term loan facility In June 2016, the Company signed a $275.0 million senior unsecured facility agreement with GHL Finance Limited, an affiliate of Hemen, the Company's largest shareholder. The $275.0 million facility carries an interest rate of 6.25% . The facility is available to the Company for a period of eighteen months from the first utilization date and is repayable in full on the eighteen month anniversary of the first utilization date. There are no scheduled loan repayments before this date. The facility does not include any financial covenants and will be used to part finance the Company's current newbuilding program, partially finance potential acquisitions of newbuildings or vessels on the water and for general corporate purposes. The full facility is available and undrawn as at December 31, 2016. $109.2 million term loan facility In July 2016, the Company entered into a senior secured term loan facility in an amount of up to $109.2 million with ING Bank. The facility matures on June 30, 2021, carries an interest rate of LIBOR plus a margin of 1.90% and has an amortization profile of 17 years. It will be used to part finance the acquisition made in June 2016 of the two VLCC newbuildings and is available in two equal tranches. The available undrawn amount at December 31, 2016 was up to $54.6 million . A commitment fee of 0.76% is payable on any undrawn part of the lenders commitment. $328.4 million term loan facility In August 2016, the Company signed a senior secured term loan facility in an amount of up to $328.4 million with China Exim Bank. The facility matures in 2029, carries an interest rate of LIBOR plus a margin in line with the Company's other facilities and has an amortization profile of 18 years. It will be used to part finance eight of our newbuildings and will be secured by four Suezmax tankers and four Aframax/LR2 tankers. The Company drew down $109.0 million in the year ended December 31, 2016 from this facility in connection with one LR2 tanker and two Suezmax tanker newbuildings, which were delivered in the year. A commitment fee in line with the Company's other facilities is payable on any undrawn part of the lenders commitment. $110.5 million term loan facility In December 2016, the Company signed a senior secured term loan facility in an amount of up to $110.5 million with Credit Suisse. The facility matures in 2022, carries an interest rate of LIBOR plus a margin of 1.90% and has an amortization profile of 18 years. The facility will be used to part finance two of our existing VLCC newbuilding contracts. The full facility is available and undrawn as at December 31, 2016. A commitment fee of 0.76% is payable on any undrawn part of the lenders commitment. The Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings under each of such agreements decrease below required levels. In addition, the loan agreements contains certain financial covenants, including the requirement to maintain a certain level of free cash, positive working capital and a value adjusted equity covenant. Restricted cash does not include cash balances of $49.6 million (2015: $40.3 million ), which are required to be maintained by the financial covenants in our loan facilities, as these amounts are included in "Cash and cash equivalents". Failure to comply with any of the covenants in the loan agreements 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. Under those circumstances, the Company might not have sufficient funds or other resources to satisfy its obligations. The Company was in compliance with all of the financial covenants contained in the Company's loan agreements as of December 31, 2016 . Assets pledged (in thousands of $) 2016 2015 Vessels, net, 1,476,889 1,186,230 Deferred charges (in thousands of $) 2016 2015 Debt arrangement fees 14,103 4,580 Accumulated amortization (3,429 ) (1,394 ) 10,674 3,186 During 2016, the Company paid $9.5 million (2015: $0.5 million ) with respect to debt arrangement fees. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2016 | |
SHARE CAPITAL [Abstract] | |
SHARE CAPITAL | 25. SHARE CAPITAL Offering On December 16, 2016, the Company completed an offering of 13,422,818 new ordinary shares at $7.45 per share, or the Offering, generating net proceeds of $98.2 million . The Company's largest shareholder, Hemen, guaranteed the Offering and was allocated 1,342,281 new ordinary shares in the Offering, corresponding to 10% of the Offering. Hemen owns 82,145,703 shares in the Company upon completion of the Offering, or approximately 48.4% of the Company's shares and votes. Capital Reorganization A resolution was approved at the Company’s Special Meeting of Shareholders on January 29, 2016, to effect a capital reorganization with effect from February 3, 2016, for a 1-for-5 reverse share split of the Company’s ordinary shares and to reduce the Company’s authorized share capital from $1,000,000,000 divided into 1,000,000,000 shares of $1.00 par value each to $500,000,000 divided into 500,000,000 shares of $1.00 par value each. The authorized share capital of the Company as at December 31, 2016 is $500,000,000 divided into 500,000,000 share of $1.00 par value each. Merger with Frontline 2012 On July 1, 2015, the Company, Frontline Acquisition Ltd, or Frontline Acquisition, a newly formed and wholly-owned subsidiary of the Company, and Frontline 2012 entered into an agreement and plan of merger pursuant to which Frontline Acquisition and Frontline 2012 agreed to enter into a merger transaction, with Frontline 2012 as the surviving legal entity and thus becoming a wholly-owned subsidiary of the Company. For accounting purposes, the acquisition of Frontline 2012 has been treated as a reverse business acquisition. The Merger was completed on November 30, 2015 and shareholders in Frontline 2012 received shares in the Company as merger consideration. One share in Frontline 2012 gave the right to receive 2.55 shares in the Company and 583.6 million shares were issued as merger consideration based on the total number of Frontline 2012 shares of 249.1 million less 6.8 million treasury shares held by Frontline 2012 and 13.46 million Frontline 2012 shares held by the Company, which were cancelled upon completion of the Merger. The weighted average number of shares outstanding for the year ended December 31, 2014 was restated for the effects of the capital reorganization and the reverse business acquisition as follows; (Number of shares in thousands) 2014 Weighted average shares as previously reported by Frontline 2012 245,468 Share exchange ratio in reverse business acquisition 2.55 Weighted average shares, as restated for effect of reverse business acquisition 625,943 Weighted average shares, as restated for reverse business acquisition and reverse share split 125,189 The following table summarizes the movement in the number of shares outstanding during the two years ended December 31, 2016 ; Outstanding shares at December 31, 2014 as previously reported by Frontline 2012 249,100,000 Share exchange ratio in reverse business acquisition 2.55 Outstanding shares at December 31, 2014 after giving effect to reverse business acquisition 635,205,000 Shares issued during the year prior to the reverse business acquisition 86,032,865 Cancellation of treasury shares held by Frontline 2012 (6,792,117 shares at exchange ratio of 2.55) (17,319,898 ) Cancellation of Frontline 2012 shares held by the Company (13,460,000 shares at exchange ratio of 2.55) (34,323,000 ) Cancellation of fractional shares (307 ) Effect of reverse business acquisition (conversion of the Company's shares) 112,342,989 Outstanding shares at December 31, 2015 781,937,649 Outstanding shares at December 31, 2015 after giving effect to 1-for-5 reverse share split in February 2016 156,386,506 Issue of shares in December 2016 13,422,818 Outstanding shares at December 31, 2016 169,809,324 The share capital amount in the balance sheet as of December 31, 2015 has not been restated for the 1-for-5 reverse share split. |
SHARE OPTION PLANS
SHARE OPTION PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | 26. SHARE OPTIONS 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, or 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 July 2016, the Company granted 1,170,000 share options, with an exercise price of $8.00 per share, to directors and officers in accordance with the terms of the Frontline Scheme. 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: July 2016 Risk free interest rate 0.69 % Expected life (years) 3.5 Expected volatility 79.80 % Expected dividend yield 0.00 % 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 all of the options granted in July 2016 will vest. The initial exercise price of these options was $8.00 per option and is reduced by the amount of dividends paid after the date of grant. As at December 31, 2016, the exercise price of the options granted in July 2016 was $7.70 and the Company's share price was $7.11 . None of these share options had vested, expired or been forfeited at December 31, 2016. As at December 31, 2016, there was $3.3 million in unrecognized stock compensation expense related to non-vested options. Stock compensation expense of $1.4 million was recognized in 2016. The weighted average grant-date fair value of the options granted in 2016 was $4.06 per share. |
FINANCIAL ASSETS AND LIABILITIE
FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL ASSETS AND LIABILITIES | 27. FINANCIAL INSTRUMENTS Interest rate swap agreements In February 2013, Frontline 2012 entered into six interest rate swaps with Nordea Bank whereby the floating interest rate on an original principal amount of $260 million of the then anticipated debt on 12 MR product tanker newbuildings was switched to fixed rate. Six of these newbuildings were subsequently financed from the $466.5 million term loan facility. In February 2016, the Company entered into an interest rate swap with DNB whereby the floating interest on notional debt of $150.0 million was switched to fixed rate. The contract has a forward start date of February 2019. The aggregate fair value of these swaps at December 31, 2016 was a receivable of $4.4 million (2015: receivable of $0.4 million ). The fair value (level 2) of the Company’s interest rate swap agreements is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the current credit worthiness of both the Company and the derivative counterparty. The estimated amount is the present value of future cash flows. The Company recorded a gain on these interest rate swaps of $1.9 million in 2016 ( 2015 : loss of $4.5 million ). The interest rate swaps are not designated as hedges and are summarized as at December 31, 2016 as follows: Notional Amount Inception Date Maturity Date Fixed Interest Rate ($000s) 17,442 June 2013 June 2020 1.4025 % 51,762 September 2013 September 2020 1.5035 % 87,526 December 2013 December 2020 1.6015 % 16,806 March 2014 March 2021 1.6998 % 17,149 June 2014 June 2021 1.7995 % 17,492 September 2014 September 2021 1.9070 % 150,000 February 2016 February 2026 2.1970 % 358,177 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. There is a risk that currency fluctuations will have a negative effect on the value of the Company's cash flows. Company has not entered into forward contracts for either transaction or translation risk, which may have an adverse effect on the Company's financial condition and results of operations. 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. Bunker swap agreements From time to time, the Company may enter into bunker swap agreements to hedge the cost of its fuel costs. In August 2015, the Company entered into four bunker swap agreements whereby the fixed rate on 4,000 metric tons per calendar month was switched to a floating rate. The Company is then exposed to fluctuations in bunker prices, as the cargo contract price is based on an assumed bunker price for the trade. There is no guarantee that the hedge removes all the risk from the bunker exposure, due to possible differences in location and timing of the bunkering between the physical and financial position. The fair value of these swaps at December 31, 2016 was nil ( 2015 : payable of $4.1 million ). The fair value (level 2) is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable forward rate curves and the current credit worthiness of both the Company and the derivative counterparty. The estimated amount is the present value of future cash flows. The Company recorded a gain of $1.9 million in 2016 ( 2015 : loss of $2.3 million ). Fair Values The carrying value and estimated fair value of the Company's financial instruments as of December 31, 2016 and 2015 are as follows: 2016 2015 (in thousands of $) Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 202,402 202,402 264,524 264,524 Restricted cash 677 677 368 368 Liabilities: Floating rate debt 992,631 992,631 806,456 806,456 The estimated fair value of financial assets and liabilities are as follows: (in thousands of $) 2016 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents 202,402 202,402 — — Restricted cash 677 677 — — Liabilities: Floating rate debt 992,631 — 992,631 — (in thousands of $) 2015 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents 264,524 264,524 — — Restricted cash 368 368 — — Liabilities: Floating rate debt 806,456 — 806,456 — 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 fair value. Restricted cash – the carrying values in the balance sheet approximate fair value. Floating rate debt - the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears variable interest rates, which are reset on a quarterly basis. Assets Measured at Fair Value on a Nonrecurring Basis See Note 4 for a summary of the estimated fair values of the assets acquired and liabilities assumed on the Merger. At December 31, 2016, the VLCC Front Century was measured at a fair value of $1.5 million , which was determined using level three inputs being the discounted expected cash flows from the leased vessel at December, 2016 and the Suezmax tankers Front Ardenne and Front Brabant were measured at a combined fair value of $38.4 million , which was determined using level three inputs being the discounted expected cash flows from the leased vessels at September 30, 2016 less depreciation in the three months ended December 31, 2016. Assets Measured at Fair Value on a Recurring Basis Marketable securities are listed equity securities considered to be available-for-sale securities for which the fair value as at the balance sheet date is their aggregate market value based on quoted market prices (level 1). The fair value (level 2) of interest rate and bunker swap agreements is the present value of the estimated future cash flows that the Company would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves, current and future bunker prices and the credit worthiness of both the Company and the derivative counterparty. 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 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, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 28. RELATED PARTY TRANSACTIONS We transact business with the following related parties, being companies in which Hemen and companies associated with Hemen have a significant interest: Ship Finance, Seadrill Limited, Seatankers Management Norge AS, GHL Finance Limited, Golden Ocean Group Limited, Arcadia Petroleum Limited, Deep Sea Supply Plc, Seatankers Management Co. Ltd, or Seatankers Management, Archer Limited, North Atlantic Drilling Ltd and Flex LNG Limited. In November 2014, Highlander Tankers AS, or Highlander Tankers, post fixture managers for the Company became a related party as Robert Hvide Macleod, the owner and director of Highlander Tankers, was appointed the Chief Executive Officer of Frontline Management AS. Frontline 2012 and the Company (and its subsidiaries) were related parties prior to the Merger. In October 2014, VLCC Chartering Ltd, or VLCC Chartering, was set up as a joint venture between the Company and Tankers International LLC, or TI. VLCC Chartering provides chartering services to the combined fleets of the Company and TI. Transactions with the Company Frontline Management (Bermuda) Limited, a wholly owned subsidiary of the Company, was providing all management services to Frontline 2012 up to the Merger and management fees of $3.6 million and $3.2 million were incurred in the eleven months ended November 30, 2015 and the year ended December 31, 2014, respectively. These costs are recorded in administrative expenses in the Consolidated Statement of Operations. Newbuilding supervision fees of $4.1 million and $5.4 million were charged to Frontline 2012 by the Company in the eleven months ended November 30, 2015 and the year ended December 31, 2014, respectively. Technical management fees of $1.8 million and $1.5 million were charged to Frontline 2012 by SeaTeam Management Pte. Ltd, a majority owned subsidiary of the Company, in the eleven months ended November 30, 2015 and the year ended December 31, 2014, respectively. Highlander Tankers Transactions Highlander Tankers was the post fixture manager for six of Frontline 2012's MR tankers during 2014. Highlander Tankers ceased to act as post fixture manager for three vessels in December 2014 and the remaining three vessels in January and February 2015. Post fixture fees of nil and $0.3 million were charged to Frontline 2012 by Highlander Tankers in the years ended December 31, 2015 and 2014, respectively. In January 2015, Frontline 2012 assumed three charter-out contracts and the commercial management of four vessels from Highlander Tankers for a consideration of $1.8 million being the estimated value of the charter-out contracts and commercial management agreements. Avance Gas Transactions In January 2014, Frontline 2012 received $139.2 million from Avance Gas, a then equity investee, in connection with the agreed sale of eight VLGC newbuildings to Avance Gas immediately following their delivery to Frontline 2012 from the yard. This receipt was placed in a restricted account to be used for installments to be paid by Frontline 2012, past and future construction supervision costs and it also included a profit element to be transferred to cash and cash equivalents on delivery of each newbuilding. All vessels were delivered in 2015 and Frontline 2012 recognized a gain on sale of $78.2 million in aggregate. Ship Finance Transactions As of December 31, 2016 , the Company held thirteen vessels under capital leases, all of which are leased from Ship Finance and were acquired upon the Merger. The remaining periods on these leases at December 31, 2016 range from approximately 4 to 10 years. In November 2016, the Company agreed with Ship Finance to terminate the long term charter for the 1998-built VLCC Front Century upon the sale and delivery of the vessel to a third party. Ship Finance simultaneously sold the vessel to an unrelated third party. The Company expects the vessel to cease operating as a conventional tanker and the charter with Ship Finance was terminated in March 2017. The Company has agreed a compensation payment to Ship Finance of approximately $4.0 million for the termination of the charter and recorded an impairment loss of $27.3 million in the three months ended December 31, 2016 based on a 100% probability assumption of terminating the vessel's lease before the next dry dock. The Company expects to record a gain on lease termination of $20.3 million in the first quarter of 2017. Following this termination, the number of vessels on charter from Ship Finance was reduced to twelve vessels, including ten VLCCs and two Suezmax tankers. In May 2016, the Company agreed with Ship Finance to terminate the long term charter for the 1998-built VLCC Front Vanguard . The charter with Ship Finance terminated in July 2016. The Company made a compensation payment to Ship Finance of $0.4 million for the termination of the charter and recorded an impairment loss of $7.3 million in 2016 and recorded a gain on lease termination of $0.1 million . In May 2015, the Company and Ship Finance agreed to amendments to the leases on 12 VLCCs and five Suezmaxes, the related management agreements and further amendments to the charter ancillary agreements for the remainder of the charter periods. As a result of the amendments to the charter ancillary agreements, which took effect on July 1, 2015, the daily hire payable to Ship Finance was reduced to $20,000 per day and $15,000 per day for VLCCs and Suezmaxes, respectively. Management fees due by Ship Finance were increased from $6,500 per day per vessel to $9,000 per day per vessel. In return, the Company issued 11.0 million new shares (as adjusted for the 1-for-5 reverse share split in February 2016) to Ship Finance and the profit share above the new daily hire rates was increased from 25% to 50% . The Company was released from its guarantee obligation in exchange for agreeing to maintain a cash buffer of $2.0 million per vessel in its chartering counterparty. As the Merger has been accounted for as a reverse business acquisition in which Frontline 2012 is treated as the accounting acquirer, all of the Company's assets and liabilities were recorded at fair value on November 30, 2015 such that estimated profit share over the remaining terms of the leases has been recorded in the balance sheet obligations. Consequently, the Company will only record profit share expense following the Merger when the actual expense is different to that estimated at the date of the Merger. Profit share expense is recorded in the Statement of Operations as contingent rental expense. No contingent rental expense was recorded in the month of December 2015. At December 31, 2016 , the contingent rental expense due to Ship Finance is $12.2 million (2015: $20.6 million ). As of December 31, 2016, the Company has recorded total obligations under these capital leases of $422.6 million of which $262.7 million is in respect of the minimum contractual payments and $159.9 million is in respect of contingent rental expense. In December 2015, the Company paid the remaining outstanding balance on the loan notes due to Ship Finance, which were issued on the early termination of the leases for the VLCCs Front Champion, Golden Victory, Front Comanche, Front Commerce and Front Opalia . $113.2 million was paid comprising principal of $112.7 million and accrued interest of $0.5 million . In November 2015, the Company agreed with Ship Finance to terminate the long term charter for the 1998-built Suezmax tanker Mindanao . The charter with Ship Finance was terminated during the fourth quarter of 2015. The Company received a compensation payment of $3.3 million from Ship Finance for the termination of the charter. No gain or loss was recorded in the Consolidated Statement of Operations in respect of this transaction as the gain was taken into account in the purchase price allocation on November 30, 2015. A summary of leasing transactions with Ship Finance in the years ended December 31, 2016 , 2015 (all of which were in the period subsequent to the Merger) and 2014 are as follows; (in thousands of $) 2016 2015 2014 Charter hire paid (principal and interest) 93,545 8,355 — Lease termination receipt — 3,266 — Lease interest expense 35,417 3,357 — Contingent rental income (18,621 ) — — Remaining lease obligation 422,600 533,251 — Contingent rental income in 2016 is due to the fact that the actual profit share expense earned by Ship Finance in 2016 of $50.9 million was $18.6 million less than the amount accrued in the lease obligation payable when the leases were recorded at fair value at the time of the Merger. In January 2014, Frontline 2012 commenced a pooling arrangement with Ship Finance, between two of its Suezmax tankers Front Odin and Front Njord and two Ship Finance vessels Glorycrown and Everbright. Frontline 2012 recognized an expense of $0.9 million in 2016 in relation to the pooling arrangement which is payable to Ship Finance ( 2015 : expense of $1.4 million , 2014: income of $0.3 million ). In 2013, Frontline 2012 and Ship Finance entered into a joint project between four of Frontline 2012's vessels Front Odin , Front Njord , Front Thor , Front Loki and the two Ship Finance vessels Glorycrown and Everbright . All costs in relation to the conversion to be shared on a pro-rata basis. At December 31, 2016 , the Company is owed nil by Ship Finance in respect of this project ( 2015 : $1.7 million ). Golden Ocean Transactions In November 2015, the Company entered into an agreement to purchase two Suezmax tanker newbuilding contracts from Golden Ocean at a purchase price of $55.7 million per vessel. The transaction was completed in December 2015. $1.9 million was paid to Golden Ocean with the balance payable to the yard as newbuilding commitments assumed from Golden Ocean. The vessels have delivery dates in the first half of 2017. Seatanker Management Transactions In January 2016, the Company recharged $2.4 million of fit out costs to Seatankers Management Co. Ltd, which had been incurred on a leased office prior to its assignment to Seatankers Management Co. Ltd in December 2015. The Company entered into a Services Agreement with Seatankers Management, effective January 1, 2016, and was charged $0.7 million in the year ended December 31, 2016 for the provision of advisory and other support services. GHL Finance Transactions In June 2016, the Company signed a $275.0 million senior unsecured facility agreement with GHL Finance Limited, an affiliate of Hemen, the Company's largest shareholder. A summary of net amounts earned (incurred) from related parties for the years ended December 31, 2016 , 2015 and 2014 are as follows: (in thousands of $) 2016 2015 2014 Seatankers Management Co. Ltd 6,057 460 — Ship Finance International Limited 1,552 (1,226 ) — Golden Ocean Group Limited 9,387 1,246 — Seatankers Management Norge AS 919 (89 ) — Arcadia Petroleum Limited 929 31 — Seadrill Limited 656 84 — Archer Limited 235 40 — Flex LNG Limited 1,204 — — Deep Sea Supply Plc 130 32 — North Atlantic Drilling Ltd 48 16 — Frontline companies (prior to the Merger) — (9,562 ) (10,102 ) Net amounts earned from other related parties comprise 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. Related party balances A summary of balances due from related parties at December 31, 2016 and 2015 is as follows: (in thousands of $) 2016 2015 Ship Finance International Limited 1,077 3,356 Seatankers Management Co. Ltd 1,060 1,165 Archer Ltd 54 148 VLCC Chartering Ltd 47 102 Golden Ocean Group Limited 1,151 4,099 Seadrill Limited 597 859 Deep Sea Supply Plc 67 176 Arcadia Petroleum Limited 198 201 Flex LNG Limited 741 — North Atlantic Drilling Ltd 103 128 5,095 10,234 A summary of balances due to related parties at December 31, 2016 and 2015 is as follows: (in thousands of $) 2016 2015 Ship Finance International Limited 15,495 23,688 Seatankers Management Co. Ltd 972 569 Seadrill Limited 5 5 Golden Ocean Group Limited 1,631 4,455 Arcadia Petroleum Limited — 3 18,103 28,720 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 29. COMMITMENTS AND CONTINGENCIES As of December 31, 2016 , the Company's newbuilding program comprised three VLCCs, six Suezmax tankers and seven Aframax/LR2 tanker newbuildings. As of December 31, 2016 , total installments of $284.4 million had been paid and the remaining installments to be paid amounted to $684.1 million , all of which are payable in 2017. All 16 vessels are expected to be delivered in 2017. The Company insures the legal liability risks for its shipping activities with Assuranceforeningen SKULD and Assuranceforeningen Gard Gjensidig, both mutual protection and indemnity associations. As a member of these mutual associations, the Company is subject to calls payable to the associations based on the Company's claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. The Company is a party, as plaintiff or defendant, to several lawsuits in various jurisdictions for unpaid charter hire, 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 individually and in the aggregate. Following assignments of two property leases in 2015, each to a related party, a subsidiary of the Company has guaranteed the remaining outstanding payments due under the leases of approximately $8 million as of December 31, 2016 (2015: approximately $11 million ). The Company does not believe that it will be required to make any payments under these guarantees and has not recorded a liability in the balance sheet in this respect. In November 2015, the Company agreed to commercially manage a VLCC being chartered-in by a third party for a two year period and to share equally the results of the vessel calculated as net voyage earnings less charter hire expense. As at December 31, 2016, the maximum potential liability for the Company is $6.6 million (2015: $14.2 million ). |
SUPPLEMENTAL INFORMATION
SUPPLEMENTAL INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL INFORMATION | 30. SUPPLEMENTAL INFORMATION On July 1, 2015, the Company, Frontline Acquisition Ltd, or Frontline Acquisition, a newly formed and wholly-owned subsidiary of the Company, and Frontline 2012 entered into an agreement and plan of merger pursuant to which Frontline Acquisition and Frontline 2012 agreed to enter into a merger transaction, or the Merger, with Frontline 2012 as the surviving legal entity and thus becoming a wholly-owned subsidiary of the Company. The Merger was completed on November 30, 2015 and shareholders in Frontline 2012 received shares in the Company as merger consideration. On March 25, 2015, Frontline 2012 paid a stock dividend consisting of 4.1 million Avance Gas shares. All shareholders holding 60.74 shares or more, received one share in Avance Gas for every 60.74 shares they held, rounded down to the nearest whole share. The remaining fractional shares were paid in cash. $0.01 million of this dividend was paid in cash and $56.5 million was recorded as a stock dividend. Frontline 2012 retained 112,715 shares, which were recorded as marketable securities, in respect of the treasury shares held at the time of the dividend. Frontline 2012 stopped accounting for the investment as an equity method investment at this time as it no longer had significant influence over Avance Gas. In May 2016, the Company agreed with Ship Finance to terminate the long term charter for the 1998-built VLCC Front Vanguard . The charter was terminated in July 2016. The Company agreed to a compensation payment to Ship Finance of $0.4 million for the termination of the charter, with the corresponding capital lease obligation on date of termination of $27.1 million being written off. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 31. SUBSEQUENT EVENTS In January 2017, the Company took delivery of the Suezmax newbuilding Front Classic and the LR2 newbuildings Front Antares and Front Vega . In January 2017, the Company approached DHT Holdings, Inc. (NYSE: DHT), or DHT, with a non-binding proposal for a possible business combination whereby the Company would acquire all outstanding shares of common stock of DHT in a stock-for-stock transaction at a ratio of 0.725 Company shares for each DHT share. The proposal was declined by DHT’s board of directors. The Company, together with its affiliates, has also acquired 15,356,009 shares of DHT, representing approximately 16.4% of DHT's outstanding common stock based on 93,366,062 common stock outstanding. Of the total, the Company purchased 10,891,009 shares for an aggregate cost of $46.1 million. In February 2017, Frontline presented a final offer of 0.80 Frontline shares per DHT share, which was also declined by DHT’s board of directors. In February 2017, the Company took delivery of the VLCC newbuilding Front Duchess . In February 2017, the Company announced a cash dividend of $0.15 per share for the fourth quarter of 2016. In February 2017, the Company signed a second senior secured term loan facility in an amount of up to $321.6 million . The facility will be provided by China Exim Bank and will be insured by China Export and Credit Insurance Corporation. The facility matures in 2033, carries an interest rate of LIBOR plus a margin in line with the Company's other credit facilities and has an amortization profile of 15 years. This facility will be used to part finance eight of our newbuildings and will be secured by four Suezmax tankers and four Aframax/LR2 tankers. In February 2017, the Company acquired two VLCC newbuildings under construction at Daewoo Shipbuilding & Marine Engineering at a net purchase price of $77.5 million each. The vessels are due for delivery in September and October 2017. In March 2017, the lease with Ship Finance for the 1998-built VLCC Front Century was terminated. The Company expects to record a gain on this lease termination of $20.3 million in the first quarter of 2017. In March 2017, the Company took delivery of the Suezmax newbuilding Front Clipper. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles. On November 30, 2015, a wholly-owned subsidiary of the Company acquired Frontline 2012. This transaction has been accounted for as a reverse business acquisition in which Frontline 2012 is treated as the accounting acquirer, primarily because Frontline 2012’s shareholders owned 74.6% of the Company's ordinary shares upon completion of the Merger. As a result, the historical financial statements of Frontline 2012 became the historical financial statements of the Company as of the completion of the Merger. Therefore, the results for the year ended December 31, 2014 reflect the operations and cash flows of Frontline 2012 only. The results of operations and cash flows for the Company, the acquired company for accounting purposes, are included in the consolidated financial statements from November 30, 2015, the date on which the Merger was completed. Amounts shown as "Acquired upon the Merger" in these financial statements are those of the Company due to the fact that Frontline 2012 was determined to be the accounting acquirer in the Merger. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: vessels and obligations under capital leases, the amount of uncollectible accounts and accounts receivable, the amount to be paid for certain liabilities, including contingent liabilities, the amount of costs to be capitalized in connection with the construction of our newbuildings and the lives of our vessels. Actual results could differ from those estimates. The presentation of unrealized losses from marketable securities in the Consolidated Statement of Comprehensive Income for the year ended December 31, 2015 has been expanded in order to conform to the 2016 presentation. |
Fair values | Fair values We have determined the estimated fair value amounts presented in these consolidated financial statements using available market information and appropriate methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. The estimates presented in these consolidated financial statements are not necessarily indicative of the amounts that we could realize in a current market exchange. Estimating the fair value of assets acquired and liabilities assumed in a business combination requires the use of estimates and significant judgments, among others, the following: the expected revenues earned by vessels held under capital lease and the operating costs (including dry docking costs) of those vessels, the expected contingent rental expense, if applicable, to be included in obligations under capital lease, the discount rate used in cash flow based valuations, the market assumptions used when valuing acquired time charter contracts and the value of contingent claims. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts for us and our wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated on consolidation. The operating results of acquired companies are included in our Consolidated Statement of Operations from the date of acquisition. For investments in which we own 20% to 50% of the voting shares and have significant influence over the operating and financial policies, the equity method of accounting is used. Accordingly, our share of the earnings and losses of these companies are included in the share of income (losses) in equity investments in the accompanying Consolidated Statements of Operations. |
Discontinued operations | Discontinued operations We believe that the disposal of a component of an entity or a group of components of an entity shall be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Frontline 2012 determined that the stock dividend of 75.4 million shares in Golden Ocean in June 2015 represented a significant strategic shift in Frontline 2012's business and has, therefore, recorded the results of its dry bulk operations as discontinued operations in the years ended December 31, 2015 and 2014. The Consolidated Statement of Cash Flows for the years ended December 31, 2015 and 2014 have also been presented on a discontinued operations basis. |
Foreign currencies translation | Foreign currency translation Our functional currency is the U.S. dollar. Exchange gains and losses on translation of our net equity investments in subsidiaries are reported as a separate component of accumulated other comprehensive loss in shareholders’ equity. Foreign currency transaction gains and losses are recorded in the Consolidated Statement of Operations. |
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 | Restricted cash Restricted cash consists of cash, which may only be used for certain purposes and is held under a contractual arrangement. |
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 Consolidated Statement of Operations. |
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. 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 Consolidated Statement of Operations over the lease period. Each of the Company's capital leases were acquired as a result of the Merger and contain a profit share (contingent rental expense), which was reflected in the fair valuation of the obligations under capital lease at the date of the Merger. Any variations in the estimated profit share expense as compared to actual profit share expense incurred is accounted for as contingent rental income or expense and is recorded in the Consolidated Statement of Operations in the period in which it becomes realizable. 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. |
Newbuildings | Newbuildings The carrying value of the vessels under construction, or 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. |
Goodwill | Goodwill Goodwill arising from a business combination, being the value of purchase consideration in excess of amounts allocable to identifiable assets and liabilities is not amortized and is subject to annual review for impairment or more frequently should indications of impairment arise. For purposes of performing the impairment test of goodwill, we have established that the Company has one reporting unit: tankers. Impairment of goodwill in excess of amounts allocable to identifiable assets and liabilities is determined using a two-step approach, initially based on a comparison of the fair value of the reporting unit to the book value of its net assets; if the fair value of the reporting unit is lower than the book value of its net assets, then the second step compares the implied fair value of the Company's goodwill with its carrying value to measure the amount of the impairment. The Company has selected September 30 as its annual goodwill impairment testing date. |
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, or 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. |
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, depressed second hand tanker values and issues at the shipyard. 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. 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. The Company has recorded debt issuance costs (i.e. deferred charges) as a direct deduction from the carrying amount of the related debt rather than as an asset following its adoption of Accounting Standards Update 2015-03 and has applied this on a retrospective basis. As a result, debt issuance costs of $10.7 million as of December 31, 2016 and $3.2 million at December 31, 2015 were presented as a deduction from the carrying amount of debt. |
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 charters, time charters and a finance lease. 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 revenues are recorded over the term of the charter as a service is provided. When the time charter is based on an index, the Company recognizes revenue when the index has been determined. 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. 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 pool participants are responsible for paying voyage expenses. Adjustments between the pool participants are settled on a quarterly basis. Pool revenues are reported as voyage charter revenues for all periods presented. Rental payments from the Company's sales-type lease are allocated between lease service revenue, lease interest income and repayment of net investment in leases. The amount allocated to lease service revenue is based on the estimated fair value, at the time of entering the lease agreement, of the services provided which consist of ship management and operating services. Other income primarily comprises income earned from the commercial management of related party and third party vessels and newbuilding supervision fees derived from related parties and third parties. Other income is recognized on an accruals basis as the services are provided and revenue become received or receivable. |
Other operating (losses) gains | Other operating (losses) gains Other operating (losses) gains relate to (i) gains arising on the cancellation of newbuilding contracts, which are considered to be contingent gains, and are recognized when the gain is virtually certain which is generally on a cash basis, (ii) losses arising on the cancellation of newbuildings which are accounted for when the contracts are cancelled, (iii) gains and losses on the sale of newbuilding contracts, which are recognized when we are reasonably assured that substantially all of the risks of the newbuilding contract have been transferred (iv) gains and losses on the termination of capital leases before the expiration of the lease term, which are accounted for by removing the carrying value of the asset and obligation, with a gain or loss recognized for the difference. Gains and losses on the termination of leases are accounted for when the lease is terminated and the vessel is redelivered to the owners |
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. |
Contingent rental income (expense) | Contingent rental income (expense) Contingent rental income (expense) results from the Company's capital leases, which were acquired as a result of the Merger. Any variations in the estimated profit share expense that was included in the fair valuation of these lease obligations on the date of the Merger as compared to actual profit share expense incurred is accounted for as contingent rental income (expense). Any contingent rental expense on operating leases is recorded as charter hire expense. |
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. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. |
Derivatives | Derivatives Interest rate and bunker swaps The Company enters into interest rate and bunker swap transactions from time to time to hedge a portion of its exposure to floating interest rates and movements in bunker prices. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without an exchange of underlying principal. The fair values of the interest rate and bunker swap contracts are recognized as assets or liabilities. None of the interest rate and bunker swaps qualify for hedge accounting and changes in fair values are recognized in 'Mark to market gain (loss) on derivatives' in the Consolidated Statement of Operations. Cash outflows and inflows resulting from derivative contracts are presented as cash flows from operations in the Consolidated Statement of Cash Flows. |
Earnings per share | Earnings per share Basic earnings per share is computed based on the income available to ordinary shareholders and the weighted average number of shares outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments. |
Share-based compensation | Share-based compensation The Company accounts for share-based payments in accordance with ASC Topic 718 "Compensation – Stock Compensation", under which the fair value of issued stock options is expensed over the period in which the options vest. |
MERGER WITH FRONTLINE 2012 (Tab
MERGER WITH FRONTLINE 2012 (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following represents the calculation of goodwill arising and the allocation of the total purchase price to the estimated fair value and historic cost of assets acquired and fair value of liabilities assumed: (in thousands of $) Total purchase price consideration 558,571 Fair value of net assets acquired and liabilities assumed (333,298 ) Goodwill 225,273 (in thousands of $) Cash and cash equivalents 87,443 Current assets 145,601 Vessels and equipment, net 132,712 Vessels held under capital lease, net 706,219 Favorable newbuilding contracts 16,523 Investment in finance lease, long term portion 41,468 Short-term debt and current portion of long-term debt (4,004 ) Current portion of obligations under capital lease (96,123 ) Other current liabilities (91,250 ) Long-term debt (52,516 ) Obligations under capital lease, long term portion (453,007 ) Other non-current liabilities (99,768 ) Fair value of net assets acquired and liabilities assumed 333,298 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma financial information presents the combined results of operations of the Company and Frontline 2012 as if the Merger had occurred as of the beginning of the years presented. The pro forma financial information is not intended to represent or be indicative of the consolidated results of operations or financial condition of the Company that would have been reported had the acquisition been completed as of the dates presented, and should not be taken as representative of the future consolidated results of operations or financial condition of the Company. (in thousands $, except per share data) 2015 2014 Total operating revenues 934,670 777,436 Net income (loss) from continuing operations 269,352 (90,672 ) Loss from discontinued operations (131,006 ) (51,159 ) Net income (loss) 138,346 (141,831 ) Net loss attributable to non-controlling interest 30,244 63,214 Net income (loss) attributable to the Company 168,590 (78,617 ) Basic and diluted earnings per share; Basic and diluted earnings (loss) per share attributable to the Company from continuing operations $ 2.24 $ (0.73 ) Basic and diluted (loss) income per share attributable to the Company from discontinued operations $ (0.84 ) $ 0.10 Basic and diluted earnings (loss) per share attributable to the Company $ 1.40 $ (0.63 ) Amounts shown above for basic and diluted earnings per share reflect the 1-for-5 reverse share split in February 2016. |
Purchase price consideration [Table Text Block] | The following represents the purchase price calculation (in thousands, total amounts may not recalculate due to rounding) and has not been restated for the 1-for-5 reverse share split: (Number of shares in thousands) Total number of Frontline 2012 shares 249,100 Cancellation of treasury shares (6,792 ) Cancellation of shares held by the Company (13,460 ) Number of Frontline 2012 shares qualifying for merger consideration 228,848 Frontline 2012 shares that would be issued to maintain combined company shareholdings (1) 77,794 Total number of Frontline 2012 shares if it was the legal acquirer 306,642 1. As Frontline 2012 shareholders own approximately 74.6% of the combined company, it is calculated that Frontline 2012 would issue approximately 77,794,000 shares in order to retain a 74.6% shareholding if it was the legal acquirer. (in thousands of $) Frontline 2012 shares that would be issued to maintain combined company shareholdings 77,794 Closing Frontline 2012 share price on November 30, 2015 $ 7.18 Total purchase price consideration 558,571 |
ACQUISITION OF GOLDEN OCEAN (Ta
ACQUISITION OF GOLDEN OCEAN (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition | The valuation of the remaining consideration is based on the fair value of the total number of ordinary shares owned by Frontline 2012 and non-controlling interests based on the September 15, 2014 closing share price of $11.51 : (in thousands of $) Carrying value of the newbuilding contracts in the thirteen SPCs 106,406 Cash held in the thirteen SPCs 25,149 Fair value of non-controlling interest (33.6 million shares at $11.51 per share) 386,984 Fair value of previously held equity (15.5 million shares at $11.51 per share) 178,405 Total value of consideration 696,944 The following represents the calculation of goodwill arising on consolidation based on Frontline 2012's management's allocation of the total purchase price to the estimated fair value and historic cost of assets acquired and fair value of liabilities assumed: (in thousands of $) Assets 125,421 Newbuildings 83,700 Vessels, net 465,334 Current liabilities (27,757 ) Long term liabilities (230,791 ) Fair value of net assets acquired and liabilities assumed 415,907 Newbuildings and cash at historic cost 131,555 Total value of net assets acquired and liabilities assumed 547,462 Total value of consideration 696,944 Goodwill arising on consolidation 149,482 |
Summary of Pro Forma Information | The following unaudited pro forma financial information presents the combined results of operations of the Company and Frontline 2012 as if the Merger had occurred as of the beginning of the years presented. The pro forma financial information is not intended to represent or be indicative of the consolidated results of operations or financial condition of the Company that would have been reported had the acquisition been completed as of the dates presented, and should not be taken as representative of the future consolidated results of operations or financial condition of the Company. (in thousands $, except per share data) 2015 2014 Total operating revenues 934,670 777,436 Net income (loss) from continuing operations 269,352 (90,672 ) Loss from discontinued operations (131,006 ) (51,159 ) Net income (loss) 138,346 (141,831 ) Net loss attributable to non-controlling interest 30,244 63,214 Net income (loss) attributable to the Company 168,590 (78,617 ) Basic and diluted earnings per share; Basic and diluted earnings (loss) per share attributable to the Company from continuing operations $ 2.24 $ (0.73 ) Basic and diluted (loss) income per share attributable to the Company from discontinued operations $ (0.84 ) $ 0.10 Basic and diluted earnings (loss) per share attributable to the Company $ 1.40 $ (0.63 ) Amounts shown above for basic and diluted earnings per share reflect the 1-for-5 reverse share split in February 2016. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [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 years ended December 31, 2015 and 2014 are as follows; (in thousands of $) 2015 2014 Operating revenues 18,083 33,432 Gain on sale of newbuilding contracts — 74,834 Voyage expenses and commissions (13,414 ) (17,291 ) Ship operating costs (7,050 ) (6,797 ) Administrative expenses (985 ) (2,490 ) Goodwill impairment loss — (149,482 ) Depreciation (7,712 ) (6,187 ) Vessel impairment loss (62,489 ) — Interest income — 17 Interest expense (2,119 ) (1,698 ) Gain on revaluation of investment in Golden Ocean — 24,422 Share of results from associated companies (14,880 ) 321 Impairment loss on shares (40,556 ) — Gain on non-controlling interest 192 — Other financial items (76 ) — Foreign exchange loss — (2 ) Other non-operating expense — (238 ) Net loss from discontinued operations (131,006 ) (51,159 ) Net loss attributable to non-controlling interest (30,305 ) (63,214 ) Net (loss) income from discontinued operations after non-controlling interest (100,701 ) 12,055 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Components of the numerator for the calculation of basic and diluted earnings per share | The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows: (in thousands of $) 2016 2015 2014 Net income from continuing operations after non-controlling interest 117,010 255,325 137,414 Net (loss) income from discontinued operations after non-controlling interest — (100,701 ) 12,055 Net income attributable to the Company 117,010 154,624 149,469 (in thousands) 2016 2015 2014 Weighted average number of ordinary shares 156,973 120,082 125,189 The weighted average numbers of shares outstanding have been adjusted for the reverse business acquisition of the Company by Frontline 2012 and the 1-for-5 reverse share split that was effected in February 2016. |
GAIN ON SALE OF ASSETS AND AMOR
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS [Abstract] | |
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | (in thousands of $) 2016 2015 2014 (Loss) gain on cancellation of newbuilding contracts (2,772 ) 30,756 68,989 Gain on sale of newbuilding contracts — 78,167 — Gain on lease termination 89 — — (2,683 ) 108,923 68,989 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |
Future minimum rental payments | The future minimum rental payments under the Company's non-cancellable operating leases are as follows: (in thousands of $) 2017 15,413 2018 649 2019 365 2020 230 2021 — Thereafter — 16,657 |
Schedule of minimum future revenues on bareboat charters | The minimum future revenues to be received under these contracts as of December 31, 2016 are as follows: (in thousands of $) 2017 89,277 2018 2,426 2019 — 2020 — 2021 — Thereafter — 91,703 |
INVESTMENT IN FINANCE LEASE (Ta
INVESTMENT IN FINANCE LEASE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENT IN FINANCE LEASE [Abstract] | |
Components of investments in sales-type leases | The components of the investment in the sales-type lease may be summarized as follows: (in thousands of $) 2016 2015 Net minimum lease payments receivable 33,563 45,089 Estimated residual values of leased property (unguaranteed) 10,821 10,821 Less: finance lease interest income (3,731 ) (5,925 ) Total investment in sales-type lease 40,653 49,985 Current portion 9,745 9,329 Long-term portion 30,908 40,656 40,653 49,985 |
Minimum future gross revenues under non-cancellable sales-type leases | The minimum future gross revenues to be received under the sales-type lease as of December 31, 2016 are as follows: (in thousands of $) 2017 11,493 2018 10,419 2019 11,493 2020 158 2021 — Thereafter — 33,563 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Marketable Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Marketable securities held by the Company are listed equity securities considered to be available-for-sale securities. (in thousands of $) 2016 2015 Balance at start of the year 13,853 — Shares acquired as a result of stock dividends — 10,632 Shares acquired upon the Merger — 12,803 Impairment loss (7,233 ) (9,369 ) Unrealized gain (loss) recorded in other comprehensive income 1,808 (213 ) 8,428 13,853 |
TRADE ACCOUNTS RECEIVABLE, NET
TRADE ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of movements in the allowance for doubtful accounts | Movements in the allowance for doubtful accounts in the three years ended December 31, 2016 may be summarized as follows; (in thousands of $) Balance at December 31, 2013 154 Additions charged to income 340 Balance at December 31, 2014 494 Additions charged to income 1,184 Balance at December 31, 2015 1,678 Additions charged to income 4,492 Balance at December 31, 2016 6,170 The Company made a provision for an uncollectible receivable of $4.0 million at December 31, 2016 (2015: nil ), which is attributable to a receivable acquired upon the Merger and was recorded following an impairment review triggered by an adverse ruling in court proceedings in 2016. |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
OTHER RECEIVABLES [Abstract] | |
Schedule of Other Receivables | (in thousands of $) 2016 2015 Claims receivable 10,732 12,697 Agent receivables 3,825 3,488 Other receivables 4,859 12,936 19,416 29,121 |
NEWBUILDINGS (Tables)
NEWBUILDINGS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
NEWBUILDINGS [Abstract] | |
Summary roll forward of new build information | Movements in the three years ended December 31, 2016 may be summarized as follows: (in thousands of $) Balance at December 31, 2013 252,753 Newbuildings acquired, net, on consolidation of Golden Ocean 83,700 Newbuildings sold to Golden Ocean in April 2014 (41,617 ) Newbuildings sold to Golden Ocean in September 2014 (64,178 ) Additions, net, continuing basis 188,623 Additions, net, discontinued basis 270,130 Transfer to held for distribution (250,118 ) Transfer to Vessels and equipment, net (186,717 ) Interest capitalized, continuing basis 5,129 Interest capitalized, discontinued basis 2,087 Transfer to short term claim receivable (32,742 ) Balance at December 31, 2014 227,050 Additions, net, continuing basis 677,103 Newbuildings acquired upon the Merger 16,523 Newbuildings acquired from related party 1,927 Newbuildings sold to Avance Gas (517,398 ) Transfer to Vessels and equipment, net (133,429 ) Interest capitalized, continuing basis 5,989 Transfer to short term claim receivable (11,532 ) Balance at December 31, 2015 266,233 Additions, net, continuing basis 614,116 Transfer to Vessels and equipment, net (532,766 ) Interest capitalized, continuing basis 6,994 Cancellations (46,253 ) Balance at December 31, 2016 308,324 |
VESSELS AND EQUIPMENT (Tables)
VESSELS AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary Rollforward of Vessels and equipment | Movements in the three years ended December 31, 2016 may be summarized as follows: (in thousands of $) Cost Accumulated Depreciation Net Carrying Value Balance at December 31, 2013 752,948 (49,887 ) 703,061 Transfer from Newbuildings 186,717 — Additions 3,986 — Depreciation — (31,845 ) Balance at December 31, 2014 943,651 (81,732 ) 861,919 Vessels and equipment acquired upon the Merger 132,712 — Transfers from Newbuildings 133,429 — Additions 101,752 — Depreciation — (40,614 ) Balance at December 31, 2015 1,311,544 (122,346 ) 1,189,198 Depreciation — (53,369 ) Additions 215 — Disposals (173,203 ) — Impairment loss (36,311 ) 18,099 Transfers from Newbuildings 532,766 — Balance at December 31, 2016 1,635,011 (157,616 ) 1,477,395 |
VESSELS UNDER CAPITAL LEASE, 52
VESSELS UNDER CAPITAL LEASE, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | 19. VESSELS UNDER CAPITAL LEASE, NET Movements in the two years ended December 31, 2016 may be summarized as follows: (in thousands of $) Cost Accumulated Depreciation Net Carrying Value Balance at December 31, 2014 — — — Acquired upon the Merger 706,219 — Depreciation (11,993 ) Balance at December 31, 2015 706,219 (11,993 ) 694,226 Impairment loss (63,958 ) 20,478 Lease termination (34,812 ) 8,173 Depreciation (87,674 ) Balance at December 31, 2016 607,449 (71,016 ) 536,433 The outstanding obligations under capital leases as of December 31, 2016 are payable as follows: (in thousands of $) 2017 85,808 2018 86,040 2019 79,495 2020 69,598 2021 61,270 Thereafter 166,565 Minimum lease payments 548,776 Less: imputed interest (126,176 ) Present value of obligations under capital leases 422,600 As of December 31, 2016 , the Company held 13 vessels under capital leases (2015: 15 vessels), all of which are leased from Ship Finance and were acquired upon the Merger (2015: 14 vessels). The remaining periods on these leases at December 31, 2016 range from 4 to 10 years. The Company recognized capital lease interest expense in 2016 of $35.4 million (2015: $3.4 million ). Two of these vessels have been subleased under noncancelable operating leases. The total future minimum sublease rentals to be received under these contracts as of December 31, 2016 amounts to $7.5 million . In May 2015, the Company and Ship Finance agreed to amendments to the leases on 12 VLCCs and five Suezmaxes, the related management agreements and further amendments to the charter ancillary agreements for the remainder of the charter periods. As a result of the amendments to the charter ancillary agreements, which took effect on July 1, 2015, the daily hire payable to Ship Finance was reduced to $20,000 per day and $15,000 per day for VLCCs and Suezmaxes, respectively. The fee due from Ship Finance for operating costs was increased from $6,500 per day per vessel to $9,000 per day per vessel. In return, the Company issued 11.0 million new shares (as adjusted for the 1-for-5 reverse share split in February 2016) to Ship Finance and the profit share above the new daily hire rates was increased from 25% to 50% . The Company was released from its guarantee obligation in exchange for agreeing to maintain a cash buffer of $2.0 million per vessel in its chartering counterparty. At December 31, 2016 , the contingent rental expense due to Ship Finance is $12.2 million (2015: $20.6 million ). As the Merger has been accounted for as a reverse business acquisition in which Frontline 2012 is treated as the accounting acquirer, all of the Company's assets and liabilities were recorded at fair value on November 30, 2015 such that estimated profit share over the remaining terms of the leases has been recorded in the balance sheet obligations. Consequently, the Company will only record profit share expense following the Merger when the actual expense is different to that estimated at the date of the Merger. As of December 31, 2016, the Company has recorded total obligations under these capital leases of $422.6 million of which $262.7 million is in respect of the minimum contractual payments and $159.9 million is in respect of contingent rental expense. Profit share arising in the year ended December 31, 2016 was $50.9 million , which was $18.6 million less than the amount accrued in the lease obligations payable when the leases were recorded at fair value at the time of the merger with Frontline 2012. No contingent rental expense was recorded in the month of December 2015. In May 2016, the Company agreed with Ship Finance to terminate the long term charter for the 1998-built VLCC Front Vanguard . The charter was terminated in July 2016. The Company agreed to a compensation payment to Ship Finance of $0.4 million for the termination of the charter and recorded an impairment loss of $7.3 million in the three months ended June 30, 2016 and recorded a gain on lease termination of $0.1 million . In the three months ended September, 2016, the Company recorded an impairment loss of $8.9 million in respect of three vessels leased in from Ship Finance - the 1997-built Front Ardenne , the 1998-built Front Brabant and the 1998-built Front Century - based on a 25% probability assumption of terminating the vessel's lease before the next dry dock. This impairment loss included $5.6 million in respect of Front Century. In November 2016, the Company agreed with Ship Finance to terminate the long term charter for Front Century upon the sale and delivery of the vessel to a third party. The charter was terminated in March 2017. The Company has agreed a compensation payment to Ship Finance of approximately $4.0 million for the termination of the charter and recorded an impairment loss of $27.3 million in the three months ended December 31, 2016 based on a 100% probability assumption of terminating the vessel's lease before the next dry dock. The Company expects to record a gain on lease termination of $20.3 million in the first quarter of 2017. Following this termination, the number of vessels on charter from Ship Finance was reduced to twelve vessels, including ten VLCCs and two Suezmax tankers. |
Schedule of book value of vessels | Movements in the two years ended December 31, 2016 may be summarized as follows: (in thousands of $) Cost Accumulated Depreciation Net Carrying Value Balance at December 31, 2014 — — — Acquired upon the Merger 706,219 — Depreciation (11,993 ) Balance at December 31, 2015 706,219 (11,993 ) 694,226 Impairment loss (63,958 ) 20,478 Lease termination (34,812 ) 8,173 Depreciation (87,674 ) Balance at December 31, 2016 607,449 (71,016 ) 536,433 |
Schedule of future minimum lease payments for capital leases | The outstanding obligations under capital leases as of December 31, 2016 are payable as follows: (in thousands of $) 2017 85,808 2018 86,040 2019 79,495 2020 69,598 2021 61,270 Thereafter 166,565 Minimum lease payments 548,776 Less: imputed interest (126,176 ) Present value of obligations under capital leases 422,600 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued expenses | (in thousands of $) 2016 2015 Voyage expenses 13,527 8,885 Ship operating expenses 6,869 11,030 Administrative expenses 1,355 2,713 Interest expense 2,003 807 Taxes 1,671 1,058 Contingent rental expense — 4,582 Other 734 614 26,159 29,689 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | (in thousands of $) 2016 2015 Deferred charter revenue 6,302 12,374 Other 3,990 3,501 10,292 15,875 |
VALUE OF UNFAVOURABLE TIME CH55
VALUE OF UNFAVOURABLE TIME CHARTERS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Unfavourable contract amortisation schedule [Table Text Block] | The value of unfavorable charter-out contracts maybe summarized as follows; (in thousands of $) 2016 2015 Acquired upon the Merger 8,109 8,109 Accumulated amortization (8,109 ) (1,310 ) — 6,799 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instrument [Line Items] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Deferred charges (in thousands of $) 2016 2015 Debt arrangement fees 14,103 4,580 Accumulated amortization (3,429 ) (1,394 ) 10,674 3,186 |
Long-term debt | (in thousands of $) 2016 2015 U.S. dollar denominated floating rate debt $500.1 million term loan facility 461,997 500,100 $60.6 million term loan facility 54,530 57,999 $466.5 million term loan facility 314,315 248,337 $109.2 million term loan facility 53,797 — $328.4 million term loan facility 107,981 — Total floating rate debt 992,620 806,436 Credit lines 11 20 Total debt 992,631 806,456 Current portion of long term debt 67,365 57,575 Deferred charges 10,674 3,186 Long term portion of debt 914,592 745,695 |
Assets pledged | (in thousands of $) 2016 2015 Vessels, net, 1,476,889 1,186,230 |
Debt repayment schedule | The outstanding debt as of December 31, 2016 is repayable as follows: (in thousands of $) 2017 67,365 2018 67,368 2019 67,362 2020 376,948 2021 335,896 Thereafter 77,692 992,631 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 24. DEBT (in thousands of $) 2016 2015 U.S. dollar denominated floating rate debt $500.1 million term loan facility 461,997 500,100 $60.6 million term loan facility 54,530 57,999 $466.5 million term loan facility 314,315 248,337 $109.2 million term loan facility 53,797 — $328.4 million term loan facility 107,981 — Total floating rate debt 992,620 806,436 Credit lines 11 20 Total debt 992,631 806,456 Current portion of long term debt 67,365 57,575 Deferred charges 10,674 3,186 Long term portion of debt 914,592 745,695 The outstanding debt as of December 31, 2016 is repayable as follows: (in thousands of $) 2017 67,365 2018 67,368 2019 67,362 2020 376,948 2021 335,896 Thereafter 77,692 992,631 $466.5 million term loan facility During December 2014, the amount of a $136.5 million term loan facility was increased to $466.5 million such that a further ten tranches of $33.0 million , each for a Aframax/LR2 tanker newbuilding, could be drawn. The repayment schedule was amended to installments on a quarterly basis, in an amount of $0.4 million for each MR product tanker and $0.4 million for each Aframax/LR2 tanker with a balloon payment on the final maturity date in April 2021. In addition the loan margin and commitment fee were amended to 2.05% and 0.82% , respectively. In December 2015, the loan margin was reduced to 1.90% . During 2015, $99.0 million was drawn down on delivery of three Aframax/LR2 tankers and $13.1 million was repaid. During, 2016, $192.4 million was drawn down on delivery of six Aframax/LR2 tankers and $126.4 million was repaid. The facility is fully drawn down as of December 31, 2016 . $60.6 million term loan facility In March 2015, Frontline 2012 entered into a $60.6 million term facility to fund the purchase of two second hand vessels. The loan has a term of five years and carries interest at LIBOR plus a margin of 1.80% . Repayments are made on a quarterly basis, each in an amount $0.9 million , with a balloon payment on the final maturity date in March 2021.The facility is fully drawn down as of December 31, 2016 . $500.1 million term loan facility In December 2015, subsidiaries of the Company signed a new $500.1 million senior secured term loan facility with a number of banks, which matures in December 2020 and carries an interest rate of LIBOR plus a margin of 1.9% . The proceeds of this new facility were used to refinance the $420.0 million , $200.0 million , $146.4 million and $60.0 million term loan facilities with an aggregate outstanding balance of $377.7 million and to repay outstanding amounts owed to Ship Finance of $112.7 million . This facility is secured by six VLCCs and six Suezmax tankers. Repayments are made on a quarterly basis, each in an amount $9.5 million , with a balloon payment on the final maturity date in December 2020. The facility is fully drawn down as of December 31, 2016 . $275.0 million term loan facility In June 2016, the Company signed a $275.0 million senior unsecured facility agreement with GHL Finance Limited, an affiliate of Hemen, the Company's largest shareholder. The $275.0 million facility carries an interest rate of 6.25% . The facility is available to the Company for a period of eighteen months from the first utilization date and is repayable in full on the eighteen month anniversary of the first utilization date. There are no scheduled loan repayments before this date. The facility does not include any financial covenants and will be used to part finance the Company's current newbuilding program, partially finance potential acquisitions of newbuildings or vessels on the water and for general corporate purposes. The full facility is available and undrawn as at December 31, 2016. $109.2 million term loan facility In July 2016, the Company entered into a senior secured term loan facility in an amount of up to $109.2 million with ING Bank. The facility matures on June 30, 2021, carries an interest rate of LIBOR plus a margin of 1.90% and has an amortization profile of 17 years. It will be used to part finance the acquisition made in June 2016 of the two VLCC newbuildings and is available in two equal tranches. The available undrawn amount at December 31, 2016 was up to $54.6 million . A commitment fee of 0.76% is payable on any undrawn part of the lenders commitment. $328.4 million term loan facility In August 2016, the Company signed a senior secured term loan facility in an amount of up to $328.4 million with China Exim Bank. The facility matures in 2029, carries an interest rate of LIBOR plus a margin in line with the Company's other facilities and has an amortization profile of 18 years. It will be used to part finance eight of our newbuildings and will be secured by four Suezmax tankers and four Aframax/LR2 tankers. The Company drew down $109.0 million in the year ended December 31, 2016 from this facility in connection with one LR2 tanker and two Suezmax tanker newbuildings, which were delivered in the year. A commitment fee in line with the Company's other facilities is payable on any undrawn part of the lenders commitment. $110.5 million term loan facility In December 2016, the Company signed a senior secured term loan facility in an amount of up to $110.5 million with Credit Suisse. The facility matures in 2022, carries an interest rate of LIBOR plus a margin of 1.90% and has an amortization profile of 18 years. The facility will be used to part finance two of our existing VLCC newbuilding contracts. The full facility is available and undrawn as at December 31, 2016. A commitment fee of 0.76% is payable on any undrawn part of the lenders commitment. The Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings under each of such agreements decrease below required levels. In addition, the loan agreements contains certain financial covenants, including the requirement to maintain a certain level of free cash, positive working capital and a value adjusted equity covenant. Restricted cash does not include cash balances of $49.6 million (2015: $40.3 million ), which are required to be maintained by the financial covenants in our loan facilities, as these amounts are included in "Cash and cash equivalents". Failure to comply with any of the covenants in the loan agreements 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. Under those circumstances, the Company might not have sufficient funds or other resources to satisfy its obligations. The Company was in compliance with all of the financial covenants contained in the Company's loan agreements as of December 31, 2016 . Assets pledged (in thousands of $) 2016 2015 Vessels, net, 1,476,889 1,186,230 Deferred charges (in thousands of $) 2016 2015 Debt arrangement fees 14,103 4,580 Accumulated amortization (3,429 ) (1,394 ) 10,674 3,186 During 2016, the Company paid $9.5 million (2015: $0.5 million ) with respect to debt arrangement fees. |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of weight average number of shares outstanding [Line Items] | |
Schedule of weight average number of shares outstanding [Table Text Block] | The weighted average number of shares outstanding for the year ended December 31, 2014 was restated for the effects of the capital reorganization and the reverse business acquisition as follows; (Number of shares in thousands) 2014 Weighted average shares as previously reported by Frontline 2012 245,468 Share exchange ratio in reverse business acquisition 2.55 Weighted average shares, as restated for effect of reverse business acquisition 625,943 Weighted average shares, as restated for reverse business acquisition and reverse share split 125,189 |
Schedule of stock by class | The following table summarizes the movement in the number of shares outstanding during the two years ended December 31, 2016 ; Outstanding shares at December 31, 2014 as previously reported by Frontline 2012 249,100,000 Share exchange ratio in reverse business acquisition 2.55 Outstanding shares at December 31, 2014 after giving effect to reverse business acquisition 635,205,000 Shares issued during the year prior to the reverse business acquisition 86,032,865 Cancellation of treasury shares held by Frontline 2012 (6,792,117 shares at exchange ratio of 2.55) (17,319,898 ) Cancellation of Frontline 2012 shares held by the Company (13,460,000 shares at exchange ratio of 2.55) (34,323,000 ) Cancellation of fractional shares (307 ) Effect of reverse business acquisition (conversion of the Company's shares) 112,342,989 Outstanding shares at December 31, 2015 781,937,649 Outstanding shares at December 31, 2015 after giving effect to 1-for-5 reverse share split in February 2016 156,386,506 Issue of shares in December 2016 13,422,818 Outstanding shares at December 31, 2016 169,809,324 |
SHARE OPTION PLANS (Tables)
SHARE OPTION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | July 2016 Risk free interest rate 0.69 % Expected life (years) 3.5 Expected volatility 79.80 % Expected dividend yield 0.00 % |
Schedule of Share-based Compensation Arrangements by Exercise Price Range | 26. SHARE OPTIONS 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, or 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 July 2016, the Company granted 1,170,000 share options, with an exercise price of $8.00 per share, to directors and officers in accordance with the terms of the Frontline Scheme. 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: July 2016 Risk free interest rate 0.69 % Expected life (years) 3.5 Expected volatility 79.80 % Expected dividend yield 0.00 % 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 all of the options granted in July 2016 will vest. The initial exercise price of these options was $8.00 per option and is reduced by the amount of dividends paid after the date of grant. As at December 31, 2016, the exercise price of the options granted in July 2016 was $7.70 and the Company's share price was $7.11 . None of these share options had vested, expired or been forfeited at December 31, 2016. As at December 31, 2016, there was $3.3 million in unrecognized stock compensation expense related to non-vested options. Stock compensation expense of $1.4 million was recognized in 2016. The weighted average grant-date fair value of the options granted in 2016 was $4.06 per share. |
FINANCIAL ASSETS AND LIABILIT59
FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | The interest rate swaps are not designated as hedges and are summarized as at December 31, 2016 as follows: Notional Amount Inception Date Maturity Date Fixed Interest Rate ($000s) 17,442 June 2013 June 2020 1.4025 % 51,762 September 2013 September 2020 1.5035 % 87,526 December 2013 December 2020 1.6015 % 16,806 March 2014 March 2021 1.6998 % 17,149 June 2014 June 2021 1.7995 % 17,492 September 2014 September 2021 1.9070 % 150,000 February 2016 February 2026 2.1970 % 358,177 |
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, 2016 and 2015 are as follows: 2016 2015 (in thousands of $) Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 202,402 202,402 264,524 264,524 Restricted cash 677 677 368 368 Liabilities: Floating rate debt 992,631 992,631 806,456 806,456 |
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 $) 2016 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents 202,402 202,402 — — Restricted cash 677 677 — — Liabilities: Floating rate debt 992,631 — 992,631 — (in thousands of $) 2015 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents 264,524 264,524 — — Restricted cash 368 368 — — Liabilities: Floating rate debt 806,456 — 806,456 — |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2016USD ($) | Nov. 30, 2015USD ($) | May 31, 2015vessel | Jan. 31, 2014USD ($)vessel | Sep. 30, 2016vessel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 01, 2015USD ($) | Jun. 30, 2015USD ($) | |
Related Party Transaction [Line Items] | ||||||||||
Due from Related Parties, Current | $ 5,095,000 | $ 10,234,000 | ||||||||
Number of vessels delivered and sold | vessel | 5 | |||||||||
Proceeds From Sale Of Vessels and Equipment | $ 173,187,000 | 456,366,000 | $ 0 | |||||||
Management fee income | $ 6,500 | |||||||||
Remaining periods on these leases, maximum (in years) | 10 years | |||||||||
Contingent rental expense (income) | $ 18,621,000 | 0 | 0 | |||||||
Gain (Loss) On Sale Of Assets | 0 | 78,167,000 | 0 | |||||||
Flex LNG [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from Related Parties, Current | 741,000 | 0 | ||||||||
Avance Gas [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of vessels delivered and sold | vessel | 8 | |||||||||
Gain (Loss) On Sale Of Assets | 78,200,000 | 78,200,000 | ||||||||
Ship Finance International Limited [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from Related Parties, Current | $ 1,077,000 | 3,356,000 | ||||||||
Management fee income | $ 9,000 | $ 6,500 | ||||||||
Remaining periods on these leases, maximum (in years) | 10 years | |||||||||
Lease termination receipt | $ 3,300,000 | $ 0 | 3,266,000 | 0 | ||||||
Contingent rental expense (income) | 18,621,000 | 0 | $ 0 | |||||||
Golden Ocean Group Limited [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from Related Parties, Current | 1,151,000 | 4,099,000 | ||||||||
Seatankers Management Co. Ltd [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due from Related Parties, Current | $ 1,060,000 | $ 1,165,000 | ||||||||
Proceeds From Sale Of Vessels and Equipment | $ 2,400,000 | |||||||||
Fuel Efficient VLGC [Member] | Avance Gas [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds From Sale Of Vessels and Equipment | $ 139,200,000 | |||||||||
VLCC Vessels [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of leases vessels with amended terms | vessel | 12 | |||||||||
VLCC Vessels [Member] | Ship Finance International Limited [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of leases vessels with amended terms | vessel | 12 | |||||||||
Suezmax Vessels [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of leases vessels with amended terms | vessel | 5 | |||||||||
Suezmax Vessels [Member] | Ship Finance International Limited [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of leases vessels with amended terms | vessel | 5 |
GENERAL (Details)
GENERAL (Details) $ / shares in Units, T in Thousands | Feb. 03, 2016USD ($)$ / sharesshares | Dec. 30, 2011USD ($)contract | Dec. 16, 2011USD ($)$ / sharesshares | Dec. 31, 2016USD ($)vesselshares | Nov. 30, 2015shares | Dec. 31, 2016USD ($)vesselshares | Dec. 31, 2015USD ($)vessel$ / sharesshares | Dec. 31, 2014USD ($)vesselshares | Dec. 31, 2016shares | Dec. 31, 2016$ / shares | Dec. 31, 2016tanker_size | Dec. 31, 2016USD ($) | Dec. 31, 2016T | Dec. 31, 2016tanker | Dec. 16, 2016$ / sharesshares | Nov. 30, 2015USD ($) | Nov. 30, 2015Rate | Nov. 29, 2015 | Sep. 30, 2014$ / shares | Sep. 15, 2014$ / shares | Dec. 31, 2013vesselshares |
Related Party Transaction [Line Items] | |||||||||||||||||||||
Ordinary shares authorized, value | $ | $ 1,000,000,000 | ||||||||||||||||||||
Ordinary shares authorized (in shares) | shares | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||
Ordinary shares issued (dollars per share) | $ / shares | $ 2 | $ 1 | $ 1 | ||||||||||||||||||
Reverse stock split, conversion ratio | 0.2 | ||||||||||||||||||||
Share exchange ratio in reverse acquisition | 2.55 | 2.55 | |||||||||||||||||||
Shares issued (in shares) | shares | 13,422,818 | 0 | 0 | ||||||||||||||||||
Share capital, shares outstanding (in shares) | shares | 781,937,649 | 635,205,000 | 169,809,324 | 635,205,000 | |||||||||||||||||
Percentage ownership of common stock outstanding | 13.00% | ||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 11.51 | $ 11.51 | |||||||||||||||||||
Proceeds from issuance of common stock | $ | $ 98,200,000 | $ 0 | $ 0 | ||||||||||||||||||
Number of newbuilding contracts acquired, VLCCs | contract | 5 | ||||||||||||||||||||
Acquisition of contracts, fair market value | $ | $ 1,120,700,000 | ||||||||||||||||||||
Acquisition of contracts, cash paid | $ | 128,900,000 | ||||||||||||||||||||
Acquisition of contracts, debt assumed | $ | 666,300,000 | ||||||||||||||||||||
Acquisition of contracts, newbuilding commitments | $ | $ 325,500,000 | ||||||||||||||||||||
Number of sizes of oil tankers | tanker_size | 2 | ||||||||||||||||||||
Lower range of VLCC tanker size (in dry weight tonnage) | T | 200 | ||||||||||||||||||||
Upper range of VLCC tanker size ((in dry weight tonnage) | T | 320 | ||||||||||||||||||||
Lower range of Suezmax tanker size (in dry weight tonnage) | T | 120 | ||||||||||||||||||||
Upper range of Suezmax tanker size (in dry weight tonnage) | T | 170 | ||||||||||||||||||||
Lower range of LR2 tanker size (in dry weight tonnage) | T | 111 | ||||||||||||||||||||
Upper range of LR2 tanker size (in dry weight tonnage) | T | 115 | ||||||||||||||||||||
Number of vessels in fleet | 56 | 56 | |||||||||||||||||||
Aggregate vessel capacity | T | 11,000 | ||||||||||||||||||||
Number of vessels owned | 28 | 28 | |||||||||||||||||||
Number of vessels owned, VLCCs | 7 | 7 | |||||||||||||||||||
Number of vessels owned, Suezmax tankers | 10 | 10 | 6 | ||||||||||||||||||
Number of Vessels Owned, Product Tankers | 11 | 11 | |||||||||||||||||||
Number of vessels under capital leases | 13 | 13 | |||||||||||||||||||
Number of vessels under capital leases, VLCCs | 11 | 11 | |||||||||||||||||||
Number of vessels under capital leases, Suezmax tankers | 2 | 2 | |||||||||||||||||||
Number of vessels recorded as investment in finance lease, VLCCs | 1 | 1 | |||||||||||||||||||
Number of vessels chartered-in, long-term | 4 | 4 | |||||||||||||||||||
Number of vessels chartered-in, long-term, term of charter | 12 months | ||||||||||||||||||||
Number of vessels chartered-in, long-term, VLCCs | 2 | 2 | |||||||||||||||||||
Number of vessels chartered-in, long-term, Suezmax tankers | 2 | 2 | |||||||||||||||||||
Number of vessels under commercial management | 5 | 5 | |||||||||||||||||||
Number of vessels under commercial management, Suezmax tankers | 2 | 2 | |||||||||||||||||||
Number of vessels under commercial management, product/crude oil tankers | 3 | 3 | |||||||||||||||||||
Number of newbuild vessels | 16 | 16 | 62 | ||||||||||||||||||
Number of newbuild vessels, VLCCs | 3 | 3 | |||||||||||||||||||
Number of newbuild vessels, Suezmax tankers | 6 | 6 | |||||||||||||||||||
Number of newbuild vessels, LR2s | 7 | 7 | |||||||||||||||||||
Hemen [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Shares issued (in shares) | shares | 1,342,281 | ||||||||||||||||||||
percentage ownership of stock issue, new shares | 10.00% | ||||||||||||||||||||
Share capital, shares outstanding (in shares) | shares | 82,145,703 | ||||||||||||||||||||
Percentage ownership of common stock outstanding | 48.40% | ||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Proceeds from issuance of common stock | $ | $ 285,000,000 | ||||||||||||||||||||
At-the-market Offering [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Shares issued (in shares) | shares | 13,422,818 | 86,032,865 | 13,422,818 | ||||||||||||||||||
Sale of stock, share price (in dollars per share) | $ / shares | $ 7.45 | ||||||||||||||||||||
Proceeds from issuance of common stock | $ | $ 98,200,000 | ||||||||||||||||||||
At-the-market Offering [Member] | Hemen [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Shares issued (in shares) | shares | 1,342,281 | ||||||||||||||||||||
Reverse stock split [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Ordinary shares authorized, value | $ | $ 500,000,000 | $ 500,000,000 | |||||||||||||||||||
Ordinary shares authorized (in shares) | shares | 500,000,000 | 500,000,000 | |||||||||||||||||||
Ordinary shares issued (dollars per share) | $ / shares | $ 1 | $ 1 | |||||||||||||||||||
Share capital, shares outstanding (in shares) | shares | 156,386,506 | ||||||||||||||||||||
Reverse acquisition [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Number of shares held by existing shareholders to qualify for reverse acquisition | shares | 1 | ||||||||||||||||||||
Share exchange ratio in reverse acquisition | 2.55 | 2.55 | |||||||||||||||||||
Common stock, shares, issued as merger consideration | shares | 583,600,000 | ||||||||||||||||||||
Common stock, shares, outstanding in Frontline 2012 prior to reverse acquisition and reverse stock split | shares | 249,100,000 | 249,100,000 | |||||||||||||||||||
Treasury stock (in shares) | $ | $ 6,800,000 | ||||||||||||||||||||
Common stock, shares, outstanding that the Company owns in Frontline 2012 prior to merger | shares | 13,460,000 | ||||||||||||||||||||
Ordinary shares [Member] | IPO [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Shares issued (in shares) | shares | 100,000,000 | ||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 2.85 | ||||||||||||||||||||
Ordinary shares [Member] | IPO [Member] | Board of Directors Chairman [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Shares issued (in shares) | shares | 50,000,000 | ||||||||||||||||||||
Ownership percentage | 50.00% | ||||||||||||||||||||
Parent [Member] | Ordinary shares [Member] | IPO [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Shares issued (in shares) | shares | 8,771,000 | ||||||||||||||||||||
Ownership percentage | 8.80% | ||||||||||||||||||||
VLCC Vessels [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Number of newbuilding contracts acquired, modern VLCCs | contract | 6 | ||||||||||||||||||||
Number of vessel acquired on time charter | contract | 1 | ||||||||||||||||||||
number of vessels with an equal cost/revenue split | 2 | 2 | |||||||||||||||||||
Number of newbuild vessels | 3 | 3 | 6 | ||||||||||||||||||
Suezmax Vessels [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Number of newbuilding contracts acquired, modern VLCCs | contract | 4 | ||||||||||||||||||||
Number of newbuild vessels | 6 | 6 | 6 | ||||||||||||||||||
MR tanker [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Vessels Chartered-In, Short-term | 3 | 3 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) $ in Thousands, shares in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015shares | Dec. 31, 2016USD ($)reporting_unitrecycling_market | Dec. 31, 2015USD ($) | Nov. 30, 2015 | Apr. 30, 2014 | Apr. 23, 2014 | |
Property, Plant and Equipment [Line Items] | ||||||
Average period over which market price of scrap per ton is calculated | 10 years | |||||
Number of recycling markets | recycling_market | 3 | |||||
Number of reporting units | reporting_unit | 1 | |||||
Deferred finance costs, net. | $ | $ 10,674 | $ 3,186 | ||||
Vessel [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated remaining economic useful life | 25 years | |||||
Property, Plant and Equipment, Other Types [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated remaining economic useful life | 5 years | |||||
Golden Ocean [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Ownership percentage | 58.00% | 31.60% | ||||
Stock dividend (in shares) | shares | 75.4 | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Ownership percentage | 20.00% | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Ownership percentage | 50.00% | |||||
Reverse acquisition [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Percentage ownership of merged entity from existing shareholders of Frontline 2012 | 74.60% |
MERGER WITH FRONTLINE 2012 (Det
MERGER WITH FRONTLINE 2012 (Details) $ in Millions | 1 Months Ended | ||||||
Jul. 31, 2016vessel | Dec. 31, 2016vessel | Dec. 16, 2016 | Dec. 31, 2015vesselshares | Nov. 30, 2015USD ($)vesselshares | Nov. 29, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||||||
Total vessels leased in on long-term time charters | vessel | 13 | 15 | |||||
Share exchange ratio in reverse acquisition | 2.55 | 2.55 | |||||
Percentage ownership of common stock outstanding | 13.00% | ||||||
Reverse acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total vessels leased in on long-term time charters | vessel | 19 | ||||||
Number of shares issued to existing shareholders of Frontline 2012 in order to maintain combined company shareholdings | 77,794,000 | ||||||
Number of shares held by existing shareholders to qualify for reverse acquisition | 1 | ||||||
Share exchange ratio in reverse acquisition | 2.55 | ||||||
Common stock, shares, issued as merger consideration | 583,600,000 | ||||||
Common stock, shares, outstanding in Frontline 2012 prior to reverse acquisition and reverse stock split | 249,100,000 | 249,100,000 | |||||
Treasury stock (in shares) | $ | $ 6.8 | ||||||
Common stock, shares, outstanding that the Company owns in Frontline 2012 prior to merger | 13,460,000 | 13,460,000 | |||||
Percentage ownership of merged entity from existing shareholders of Frontline | 25.40% | ||||||
Percentage ownership of merged entity from existing shareholders of Frontline 2012 | 74.60% | ||||||
Minimum percentage of shareholders voting in favor required for approval of the merger | 50.00% | ||||||
Frontline 2012 Ltd [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage ownership of Frontline 2012 common stock outstanding | 59.00% | ||||||
Frontline 2012 Ltd [Member] | Reverse acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Minimum percentage of shareholders voting in favor required for approval of the merger | 75.00% | ||||||
Hemen [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage ownership of common stock outstanding | 48.40% | ||||||
Hemen [Member] | Reverse acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage ownership of common stock outstanding | 51.70% | ||||||
Ship Finance International Limited [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total vessels leased in on long-term time charters | vessel | 14 | 15 | |||||
Percentage ownership of common stock outstanding | 28.00% | ||||||
Percentage ownership of Ship Finance common stock outstanding | 37.00% | ||||||
Ship Finance International Limited [Member] | Reverse acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage ownership of common stock outstanding | 7.00% | ||||||
Front Vanguard [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of vessels whose lease was terminated | vessel | 1 |
MERGER WITH FRONTLINE 2012 (D64
MERGER WITH FRONTLINE 2012 (Details 2) - shares | Nov. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Treasury stock (in shares) | (17,319,898) | 0 | (17,319,898) | 0 |
Reverse acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock, shares, outstanding in Frontline 2012 prior to reverse acquisition and reverse stock split | 249,100,000 | 249,100,000 | ||
Treasury stock (in shares) | (6,792,000) | |||
Common stock, shares, outstanding that the Company owns in Frontline 2012 prior to merger | (13,460,000) | (13,460,000) | ||
Total number of shares in Frontline 2012 that qualify for merger consideration | 228,848,000 | |||
Number of shares issued to existing shareholders of Frontline 2012 in order to maintain combined company shareholdings | 77,794,000 | |||
Total number of shares issued to existing shareholders in Frontline 2012 if it was deemed to be legal acquirer | 306,642,000 | |||
Percentage ownership of merged entity from existing shareholders of Frontline 2012 | 74.60% |
MERGER WITH FRONTLINE 2012 (D65
MERGER WITH FRONTLINE 2012 (Details 3) - Reverse acquisition [Member] $ / shares in Units, shares in Thousands, $ in Thousands | Nov. 30, 2015USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |
Number of shares issued to existing shareholders of Frontline 2012 in order to maintain combined company shareholdings | shares | 77,794 |
Closing share price of Frontline 2012 on date of merger (in dollars per share) | $ / shares | $ 7.18 |
Total purchase price consideration | $ | $ 558,571 |
MERGER WITH FRONTLINE 2012 (D66
MERGER WITH FRONTLINE 2012 (Details 4) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 225,273 | $ 225,273 | |
Reverse acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase price consideration | $ 558,571 | ||
Fair value of net assets acquired and liabilities assumed | (333,298) | ||
Reverse stock split [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 225,273 |
MERGER WITH FRONTLINE 2012 (D67
MERGER WITH FRONTLINE 2012 (Details 5) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2015 |
Business Acquisition [Line Items] | |||
Current assets | $ 3 | $ 408 | |
Vessels and equipment, net | 1,477,395 | 1,189,198 | |
Vessels and equipment under capital lease, net | 536,433 | 694,226 | |
Investment in finance lease, long term portion | 30,908 | 40,656 | |
Short-term debt and current portion of long-term debt | (67,365) | (57,575) | |
Current portion of obligations under capital lease | (56,505) | (89,798) | |
Other current liabilities | (10,292) | (15,875) | |
Long-term debt | (914,592) | (745,695) | |
Obligations under capital lease, long term portion | (366,095) | (446,553) | |
Other non-current liabilities | $ (3,112) | $ (2,840) | |
Reverse acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 87,443 | ||
Current assets | 145,601 | ||
Vessels and equipment, net | 132,712 | ||
Vessels and equipment under capital lease, net | 706,219 | ||
Favorable newbuilding contracts | 16,523 | ||
Investment in finance lease, long term portion | 41,468 | ||
Short-term debt and current portion of long-term debt | (4,004) | ||
Current portion of obligations under capital lease | (96,123) | ||
Other current liabilities | (91,250) | ||
Long-term debt | (52,516) | ||
Obligations under capital lease, long term portion | (453,007) | ||
Other non-current liabilities | (99,768) | ||
Fair value of net assets acquired and liabilities assumed | $ 333,298 |
MERGER WITH FRONTLINE 2012 (D68
MERGER WITH FRONTLINE 2012 (Details 6) | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016USD ($)contract | Dec. 31, 2015USD ($)vessel | Nov. 30, 2015USD ($)vesselcontractbroker_valuation | Jun. 30, 2015contract | Jan. 31, 2015contract | Sep. 30, 2014contract | Feb. 28, 2014contract | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($) | Jul. 01, 2015USD ($) | |
Business Acquisition [Line Items] | |||||||||||
Newbuilding contracts | contract | 4 | ||||||||||
Total vessels leased in on long-term time charters | vessel | 15 | 13 | 15 | ||||||||
Profit share expense percentage | 25.00% | ||||||||||
Remaining lease obligation | $ 422,600,000 | ||||||||||
Number of vessels leased to third parties on time charter classified as investment in finance lease | vessel | 1 | 1 | 1 | ||||||||
Revenues | $ 754,306,000 | $ 458,934,000 | $ 241,826,000 | ||||||||
Net Income (Loss) Attributable to Parent | 117,010,000 | $ 154,624,000 | 149,469,000 | ||||||||
Frontline [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 43,500,000 | ||||||||||
Net Income (Loss) Attributable to Parent | $ 9,800,000 | ||||||||||
Reverse acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Other assets, favourable newbuilding contracts | $ 16,523,000 | ||||||||||
Total vessels leased in on long-term time charters | vessel | 19 | ||||||||||
Reverse acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of vessels acquired on merger | vessel | 2 | ||||||||||
Number of broker valuations used | broker_valuation | 2 | ||||||||||
Number of unfavourable time charter contracts | contract | 5 | ||||||||||
Number of vessels leased to third parties on time charter classified as investment in finance lease | vessel | 1 | ||||||||||
Suzemax Tanker [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Newbuilding contracts | contract | 6 | ||||||||||
VLCC Vessels [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Newbuilding contracts | contract | 2 | 2 | 2 | ||||||||
Payments to acquire vessels | $ 84,000,000 | ||||||||||
Daily hire payable | $ 20,000 | ||||||||||
Suezmax Vessels [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Daily hire payable | $ 15,000 | ||||||||||
Golden Ocean Group Limited [Member] | Suzemax Tanker [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Newbuilding contracts | contract | 2 | ||||||||||
Payments to acquire vessels | $ 55,700,000 | ||||||||||
Golden Ocean [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Other assets, favourable newbuilding contracts | $ 16,500,000 | ||||||||||
Ship Finance International Limited [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of vessels acquired on merger | vessel | 14 | 14 | |||||||||
Total vessels leased in on long-term time charters | vessel | 14 | 15 | 14 | ||||||||
Profit share expense percentage | 25.00% | 50.00% | |||||||||
Remaining lease obligation | $ 533,251,000 | 422,600,000 | $ 533,251,000 | $ 0 | |||||||
Ship Finance International Limited [Member] | Reverse acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Remaining lease obligation | 422,600,000 | ||||||||||
Total minimum contractual obligations, vessels under capital lease | 262,700,000 | ||||||||||
Total contingent rental obligation on capital leases | $ 159,900,000 | ||||||||||
Ship Finance International Limited [Member] | VLCC Vessels [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total vessels leased in on long-term time charters | vessel | 10 | ||||||||||
Daily hire payable | $ 20,000 | ||||||||||
Ship Finance International Limited [Member] | Suezmax Vessels [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total vessels leased in on long-term time charters | vessel | 2 | ||||||||||
Daily hire payable | $ 15,000 | ||||||||||
Mindanao [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of vessels whose lease was terminated | vessel | 1 |
MERGER WITH FRONTLINE 2012 (D69
MERGER WITH FRONTLINE 2012 (Details 7) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 01, 2015 | Jun. 30, 2015 | |
Business Acquisition [Line Items] | |||||
Profit share expense percentage | 25.00% | ||||
Total operating revenues | $ 754,306 | $ 458,934 | $ 241,826 | ||
Net income (loss) from continuing operations | 117,859 | 255,536 | 137,414 | ||
Loss from discontinued operations | 0 | (131,006) | (51,159) | ||
Net income | 117,514 | 124,380 | 86,255 | ||
Net loss attributable to non-controlling interest | (504) | 30,244 | 63,214 | ||
Net income attributable to the Company | $ 117,010 | $ 154,624 | $ 149,469 | ||
Basic and diluted earnings per share attributable to the Company from continuing operations (in dollars per share) | $ 0.75 | $ 2.13 | $ 1.10 | ||
Basic and diluted (loss) earnings per share attributable to the Company from discontinued operations (in dollars per share) | 0 | (0.84) | 0.10 | ||
Basic and diluted earnings per share attributable to the Company (in dollars per share) | $ 0.75 | $ 1.29 | $ 1.19 | ||
Proforma accounts [Member] | |||||
Business Acquisition [Line Items] | |||||
Total operating revenues | $ 934,670 | $ 777,436 | |||
Net income (loss) from continuing operations | 269,352 | (90,672) | |||
Loss from discontinued operations | (131,006) | (51,159) | |||
Net income | 138,346 | (141,831) | |||
Net loss attributable to non-controlling interest | 30,244 | 63,214 | |||
Net income attributable to the Company | $ 168,590 | $ (78,617) | |||
Basic and diluted earnings per share attributable to the Company from continuing operations (in dollars per share) | $ 2.24 | $ (0.73) | |||
Basic and diluted (loss) earnings per share attributable to the Company from discontinued operations (in dollars per share) | (0.84) | 0.10 | |||
Basic and diluted earnings per share attributable to the Company (in dollars per share) | $ 1.40 | $ (0.63) | |||
Ship Finance International Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Profit share expense percentage | 50.00% | 25.00% |
ACQUISITION OF KNIGHTSBRIDGE -
ACQUISITION OF KNIGHTSBRIDGE - Additional Information (Details) $ / shares in Units, $ in Thousands, shares in Millions | Apr. 09, 2014USD ($) | Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($)special_purpose_companyshares | Sep. 30, 2014USD ($)special_purpose_company$ / sharesshares | May 31, 2014vessel | Apr. 30, 2014USD ($)vesselspecial_purpose_companyshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 15, 2014USD ($)$ / shares | Sep. 14, 2014USD ($) | Apr. 03, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Share price (in dollars per share) | $ / shares | $ 11.51 | $ 11.51 | ||||||||||
Equity method investment, gain (loss) on dilution of ownership | $ 5,900 | |||||||||||
Revenues | $ 754,306 | $ 458,934 | $ 241,826 | |||||||||
Net income | $ (117,010) | (154,624) | $ (149,469) | |||||||||
Golden Ocean Group Limited [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash held in the thirteen SPCs | $ 25,149 | |||||||||||
Percentage of total common stock outstanding held | 69.70% | |||||||||||
Percentage of ownership interest | 58.00% | 31.60% | ||||||||||
Newbuildings and cash at historic cost | $ 131,555 | |||||||||||
Revenues | 33,400 | |||||||||||
Net income | $ 63,200 | |||||||||||
Golden Ocean [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Common stock, number of shares held | shares | 77.5 | |||||||||||
Golden Ocean Group Limited [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of SPCs sold | special_purpose_company | 12 | 13 | 5 | |||||||||
Shares received | shares | 31 | 31 | 15.5 | |||||||||
Payables transferred | $ 404,000 | $ 490,000 | $ 150,000 | |||||||||
SPC newbuilding costs | 41,600 | |||||||||||
Cash held in the thirteen SPCs | $ 43,400 | |||||||||||
Number of newbuildings delivered | vessel | 2 | 5 | ||||||||||
Number of SPCs to be sold | special_purpose_company | 25 | |||||||||||
Cash transferred in sale | $ 108,600 | 25,100 | ||||||||||
Golden Ocean Group Limited [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Gain on disposal | $ 109,300 | |||||||||||
Golden Ocean Group Limited [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proportionate gain (loss) from discontinued operations relating to non-controlling interest | 34,500 | |||||||||||
Investment in associated company | $ 178,400 | $ 154,000 | ||||||||||
Equity method investment market value | $ 154,000 | $ 194,400 | ||||||||||
Gain on disposal | $ 34,500 | |||||||||||
Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Gain from equity method investment | $ 24,400 | |||||||||||
Newbuildings [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Gain on disposal | $ 74,800 |
ACQUISITION OF KNIGHTSBRIDGE 71
ACQUISITION OF KNIGHTSBRIDGE - Summary of Consideration (Details) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | |||
Mar. 31, 2015special_purpose_companyshares | Sep. 30, 2014USD ($)special_purpose_company$ / sharesshares | Apr. 30, 2014USD ($)special_purpose_companyshares | Sep. 15, 2014$ / shares | |
Business Acquisition [Line Items] | ||||
Number of noncontrolling interest shares | shares | 33.6 | |||
Share price (in dollars per share) | $ / shares | $ 11.51 | $ 11.51 | ||
Golden Ocean Group Limited [Member] | ||||
Business Acquisition [Line Items] | ||||
Carrying value of the newbuilding contracts in the thirteen SPCs | $ 106,406 | |||
Cash held in the thirteen SPCs | 25,149 | |||
Fair value of non-controlling interest (33.6 million shares at $11.51 per share) | 386,984 | |||
Fair value of previously held equity (15.5 million shares at $11.51 per share) | 178,405 | |||
Total value of consideration | $ 696,944 | |||
Golden Ocean Group Limited [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash held in the thirteen SPCs | $ 43,400 | |||
Number of SPCs | special_purpose_company | 12 | 13 | 5 | |
Shares received | shares | 31 | 31 | 15.5 |
ACQUISITION OF KNIGHTSBRIDGE 72
ACQUISITION OF KNIGHTSBRIDGE - Summary of Estimated Fair Value and Historic Cost of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 225,273 | $ 225,273 | |
Golden Ocean Group Limited [Member] | |||
Business Acquisition [Line Items] | |||
Assets | $ 125,421 | ||
Newbuildings | 83,700 | ||
Vessels, net | 465,334 | ||
Current liabilities | (27,757) | ||
Long term liabilities | (230,791) | ||
Fair value of net assets acquired and liabilities assumed | 415,907 | ||
Newbuildings and cash at historic cost | 131,555 | ||
Total value of net assets acquired and liabilities assumed | 547,462 | ||
Total value of consideration | 696,944 | ||
Goodwill | $ 149,482 |
DISCONTINUED OPERATIONS - Addit
DISCONTINUED OPERATIONS - Additional Information (Details) $ in Thousands | Mar. 31, 2015USD ($)shares | Mar. 25, 2015shares | Apr. 23, 2014USD ($)entityshares | Jun. 30, 2015shares | Mar. 31, 2015USD ($)entityshares | Sep. 30, 2014USD ($)entityshares | Apr. 30, 2014USD ($)entity | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($) | Oct. 31, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Earnings from equity method investment | $ 0 | $ 2,727 | $ 16,064 | |||||||||||||
Net operating income | 177,481 | 287,218 | 120,712 | |||||||||||||
Net income | 117,010 | 154,624 | 149,469 | |||||||||||||
Shares received in transaction | shares | 1 | |||||||||||||||
Vessels | $ 1,189,198 | 1,477,395 | 1,189,198 | |||||||||||||
General management agreement fees | $ 600 | $ 700 | ||||||||||||||
Technical management fees | 200 | 200 | ||||||||||||||
Newbuilding commission fees | 0 | 200 | ||||||||||||||
Newbuilding supervision fees | $ 1,100 | 1,500 | ||||||||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 7,233 | 9,369 | ||||||||||||||
KSL Santos [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Vessels | $ 47,600 | |||||||||||||||
Golden Ocean [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Ownership percentage | 31.60% | 58.00% | ||||||||||||||
Earnings from equity method investment | $ 300 | |||||||||||||||
Dividends from equity method investment | 6,200 | |||||||||||||||
Stock dividend (in shares) | shares | 75,400,000 | |||||||||||||||
Number of shares held by existing shareholders to qualify for stock dividend | 3.2142 | |||||||||||||||
Number of shares issued per share held (in shares) | shares | 0.3111 | |||||||||||||||
Golden Ocean Group Limited [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage of total common stock outstanding held | 69.70% | 69.70% | 69.70% | |||||||||||||
Percentage of total common stock outstanding held post merger | 44.90% | 44.90% | 44.90% | |||||||||||||
Net income | $ (63,200) | |||||||||||||||
Frontline 2012 Ltd [Member] | Golden Ocean [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Shares held prior to stock dividend (in shares) | shares | 77,500,000 | |||||||||||||||
Treasury shares held (in shares) | shares | 2,100,000 | |||||||||||||||
Golden Ocean [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Net revenues | 96,700 | |||||||||||||||
Net operating income | 19,500 | |||||||||||||||
Net income | $ 16,000 | |||||||||||||||
Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Number of SPCs sold | entity | 5 | 12 | 13 | 25 | ||||||||||||
Shares received as consideration in disposal | shares | 15,500,000 | |||||||||||||||
Gain from equity method investment | $ 24,400 | |||||||||||||||
Shares received as consideration in disposal | shares | 31,000,000 | 31,000,000 | ||||||||||||||
Remaining newbuilding installments | $ 404,000 | $ 150,000 | $ 404,000 | $ 490,000 | $ 404,000 | |||||||||||
Cash disposed on sale | $ 43,400 | $ 25,100 | ||||||||||||||
Cash consideration received on disposal | 108,600 | $ 108,600 | $ 108,600 | |||||||||||||
Discontinued Operations, Disposed of by Sale [Member] | Golden Ocean [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Number of vessels impaired | vessel | 5 | |||||||||||||||
Impairment loss | $ 41,700 | |||||||||||||||
Discontinued Operations, Disposed of by Sale [Member] | Golden Ocean [Member] | Continuing Operations [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Impairment loss | 1,100 | |||||||||||||||
Discontinued Operations, Disposed of by Sale [Member] | Golden Ocean [Member] | Discontinued Operations [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Impairment loss | $ 40,600 | |||||||||||||||
ICB General Management Agreement [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Management fee per annum | $ 2,300 | |||||||||||||||
Commission, percent of gross revenue | 1.25% | |||||||||||||||
Commission, percent of proceeds on sale of vessels | 1.00% | |||||||||||||||
Commission, Percent Of Cost Of Purchase Of Vessels | 1.00% | |||||||||||||||
Dry Bulk Commercial Management Agreement [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Commission, percent of gross revenue | 1.25% | |||||||||||||||
Golden Ocean [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Common stock, number of shares held | shares | 77,500,000 | 77,500,000 | 77,500,000 | |||||||||||||
Affiliated Entity [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
General management agreement fees | $ 100 | $ 400 | ||||||||||||||
Dividends [Domain] | Golden Ocean [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Number of shares held by existing shareholders to qualify for stock dividend | 3.2142 | |||||||||||||||
Shares received in transaction | shares | 1 | |||||||||||||||
Golden Ocean [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 2,400 | $ 9,400 | ||||||||||||||
Golden Ocean [Member] | Dividends [Domain] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Shares received in transaction | shares | 4,187,667 |
DISCONTINUED OPERATIONS - Amoun
DISCONTINUED OPERATIONS - Amounts Recorded in Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net loss from discontinued operations | $ 0 | $ (131,006) | $ (51,159) |
Discontinued Operations, Disposed of by Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating revenues | 18,083 | 33,432 | |
Gain on sale of newbuilding contracts | 0 | 74,834 | |
Voyage expenses and commissions | (13,414) | (17,291) | |
Ship operating costs | (7,050) | (6,797) | |
Administrative expenses | (985) | (2,490) | |
Goodwill impairment loss | 0 | (149,482) | |
Depreciation | (7,712) | (6,187) | |
Vessel impairment loss | (62,489) | 0 | |
Interest income | 0 | 17 | |
Interest expense | (2,119) | (1,698) | |
Gain on revaluation of investment in Golden Ocean | 0 | 24,422 | |
Share of results from associated companies | (14,880) | 321 | |
Impairment loss on shares | (40,556) | 0 | |
Gain on non-controlling interest | 192 | 0 | |
Other financial items | (76) | 0 | |
Foreign exchange loss | 0 | (2) | |
Other non-operating expense | 0 | (238) | |
Net loss from discontinued operations | (131,006) | (51,159) | |
Net loss attributable to non-controlling interest | (30,305) | (63,214) | |
Net (loss) income from discontinued operations after non-controlling interest | $ (100,701) | $ 12,055 |
DISCONTINUED OPERATIONS - Asset
DISCONTINUED OPERATIONS - Assets and Liabilities Held for Distribution (Details) - USD ($) $ in Millions | Apr. 30, 2014 | Apr. 23, 2014 |
Discontinued Operations, Disposed of by Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | $ 25.1 | $ 43.4 |
DISCONTINUED OPERATIONS - Carry
DISCONTINUED OPERATIONS - Carrying Values and Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Carrying Value, Cash and cash equivalents | $ 202,402 | $ 264,524 | $ 235,801 | $ 347,749 |
Carrying Value, U.S. dollar denominated floating rate debt | $ 992,631 | $ 806,456 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)segmentcustomer | Dec. 31, 2015USD ($)customer | Dec. 31, 2014USD ($)customer | |
Revenue from External Customer [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Major Customer 1 [Member] | |||
Revenue from External Customer [Line Items] | |||
Number of major customers for revenue purposes | customer | 2 | 1 | 1 |
Maximum percentage consolidated operating revenues from individual major customers (in hundredths) | 10.00% | 10.00% | 10.00% |
Revenue from major customer | $ 117.8 | $ 71.3 | $ 41 |
Major Customer 2 [Member] [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue from major customer | $ 78 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Foreign tax exemption expiration date | Mar. 31, 2035 | ||
percentage of transportation revenue from sources within the United States | 50.00% | ||
revenue tax rate percentage | 4.00% | ||
Revenue tax expense | $ 0.9 | $ 0.9 | $ 0.4 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,170,000 | 125,000 | 0 |
Net income from continuing operations after non-controlling interest | $ 117,010 | $ 255,325 | $ 137,414 |
Net income from discontinued operations after non controlling interest | $ 0 | $ (100,701) | $ 12,055 |
Weighted average shares outstanding, basic and diluted (in 000's) | 156,973,000 | 120,082,000 | 125,189,000 |
Net income attributable to the Company | $ 117,010 | $ 154,624 | $ 149,469 |
GAIN ON CANCELLATION AND SALE80
GAIN ON CANCELLATION AND SALE OF NEWBUILDING CONTRACTS - Summary of Contracts (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2016contract | Jun. 30, 2016USD ($)contract | May 31, 2016USD ($) | Jan. 31, 2014contract | Sep. 30, 2016USD ($)contract | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||
gain (loss) on cancellation of newbuilding contracts | $ (2,772) | $ 30,756 | $ 68,989 | ||||||
Gain on cancellation of newbuilding contracts | 89 | 0 | 0 | ||||||
Other operating (losses) gains | (2,683) | 108,923 | 68,989 | ||||||
Gain on cancellation and sale of newbuilding contracts | 0 | 78,167 | 0 | ||||||
Hull J0025 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gain on cancellation of newbuilding contracts | 35,900 | ||||||||
proceeds from cancellation of newbuilding contract | 99,300 | ||||||||
Hull J0028 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gain on cancellation of newbuilding contracts | 28,900 | ||||||||
proceeds from cancellation of newbuilding contract | 52,400 | ||||||||
Hull D2172 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gain on cancellation of newbuilding contracts | 2,200 | ||||||||
proceeds from cancellation of newbuilding contract | 11,000 | ||||||||
Hull D2173 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gain on cancellation of newbuilding contracts | 2,000 | ||||||||
proceeds from cancellation of newbuilding contract | $ 11,100 | ||||||||
Hull D2174 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gain on cancellation of newbuilding contracts | 1,700 | ||||||||
proceeds from cancellation of newbuilding contract | 7,600 | ||||||||
Hull J0106 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gain on cancellation of newbuilding contracts | 23,100 | ||||||||
proceeds from cancellation of newbuilding contract | 24,700 | ||||||||
Hull D2175 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
proceeds from cancellation of newbuilding contract | 7,300 | ||||||||
Hull D2171 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gain on cancellation of newbuilding contracts | 2,800 | ||||||||
proceeds from cancellation of newbuilding contract | 11,900 | ||||||||
MR tanker [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment loss | 18,200 | ||||||||
Number of Contracts sold to third party or related parties | contract | 6 | 5 | |||||||
Aggregate sales price on long-term assets | $ 172,500 | ||||||||
VLCC Vessels [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gain on cancellation of newbuilding contracts | 2,800 | ||||||||
Number of newbuilding contracts terminated | contract | 4 | ||||||||
Avance Gas [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gain on cancellation and sale of newbuilding contracts | $ 78,200 | $ 78,200 | |||||||
Number of Contracts sold to third party or related parties | contract | 8 | ||||||||
Front Vanguard [Member] | Ship Finance International Limited [Member] | VLCC Vessels [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of assets under capital lease | $ 7,300 | ||||||||
Gain on cancellation of newbuilding contracts | $ 100 | $ 100 | |||||||
proceeds from cancellation of newbuilding contract | $ 400 |
GAIN ON CANCELLATION AND SALE81
GAIN ON CANCELLATION AND SALE OF NEWBUILDING CONTRACTS - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2016contract | Jun. 30, 2016USD ($)contract | May 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2014USD ($)contract | Sep. 30, 2016USD ($)contract | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on cancellation of newbuilding contracts | $ 89 | $ 0 | $ 0 | |||||||
Gain (loss) on cancellation and sale of newbuilding contracts | (2,683) | 108,923 | 68,989 | |||||||
Sale proceeds received in advance | 0 | 0 | 139,200 | |||||||
Gain (Loss) On Sale Of Assets | 0 | 78,167 | 0 | |||||||
Lease termination receipt | 0 | 3,266 | 0 | |||||||
Disposal Group, Gain(Loss) on Lease Termination | 100 | |||||||||
Hull J0025 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on cancellation of newbuilding contracts | 35,900 | |||||||||
proceeds from cancellation of newbuilding contract | 99,300 | |||||||||
Loan repayments | 44,900 | |||||||||
Hull J0028 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on cancellation of newbuilding contracts | 28,900 | |||||||||
proceeds from cancellation of newbuilding contract | 52,400 | |||||||||
Hull D2172 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on cancellation of newbuilding contracts | 2,200 | |||||||||
proceeds from cancellation of newbuilding contract | 11,000 | |||||||||
Hull D2173 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on cancellation of newbuilding contracts | 2,000 | |||||||||
proceeds from cancellation of newbuilding contract | $ 11,100 | |||||||||
Hull D2174 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on cancellation of newbuilding contracts | 1,700 | |||||||||
proceeds from cancellation of newbuilding contract | 7,600 | |||||||||
Hull J0106 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on cancellation of newbuilding contracts | 23,100 | |||||||||
proceeds from cancellation of newbuilding contract | 24,700 | |||||||||
Hulls D2175 and D2176 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on cancellation of newbuilding contracts | 3,000 | |||||||||
Hull D2175 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
proceeds from cancellation of newbuilding contract | 7,300 | |||||||||
Hull D2176 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on cancellation and sale of newbuilding contracts | 7,300 | |||||||||
Hull D2171 [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on cancellation of newbuilding contracts | 2,800 | |||||||||
proceeds from cancellation of newbuilding contract | 11,900 | |||||||||
Fuel Efficient VLGC [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Sale proceeds received in advance | $ 139,200 | |||||||||
VLCC Vessels [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of newbuilding contracts terminated | contract | 4 | |||||||||
Gain on cancellation of newbuilding contracts | 2,800 | |||||||||
MR tanker [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Newbuildings sold to Avance Gas | contract | 6 | 5 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 172,500 | |||||||||
Impairment loss | 18,200 | |||||||||
Avance Gas [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Newbuildings sold to Avance Gas | contract | 8 | |||||||||
Gain (Loss) On Sale Of Assets | $ 78,200 | $ 78,200 | ||||||||
Ship Finance International Limited [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Loan repayments | $ 112,700 | |||||||||
Front Vanguard [Member] | Ship Finance International Limited [Member] | VLCC Vessels [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on cancellation of newbuilding contracts | $ 100 | $ 100 | ||||||||
proceeds from cancellation of newbuilding contract | $ 400 | |||||||||
Lease termination receipt | $ 400 | |||||||||
Impairment of assets under capital lease | $ 7,300 |
LEASES (Details)
LEASES (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2015vessel | Mar. 31, 2015vessel | Dec. 31, 2014vessel | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($) | |
Leases, Schedule of Leased Assets [Line Items] | ||||||
Total vessels leased in on long-term time charters | vessel | 13 | 15 | ||||
Total vessels leased in on short term time charter | vessel | 8 | |||||
Total number of vessels which had signed short-term time charters in place but did not commence until the following year | vessel | 4 | |||||
Percentage of charter revenues to pay as profit share expense | 60.00% | |||||
Operating Leases, Rent Expense, Net | $ 71,800 | $ 43,200 | $ 0 | |||
Profit share expense | $ 50,900 | |||||
Number of Vessels Chartered-In, Short-term Charters, Product Tankers | vessel | 1 | |||||
Number of vessels leased out on fixed rate time charters | vessel | 13 | 16 | ||||
Number of vessels leased out on fixed rate time charters with profit sharing agreements | vessel | 1 | 2 | ||||
Number of vessels chartered out on index-linked charters | vessel | 0 | 2 | ||||
Percentage of third party charter revenues to be received as profit share income | 50.00% | |||||
profit share income | $ 1,000 | |||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
2,017 | $ 15,413 | |||||
2,018 | 649 | |||||
2,019 | 365 | |||||
2,020 | 230 | |||||
2,021 | 0 | |||||
Thereafter | 0 | |||||
Total future minimum rental payments | 16,657 | |||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||
2,016 | 89,277 | |||||
2,017 | 2,426 | |||||
2,018 | 0 | |||||
2,019 | 0 | |||||
2,020 | 0 | |||||
Thereafter | 0 | |||||
Total minimum lease revenues | 91,703 | |||||
Melody, Tina, Symphony, Commodore [Domain] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Profit share expense | 4,200 | 0 | ||||
Assets Leased to Others [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Cost of vessels | 712,600 | 734,200 | ||||
Accumulated depreciation of vessels | 65,500 | 75,300 | ||||
MR tanker [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Percentage of charter revenues to pay as profit share expense | 50.00% | |||||
MR tanker [Member] | Maersk Maya [Domain] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Profit share expense | 0 | 700 | ||||
Melody, Tina, Symphony, Commodore [Domain] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Percentage of charter revenues to pay as profit share expense | 60.00% | |||||
VLCC Vessels [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Number of Vessels Chartered-In, Short-term Charters, Product Tankers | vessel | 2 | |||||
VLCC Vessels [Member] | oceanis [Member] [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Profit share expense | 200 | 0 | ||||
Double Hull Suezmax [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Number of vessels leased out on fixed rate time charters with profit sharing agreements | vessel | 2 | |||||
Suezmax Vessels [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Number of vessels chartered out on index-linked charters | vessel | 2 | |||||
Revenue on index linked time charters | 7,100 | $ 27,700 | $ 17,900 | |||
Suezmax [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Number of Vessels Chartered-In, Short-term Charters, Product Tankers | vessel | 2 | |||||
profit share income | 700 | |||||
Ship Finance International Limited [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Total vessels leased in on long-term time charters | vessel | 15 | 14 | ||||
Profit share expense | $ 50,900 | |||||
Ship Finance International Limited [Member] | VLCC Vessels [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Total vessels leased in on long-term time charters | vessel | 10 | |||||
Ship Finance International Limited [Member] | Suezmax Vessels [Member] | ||||||
Leases, Schedule of Leased Assets [Line Items] | ||||||
Total vessels leased in on long-term time charters | vessel | 2 |
RESTRICTED CASH (Details 2)
RESTRICTED CASH (Details 2) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Debt Instrument, Covenant Compliance, Cash Required To Be Maintained | $ 49.6 | $ 40.3 |
Ship Finance International Limited [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Cash surplus required for vessel leasing agreements | $ 26 | $ 28 |
INVESTMENT IN FINANCE LEASE (De
INVESTMENT IN FINANCE LEASE (Details) $ in Thousands | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)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 | vessel | 1 | 1 |
Components of the investment in sales-type leases [Abstract] | ||
Net minimum lease payments receivable | $ 33,563 | $ 45,089 |
Estimated residual values of leased property (unguaranteed) | 10,821 | 10,821 |
Less: finance lease interest income | (3,731) | (5,925) |
Total investment in sales-type lease | 40,653 | 49,985 |
Current portion | 9,745 | 9,329 |
Long-term portion | 30,908 | 40,656 |
Total investment in sales-type lease | 40,653 | $ 49,985 |
Future minimum gross revenues [Abstract] | ||
2,015 | 11,493 | |
2,016 | 10,419 | |
2,017 | 11,493 | |
2,018 | 158 | |
2,019 | 0 | |
Thereafter | 0 | |
Total minimum lease revenues | $ 33,563 |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands | Mar. 25, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Equity securities available-for-sale | ||||||||||
Unrealized gain (loss) recorded in other comprehensive income | $ 1,808 | $ (213) | ||||||||
Fair value | $ 13,853 | 8,428 | 13,853 | $ 0 | ||||||
Shares received in transaction | 1 | |||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | (7,233) | (9,369) | ||||||||
Dividends [Domain] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Available for sale securities, equity securities acquired | $ 0 | 10,632 | ||||||||
Golden Ocean [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Stock dividends, shares | 75,400,000 | |||||||||
Equity securities available-for-sale | ||||||||||
Shares received | 2,114,129 | 51,498 | 1,270,657 | |||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ (2,400) | $ (9,400) | ||||||||
Ship Finance International Limited [Member] | ||||||||||
Equity securities available-for-sale | ||||||||||
Shares received | 73,383 | |||||||||
Avance Gas [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Stock dividends, shares | 4,100,000 | |||||||||
Equity securities available-for-sale | ||||||||||
Shares received | 112,715 | 442,384 | ||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ (4,900) | |||||||||
Reverse acquisition [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Available for sale securities, equity securities acquired | $ 0 | $ 12,803 | ||||||||
Dividends [Domain] | Golden Ocean [Member] | ||||||||||
Equity securities available-for-sale | ||||||||||
Shares received in transaction | 4,187,667 | |||||||||
Dividends [Domain] | Avance Gas [Member] | ||||||||||
Equity securities available-for-sale | ||||||||||
Shares received in transaction | 329,669 |
TRADE ACCOUNTS RECEIVABLE, NE86
TRADE ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for uncollectible receivable | $ 4,000 | $ 0 | $ 0 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning balance | 1,678 | 494 | 154 |
Additions charged to income | 4,492 | 1,184 | 340 |
Ending balance | $ 6,170 | $ 1,678 | $ 494 |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other Receivables | $ 19,416 | $ 29,121 | ||
Contracts Receivable, Claims and Uncertain Amounts | 10,732 | 12,697 | ||
Other Receivables from Broker-Dealers and Clearing Organizations | 3,825 | 3,488 | ||
Allowance for doubtful accounts | 6,170 | 1,678 | $ 494 | $ 154 |
Other receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other Receivables | 4,859 | 12,936 | ||
Total Other Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for doubtful accounts | $ 0 | $ 200 |
NEWBUILDINGS (Details)
NEWBUILDINGS (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2016USD ($)contract | Jun. 30, 2016vesselagreement_option | Sep. 30, 2014USD ($)contract | Apr. 30, 2014USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($)vessel | Mar. 31, 2016vessel | Jun. 30, 2015contract | Mar. 31, 2015contract | Jan. 31, 2015contract | Dec. 31, 2013vessel | |
Property, Plant and Equipment [Line Items] | |||||||||||||
Installments And Newbuilding Supervision Fees Paid | $ 284,400 | ||||||||||||
Number of newbuild vessels | vessel | 16 | 62 | |||||||||||
Construction in Progress [Roll Forward] | |||||||||||||
Balance, beginning of period | $ 266,233 | $ 227,050 | $ 252,753 | ||||||||||
Newbuildings acquired | 16,523 | 83,700 | |||||||||||
Newbuildings sold | $ (64,178) | $ (41,617) | (517,398) | ||||||||||
Additions, net, continuing basis | 614,116 | 677,103 | 188,623 | ||||||||||
Additions, net, discontinued basis | 270,130 | ||||||||||||
Transfer to held for distribution | (250,118) | ||||||||||||
Newbuildings acquired from related party | 1,927 | ||||||||||||
Transfer to Vessels and equipment, net | (532,766) | (133,429) | (186,717) | ||||||||||
Interest capitalized, continuing basis | 6,994 | 5,989 | 5,129 | ||||||||||
Interest capitalized, discontinued basis | 2,087 | ||||||||||||
Transfer to short term claim receivable | (11,532) | (32,742) | |||||||||||
Cancellations | (46,253) | ||||||||||||
Balance, end of period | $ 308,324 | $ 266,233 | $ 227,050 | ||||||||||
LR2 Tanker [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of newbuild vessels | vessel | 7 | 14 | 13 | ||||||||||
Number Of Tankers Delivered | 2 | 0 | 4 | 0 | 0 | 0 | |||||||
VLCC Vessels [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Contracted price of newbuildings, gross | $ 364,300 | ||||||||||||
Installments And Newbuilding Supervision Fees Paid | 45,500 | ||||||||||||
Cancellation fee on termination, per vessel | $ 500 | ||||||||||||
Loss on Contract Termination | $ 2,800 | ||||||||||||
Number of newbuild vessels | vessel | 3 | 6 | |||||||||||
Number of Newbuild options | agreement_option | 2 | ||||||||||||
Number of newbuilding contracts terminated | contract | 4 |
NEWBUILDINGS - Additional Infor
NEWBUILDINGS - Additional Information (Details) $ in Thousands, shares in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Oct. 31, 2016contract | Jun. 30, 2016USD ($)vesselcontractagreement_option | Nov. 30, 2015USD ($)contract | Sep. 30, 2015contract | Jul. 31, 2015contract | Jun. 30, 2015USD ($)contract | Apr. 30, 2015contract | Mar. 31, 2015contractspecial_purpose_companyshares | Jan. 31, 2015contract | Dec. 31, 2014USD ($)vesselcontract | Sep. 30, 2014USD ($)vesselcontractspecial_purpose_companyshares | Jul. 31, 2014USD ($)contract | May 31, 2014USD ($)vesselcontract | Apr. 30, 2014USD ($)vesselspecial_purpose_companyshares | Feb. 28, 2014contractT | Oct. 31, 2013contract | Aug. 31, 2013contract | Apr. 30, 2013contract | Jan. 31, 2013contract | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vesselcontract | Dec. 31, 2014USD ($)vessel | Mar. 31, 2016vessel | Jan. 31, 2014vessel | Dec. 31, 2013vessel | Dec. 04, 2013contract | Sep. 09, 2013contract | Feb. 01, 2013vessel | |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Newbuilding contracts | contract | 4 | |||||||||||||||||||||||||||
Transfer to short term claim receivable | $ | $ 11,532 | $ 32,742 | ||||||||||||||||||||||||||
Number of newbuild vessels | vessel | 16 | 62 | ||||||||||||||||||||||||||
Drybulk size range | T | 180,000 | |||||||||||||||||||||||||||
Refund of newbuild instalments paid and interest accrued | $ | $ 43,497 | $ 58,793 | $ 173,840 | |||||||||||||||||||||||||
VLCC Vessels [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Newbuilding contracts canceled | contract | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||
Newbuilding contracts | contract | 2 | 2 | 2 | |||||||||||||||||||||||||
Number of newbuild vessels | vessel | 3 | 6 | ||||||||||||||||||||||||||
Payments to acquire vessels | $ | $ 84,000 | |||||||||||||||||||||||||||
Number of Newbuild options | agreement_option | 2 | |||||||||||||||||||||||||||
Number of newbuilding contracts terminated | contract | 4 | |||||||||||||||||||||||||||
MR tanker [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Newbuilding contracts canceled | contract | 2 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||
Newbuilding contracts | contract | 6 | 6 | 6 | 6 | ||||||||||||||||||||||||
Transfer to short term claim receivable | $ | $ 5,800 | $ 5,800 | $ 9,100 | $ 8,800 | $ 9,000 | |||||||||||||||||||||||
Number of newbuild vessels | vessel | 6 | 12 | ||||||||||||||||||||||||||
Refund of newbuild instalments paid and interest accrued | $ | $ 7,500 | $ 11,000 | $ 10,800 | |||||||||||||||||||||||||
Newbuildings received | 4 | 0 | 0 | |||||||||||||||||||||||||
VLGC [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Number of newbuild vessels | vessel | 8 | |||||||||||||||||||||||||||
Crude Oil and Petroleum [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Number of newbuild vessels | vessel | 20 | |||||||||||||||||||||||||||
Capesize [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Number of newbuild vessels | vessel | 34 | |||||||||||||||||||||||||||
LR2 Tanker [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Newbuilding contracts | 2 | 2 | 2 | 14 | ||||||||||||||||||||||||
Number of newbuild vessels | vessel | 13 | 7 | 14 | 13 | ||||||||||||||||||||||||
Newbuildings received | 2 | 0 | 0 | 0 | 0 | 4 | ||||||||||||||||||||||
Suezmax Vessels [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Number of newbuild vessels | vessel | 6 | 6 | 6 | |||||||||||||||||||||||||
Suzemax Tanker [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Newbuilding contracts | contract | 6 | |||||||||||||||||||||||||||
Number of newbuild vessels | vessel | 6 | 8 | ||||||||||||||||||||||||||
STX Dalian [Member] | MR tanker [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Newbuilding contracts | contract | 2 | |||||||||||||||||||||||||||
Carrying value newbuild vessels | $ | $ 11,600 | |||||||||||||||||||||||||||
STX Dalian [Member] | Capesize [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Newbuilding contracts | contract | 4 | |||||||||||||||||||||||||||
STX Korea [Member] | Capesize [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Newbuilding contracts | contract | 4 | |||||||||||||||||||||||||||
Avance Gas [Member] | VLGC [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Number of newbuild vessels | vessel | 8 | |||||||||||||||||||||||||||
Golden Ocean Group Limited [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Carrying value newbuild vessels | $ | $ 41,600 | |||||||||||||||||||||||||||
Number of SPCs sold | special_purpose_company | 12 | 13 | 5 | |||||||||||||||||||||||||
Shares received | shares | 31 | 31 | 15.5 | |||||||||||||||||||||||||
Number of newbuildings delivered | vessel | 2 | 5 | ||||||||||||||||||||||||||
Gain on sale | $ | $ 74,800 | |||||||||||||||||||||||||||
Golden Ocean Group Limited [Member] | Suzemax Tanker [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Newbuilding contracts | contract | 2 | |||||||||||||||||||||||||||
Payments to acquire vessels | $ | $ 55,700 | |||||||||||||||||||||||||||
Golden Ocean [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Other assets, favourable newbuilding contracts | $ | $ 16,500 |
VESSELS AND EQUIPMENT - Schedul
VESSELS AND EQUIPMENT - Schedule of Vessels and Equipment (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016vessel | Mar. 31, 2016USD ($)vessel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Vessels and equipment [Roll Forward] | |||||
Net Carry Value, beginning balance | $ 1,189,198 | $ 1,189,198 | |||
Property, Plant and Equipment, Disposals | 173,203 | ||||
Impairment loss on vessels and vessels held under capital lease | 61,692 | $ 0 | $ 0 | ||
Depreciation | (141,043) | (52,607) | (31,845) | ||
Net Carry Value, ending balance | 1,477,395 | 1,189,198 | |||
Vessels and Equipment [Member] | |||||
Vessels and equipment [Roll Forward] | |||||
Additions | 215 | 3,986 | |||
Vessels and equipment [Member] | |||||
Vessels and equipment [Roll Forward] | |||||
Balance, beginning of period | 1,311,544 | 1,311,544 | 943,651 | 752,948 | |
Accumulated Depreciation beginning balance | (122,346) | (122,346) | (81,732) | (49,887) | |
Net Carry Value, beginning balance | $ 1,189,198 | 1,189,198 | 861,919 | 703,061 | |
Vessels and equipment acquired upon the Merger | 132,712 | ||||
Additions | 101,752 | ||||
Depreciation | (53,369) | (40,614) | (31,845) | ||
Balance, end of period | 1,635,011 | 1,311,544 | 943,651 | ||
Accumulated Depreciation ending balance | (157,616) | (122,346) | (81,732) | ||
Net Carry Value, ending balance | 1,477,395 | 1,189,198 | 861,919 | ||
Newbuildings [Member] | |||||
Vessels and equipment [Roll Forward] | |||||
Transfers from Newbuildings | 532,766 | $ 133,429 | $ 186,717 | ||
LR2 Tanker [Member] | Vessels by Name [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of Vessels on Order | vessel | 4 | ||||
MR tanker [Member] | |||||
Vessels and equipment [Roll Forward] | |||||
Impairment loss on vessels and vessels held under capital lease | $ 18,200 | ||||
MR tanker [Member] | Vessels by Name [Member] | |||||
Vessels and equipment [Roll Forward] | |||||
Number Of Vessels Disposed Of | vessel | 6 |
VESSELS AND EQUIPMENT - Additio
VESSELS AND EQUIPMENT - Additional Information (Details) $ in Thousands | Nov. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($)vessel | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)vessel | Mar. 31, 2015USD ($)vessel | Jan. 31, 2015vessel | Sep. 30, 2014USD ($)vessel | Mar. 31, 2014vessel | Jan. 31, 2014vessel | Dec. 31, 2013USD ($)vessel | Sep. 30, 2013vessel | Sep. 30, 2016vessel | Jun. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)vessel | Mar. 31, 2015USD ($)vessel | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($) |
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Vessels | $ 1,477,395 | $ 1,189,198 | |||||||||||||||||||||
Gain (Loss) on Contract Termination | 89 | 0 | $ 0 | ||||||||||||||||||||
Cost of newbuild vessel delivered | $ 100,000 | $ 137,500 | |||||||||||||||||||||
Property, Plant and Equipment, Disposals | (173,203) | ||||||||||||||||||||||
Depreciation | 141,043 | 52,607 | 31,845 | ||||||||||||||||||||
Number of vessels delivered and sold | vessel | 5 | ||||||||||||||||||||||
Impairment loss on vessels and vessels held under capital lease | 61,692 | 0 | 0 | ||||||||||||||||||||
Reverse acquisition [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Vessels | $ 132,712 | ||||||||||||||||||||||
Equipment acquired | 2,700 | ||||||||||||||||||||||
Vessels and equipment [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Property, Plant and Equipment, Gross | $ 752,948 | 1,635,011 | 1,311,544 | 943,651 | |||||||||||||||||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (49,887) | (157,616) | (122,346) | (81,732) | |||||||||||||||||||
Vessels | $ 703,061 | 1,477,395 | 1,189,198 | 861,919 | |||||||||||||||||||
Property, Plant and Equipment, Additions From Acquisition | 132,712 | ||||||||||||||||||||||
Additions | 101,752 | ||||||||||||||||||||||
Depreciation | 53,369 | 40,614 | 31,845 | ||||||||||||||||||||
Vessel [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Cost of newbuild vessel delivered | $ 195,600 | $ 60,300 | |||||||||||||||||||||
Vessel [Member] | Reverse acquisition [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Fair Value of Assets Acquired | $ 130,000 | ||||||||||||||||||||||
Newbuildings [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Transfers from Newbuildings | 532,766 | $ 133,429 | 186,717 | ||||||||||||||||||||
Equipment [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Additions | 215 | $ 3,986 | |||||||||||||||||||||
STX Korea [Member] | Vessel [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Number of newbuildings delivered | vessel | 2 | 2 | 1 | 1 | |||||||||||||||||||
Number of vessels on order | vessel | 4 | ||||||||||||||||||||||
Guangzhou Longxe Shipbuilding Co. Ltd [Member] | Vessel [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Number of newbuildings delivered | vessel | 1 | 1 | 1 | 1 | |||||||||||||||||||
Cost of newbuild vessel delivered | $ 43,900 | $ 44,700 | $ 92,700 | $ 184,100 | $ 89,500 | ||||||||||||||||||
MR tanker [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 172,500 | ||||||||||||||||||||||
Impairment loss on vessels and vessels held under capital lease | 18,200 | ||||||||||||||||||||||
VLCC Vessels [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Contract Termination | 2,800 | ||||||||||||||||||||||
Vessel [Member] | Guangzhou Longxe Shipbuilding Co. Ltd [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Number of vessels on order | vessel | 14 | 14 | 14 | ||||||||||||||||||||
Vessel [Member] | LR2 Tanker [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Number of vessels on order | vessel | 4 | ||||||||||||||||||||||
Vessel [Member] | MR tanker [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 172,500 | ||||||||||||||||||||||
Number Of Vessels Disposed Of | vessel | 6 | ||||||||||||||||||||||
Ship Finance International Limited [Member] | Front Vanguard [Member] | VLCC Vessels [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Contract Termination | $ 100 | $ 100 | |||||||||||||||||||||
Impairment charge - asset cost [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
impairment charge - Asset cost | (36,311) | ||||||||||||||||||||||
Impairment charge - asset acc. deprecation [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Asset Impairment Charges | $ 18,099 | ||||||||||||||||||||||
LR2 Tanker [Member] | |||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||
Number Of Tankers Delivered | vessel | 6 | 3 |
VESSELS UNDER CAPITAL LEASE, 92
VESSELS UNDER CAPITAL LEASE, NET 1 (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($) | Nov. 30, 2015USD ($)vessel | |
Capital Leased Assets [Line Items] | ||||
vessels subleased | vessel | 2 | |||
Total vessels leased in on long-term time charters | vessel | 13 | 15 | ||
Asset Impairment Charges | $ (61,692) | $ 0 | $ 0 | |
Accumulated Depreciation on Tangible Asset Impairment Charges | 20,478 | |||
Increase (Decrease) in Operating Assets | (34,812) | |||
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | 8,173 | |||
Capital Leases, Future Minimum Payments Due | 548,776 | |||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 7,500 | |||
Leased Vessels [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Capital Leased Assets, Gross | 607,449 | 706,219 | 0 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (71,016) | (11,993) | 0 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 536,433 | 694,226 | $ 0 | |
Capital leased assets acquired on merger, gross | $ 706,219 | |||
Accumulated depreciation on Capital Leases acquired in merger | $ 0 | |||
Depreciation expense on capital leases | $ (87,674) | $ (11,993) | ||
Ship Finance International Limited [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Total vessels leased in on long-term time charters | vessel | 14 | 15 | ||
Ship Finance Leased Vessels [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Total vessels leased in on long-term time charters | vessel | 12 | |||
Assets Held under Capital Leases [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Asset Impairment Charges | $ (63,958) | |||
VLCC Vessels [Member] | Ship Finance International Limited [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Total vessels leased in on long-term time charters | vessel | 10 | |||
Suezmax Vessels [Member] | Ship Finance International Limited [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Total vessels leased in on long-term time charters | vessel | 2 |
VESSELS UNDER CAPITAL LEASE, 93
VESSELS UNDER CAPITAL LEASE, NET 2 (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)vessel | |
Leases, Capital [Abstract] | |
vessels subleased | vessel | 2 |
Outstanding Obligations Under Capital Leases: [Abstract] | |
2,017 | $ 85,808 |
2,018 | 86,040 |
2,019 | 79,495 |
2,020 | 69,598 |
2,021 | 61,270 |
Thereafter | 166,565 |
Minimum lease payments | 548,776 |
Less: imputed interest | (126,176) |
Present value of obligations under capital leases | $ 422,600 |
VESSELS UNDER CAPITAL LEASE, 94
VESSELS UNDER CAPITAL LEASE, NET 3 (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($) | |
Gain (Loss) on Contract Termination | $ 89 | $ 0 | $ 0 |
Special Purpose Entities [Member] | |||
Guarantor obligations, maximum exposure, undiscounted | $ 36,000 | ||
Ship Finance International Limited [Member] | |||
Number of vessels acquired on merger | vessel | 14 |
VESSELS UNDER CAPITAL LEASE, 95
VESSELS UNDER CAPITAL LEASE, NET 4 (Details) shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2017USD ($) | May 31, 2016USD ($) | May 31, 2015vessel | Dec. 31, 2016USD ($)vessel | Sep. 30, 2016USD ($)capital_lease | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($) | Feb. 29, 2016shares | Nov. 30, 2015vessel | Jul. 01, 2015USD ($)shares | Jun. 30, 2015USD ($) | |
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Lease Termination Probability | 100.00% | 25.00% | |||||||||||
Contingent Rental Income (Expense) | $ 18,621,000 | $ 0 | $ 0 | ||||||||||
Number of Leased Vessels Impaired | capital_lease | 3 | ||||||||||||
Profit share expense | 50,900,000 | ||||||||||||
Capital Leases, Income Statement, Interest Expense | 35,400,000 | 3,400,000 | |||||||||||
Gain (Loss) on Contract Termination | $ 89,000 | $ 0 | 0 | ||||||||||
Total vessels leased in on long-term time charters | vessel | 13 | 13 | 15 | ||||||||||
Remaining periods on these leases, minimum (in years) | 4 years | ||||||||||||
Remaining periods on these leases, maximum (in years) | 10 years | ||||||||||||
Management fee income | $ 6,500 | ||||||||||||
Profit share expense percentage | 25.00% | ||||||||||||
Contingent rental expense payable | $ 159,900,000 | $ 159,900,000 | |||||||||||
Capital Lease Obligations | 422,600,000 | 422,600,000 | |||||||||||
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | $ 262,700,000 | $ 262,700,000 | |||||||||||
Ship Finance Leased Vessels [Member] | |||||||||||||
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Total vessels leased in on long-term time charters | vessel | 12 | 12 | |||||||||||
Impairment of assets under capital lease | $ 8,900,000 | ||||||||||||
Management fee income | $ 9,000 | ||||||||||||
Ship Finance International Limited [Member] | |||||||||||||
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Contingent Rental Income (Expense) | $ 18,621,000 | $ 0 | $ 0 | ||||||||||
Profit share expense | $ 50,900,000 | ||||||||||||
Total vessels leased in on long-term time charters | vessel | 14 | 15 | |||||||||||
Number of vessels acquired on merger | vessel | 14 | ||||||||||||
Remaining periods on these leases, minimum (in years) | 4 years | ||||||||||||
Remaining periods on these leases, maximum (in years) | 10 years | ||||||||||||
Management fee income | $ 9,000 | $ 6,500 | |||||||||||
Number of shares issued | shares | 11 | 11 | |||||||||||
Profit share expense percentage | 50.00% | 25.00% | |||||||||||
Cash buffer per vessel | $ 2,000,000 | $ 2,000,000 | |||||||||||
Contingent rental expense payable | $ 12,200,000 | 12,200,000 | $ 20,600,000 | ||||||||||
VLCC Vessels [Member] | |||||||||||||
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Gain (Loss) on Contract Termination | $ 2,800,000 | ||||||||||||
Number of leases vessels with amended terms | vessel | 12 | ||||||||||||
Daily hire payable | $ 20,000 | ||||||||||||
VLCC Vessels [Member] | Ship Finance International Limited [Member] | |||||||||||||
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Total vessels leased in on long-term time charters | vessel | 10 | 10 | |||||||||||
Number of leases vessels with amended terms | vessel | 12 | ||||||||||||
Daily hire payable | 20,000 | ||||||||||||
Suezmax Vessels [Member] | |||||||||||||
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Number of leases vessels with amended terms | vessel | 5 | ||||||||||||
Daily hire payable | 15,000 | ||||||||||||
Suezmax Vessels [Member] | Ship Finance International Limited [Member] | |||||||||||||
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Total vessels leased in on long-term time charters | vessel | 2 | 2 | |||||||||||
Number of leases vessels with amended terms | vessel | 5 | ||||||||||||
Daily hire payable | $ 15,000 | ||||||||||||
Front Vanguard [Member] | VLCC Vessels [Member] | Ship Finance International Limited [Member] | |||||||||||||
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Gain (Loss) on Contract Termination | 100,000 | $ 100,000 | |||||||||||
Impairment of assets under capital lease | $ 7,300,000 | ||||||||||||
Related party, Lease termination payments paid | $ 400,000 | ||||||||||||
Front Century [Member] | Ship Finance Leased Vessels [Member] | |||||||||||||
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Impairment of assets under capital lease | $ 27,300,000 | $ 5,600,000 | |||||||||||
Front Century [Member] | Ship Finance International Limited [Member] | |||||||||||||
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Related party, Lease termination payments paid | $ 4,000,000 | ||||||||||||
Subsequent Event [Member] | Front Century [Member] | |||||||||||||
Leases, Schedule of Leased Assets [Line Items] | |||||||||||||
Gain (Loss) on Contract Termination | $ 20,300,000 |
EQUITY METHOD INVESTMENTS (Deta
EQUITY METHOD INVESTMENTS (Details) $ in Thousands | Mar. 25, 2015shares | Mar. 25, 2015USD ($)shares | Mar. 25, 2015Rateshares | Apr. 09, 2014USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013shares | Oct. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | |||||||||
Share of results from associated company and gain on equity interest | $ 0 | $ 2,727 | $ 16,064 | ||||||
Dividends received from Avance Gas | $ 0 | $ 4,101 | $ 7,052 | ||||||
Shares issued | shares | 13,422,818 | 0 | 0 | ||||||
Equity method investment, gain (loss) on dilution of ownership | $ 5,900 | ||||||||
Net proceeds from sale of shares in associated company | $ 0 | $ 0 | $ 57,140 | ||||||
Gain (loss) on sale of equity investments | $ 0 | 0 | $ 16,850 | ||||||
Avance Gas [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 11.62% | 22.89% | |||||||
Share of results from associated company and gain on equity interest | 2,700 | $ 10,100 | |||||||
Dividends received from Avance Gas | $ 4,100 | $ 7,100 | |||||||
Number of shares held by existing shareholders to qualify for stock dividend | 60.74 | 60.74 | |||||||
Dividends, cash | $ 10 | ||||||||
Dividends, stock | $ 56,500 | ||||||||
Stock dividends, shares | shares | 4,100,000 | ||||||||
Equity method investment, share conversion ratio | 0.0165 | 0.0165 | 0.0165 | 0.0080 | |||||
Equity Method Investment, Shares Sold | shares | 2,854,985 | ||||||||
Shares, outstanding | shares | 112,715 | 112,715 | 112,715 | 4,100,990 | 6,955,975 | ||||
Net proceeds from sale of shares in associated company | $ 57,100 | ||||||||
Gain (loss) on sale of equity investments | $ 16,900 | ||||||||
Avance Gas [Member] | IPO [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Shares issued | shares | 4,894,262 | ||||||||
Equity method investment, gain (loss) on dilution of ownership | $ 5,900 |
EQUITY METHOD INVESTMENTS - Fin
EQUITY METHOD INVESTMENTS - Financial Information (Details) $ in Thousands | Mar. 25, 2015shares | Mar. 25, 2015Rate | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income (Loss) Attributable to Parent | $ 117,010 | $ 154,624 | $ 149,469 | |||
Shares received in transaction | shares | 1 | |||||
Operating Income (Loss) | $ 177,481 | $ 287,218 | 120,712 | |||
Avance Gas [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net Income (Loss) Attributable to Parent | 81,800 | |||||
Revenue, Net | $ 180,400 | |||||
Shares received in transaction | shares | 1 | |||||
Shares received in transaction | 60.74 | 60.74 | ||||
Ownership percentage | 11.62% | 22.89% | ||||
Operating Income (Loss) | $ 88,200 |
OTHER LONG TERM ASSETS (Details
OTHER LONG TERM ASSETS (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 27, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other long term assets [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 8,017 | $ (3,618) | $ (5,765) | |
Interest Rate Swap [Member] | ||||
Other long term assets [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (1,900) | $ (4,500) | ||
Principal amount of debt used in interest rate swaps | $ 260,000 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Voyage expenses | $ 13,527 | $ 8,885 |
Ship operating expenses | 6,869 | 11,030 |
Administrative expenses | 1,355 | 2,713 |
Interest expense | 2,003 | 807 |
Taxes | 1,671 | 1,058 |
Contingent rental expense | 0 | 4,582 |
Other | 734 | 614 |
Accrued expenses | $ 26,159 | $ 29,689 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other liabilities [Line Items] | ||
Deferred Revenue | $ 6,302 | $ 12,374 |
Other Liabilities, Current | 10,292 | 15,875 |
Other Sundry Liabilities, Current | $ 3,990 | $ 3,501 |
VALUE OF UNFAVOURABLE TIME C101
VALUE OF UNFAVOURABLE TIME CHARTERS (Details) $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 30, 2015contract |
Unfavourable contract amortisation schedule [Line Items] | |||
value of unfavourable contracts acquired | $ 8,109 | $ 8,109 | |
Amortisation of unfavourable contracts | (8,109) | (1,310) | |
Unfavourable contracts, current | $ 0 | $ 6,799 | |
Reverse acquisition [Member] | |||
Unfavourable contract amortisation schedule [Line Items] | |||
Number of unfavourable time charter contracts | contract | 5 |
DEBT (Details)
DEBT (Details) - USD ($) | Dec. 31, 2016 | Aug. 31, 2016 | Jul. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit | $ 11,000 | $ 20,000 | ||||||
Maturities of Long-term Debt [Abstract] | ||||||||
2,016 | 67,365,000 | |||||||
2,017 | 67,368,000 | |||||||
2,018 | 67,362,000 | |||||||
2,019 | 376,948,000 | |||||||
2,020 | 335,896,000 | |||||||
Thereafter | 77,692,000 | |||||||
Total debt | 992,631,000 | 806,456,000 | ||||||
Assets pledged [Abstract] | ||||||||
Vessels, net, | 1,477,395,000 | 1,189,198,000 | ||||||
Long-term Debt, Current Maturities | 67,365,000 | 57,575,000 | ||||||
Deferred finance costs, net. | 10,674,000 | 3,186,000 | ||||||
Vessels by Name [Member] | ||||||||
Assets pledged [Abstract] | ||||||||
Vessels, net, | 1,476,889,000 | 1,186,230,000 | ||||||
Loans Payable [Member] | Term Loan Facility, $420 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 420,000,000 | |||||||
Loans Payable [Member] | Term Loan Facility, $146.4 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | 146,400,000 | |||||||
Loans Payable [Member] | Term Loan Facility, $200.0 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 200,000,000 | |||||||
Loans Payable [Member] | Term Loan Facility, $500.1 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | 500,100,000 | |||||||
Loans Payable [Member] | Term Loan Facility, $60.6 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 60,600,000 | |||||||
Loans Payable [Member] | Term Loan Facility, $466.5 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 466,500,000 | |||||||
Loans Payable [Member] | Term Loan Facility, $60.0 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 60,000,000 | |||||||
Loans Payable [Member] | Term loan facility, $109.2 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 109,200,000 | |||||||
Loans Payable [Member] | Term loan facility $328.4 million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 328,400,000 | |||||||
US Dollar denominated floating rate debt [Member] | Term Loan Facility, $466.5 Million [Member] | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Total debt | 466,500,000 | |||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Total debt | 992,620,000 | 806,436,000 | ||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | Term Loan Facility, $500.1 Million [Member] | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Total debt | 461,997,000 | 500,100,000 | ||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | Term Loan Facility, $60.6 Million [Member] | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Total debt | 54,530,000 | 57,999,000 | ||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | Term Loan Facility, $466.5 Million [Member] | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Total debt | 314,315,000 | 248,337,000 | ||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | Term loan facility, $109.2 Million [Member] | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Total debt | 53,797,000 | 0 | ||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | Term loan facility $328.4 million [Member] | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Total debt | $ 107,981,000 | $ 0 |
DEBT - Additional Information (
DEBT - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016vessel | Aug. 31, 2016USD ($)vessel | Jul. 31, 2016USD ($) | Jun. 30, 2016USD ($)vesseltranch | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($)tranch | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessel | Dec. 31, 2016USD ($) | Dec. 31, 2016tanker | Jun. 30, 2014USD ($) | Dec. 31, 2011USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
deferred finance cost, gross | $ 4,580,000 | $ 4,580,000 | $ 14,103,000 | ||||||||||
Accumulated amortization | (1,394,000) | (1,394,000) | (3,429,000) | ||||||||||
Long-term Debt | 806,456,000 | 806,456,000 | 992,631,000 | ||||||||||
loan arrangement fees | $ 9,500,000 | 500,000 | |||||||||||
Long-term Debt, Current Maturities | 57,575,000 | 57,575,000 | 67,365,000 | ||||||||||
Deferred finance costs, net. | 3,186,000 | 3,186,000 | 10,674,000 | ||||||||||
Number of VLCC vessels | tanker | 6 | ||||||||||||
Number of vessels owned, Suezmax tankers | 10 | 10 | 6 | ||||||||||
Number of Vessels Owned, Product Tankers | vessel | 11 | 11 | |||||||||||
Number of second hand vessels | vessel | 2 | ||||||||||||
Cash required to be maintained for covenant compliance | 40,300,000 | 40,300,000 | 49,600,000 | ||||||||||
Long-term Debt, Excluding Current Maturities | 745,695,000 | $ 745,695,000 | 914,592,000 | ||||||||||
Ship Finance International Limited [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loan repayments | $ 112,700,000 | ||||||||||||
LR2 Tanker [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of tankers delivered | vessel | 6 | 3 | |||||||||||
Loans Payable [Member] | Term Loan Facility, $420 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 420,000,000 | ||||||||||||
Loans Payable [Member] | Term Loan Facility, $146.4 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | 146,400,000 | ||||||||||||
Loans Payable [Member] | Term Loan Facility, $200.0 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 200,000,000 | ||||||||||||
Loans Payable [Member] | Term Loan Facility, $466.5 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 466,500,000 | ||||||||||||
Loan repayments | $ 126,400,000 | $ 13,100,000 | |||||||||||
Number of tranches | tranch | 10 | ||||||||||||
Maximum borrowing capacity of each tranche | $ 33,000,000 | ||||||||||||
Loan margin percentage | 1.90% | 2.05% | |||||||||||
Commitment fee percentage | 0.82% | ||||||||||||
Amount drawn on delivery of tankers | $ 192,400,000 | 99,000,000 | |||||||||||
Loans Payable [Member] | Term Loan Facility, $466.5 Million [Member] | MR tanker [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Periodic quarterly payment | $ 400,000 | ||||||||||||
Loans Payable [Member] | Term Loan Facility, $466.5 Million [Member] | LR2 Tanker [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Periodic quarterly payment | 400,000 | ||||||||||||
Loans Payable [Member] | Term loan facility $136.5 million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 136,500,000 | ||||||||||||
Loans Payable [Member] | Term Loan Facility, $60.0 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 60,000,000 | ||||||||||||
Loans Payable [Member] | Term Loan Facility, $420.0 Million, $200.0 Million, $146.4 Million, $60.0 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loan repayments | $ 377,700,000 | ||||||||||||
Loans Payable [Member] | Term Loan Facility, $60.6 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 60,600,000 | ||||||||||||
Periodic quarterly payment | $ 900,000 | ||||||||||||
Term of debt | 5 years | ||||||||||||
Loans Payable [Member] | Term Loan Facility, $60.6 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable interest rate | 1.80% | ||||||||||||
Loans Payable [Member] | Term Loan Facility, $500.1 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | 500,100,000 | 500,100,000 | |||||||||||
Periodic quarterly payment | $ 9,500,000 | ||||||||||||
Loans Payable [Member] | Term Loan Facility, $500.1 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable interest rate | 1.90% | ||||||||||||
Loans Payable [Member] | Senior unsecured facility $275.0 million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 275,000,000 | ||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.25% | ||||||||||||
loan availability period | 18 months | ||||||||||||
loan repayable period | 18 months | ||||||||||||
Loans Payable [Member] | Term loan facility $109.2 million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 109,200,000 | ||||||||||||
Number of part-financed vessels | vessel | 2 | ||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.76% | ||||||||||||
number of tranches | tranch | 2 | ||||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 54,600,000 | ||||||||||||
Term of debt | 17 years | ||||||||||||
Loans Payable [Member] | Term loan facility $109.2 million [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable interest rate | 1.90% | ||||||||||||
Loans Payable [Member] | Term loan facility $328.4 million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | $ 328,400,000 | ||||||||||||
Number of part-financed vessels | vessel | 8 | ||||||||||||
Amount drawn on delivery of tankers | $ 109,000,000 | ||||||||||||
Term of debt | 18 years | ||||||||||||
Loans Payable [Member] | Term loan facility $110.5 million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount | 110,500,000 | ||||||||||||
Number of part-financed vessels | vessel | 2 | 2 | |||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.76% | ||||||||||||
Term of debt | 18 years | ||||||||||||
Loans Payable [Member] | Term loan facility $110.5 million [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable interest rate | 1.90% | ||||||||||||
Suazmax Tankers [Member] | Loans Payable [Member] | Term loan facility $328.4 million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of part-financed vessels - delivered | vessel | 2 | ||||||||||||
Number of vessels owned, Suezmax tankers | vessel | 4 | ||||||||||||
LR2 tanker [Member] | Loans Payable [Member] | Term loan facility $328.4 million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of part-financed vessels - delivered | vessel | 1 | ||||||||||||
Number of Vessels Owned, Product Tankers | vessel | 4 | ||||||||||||
US Dollar denominated floating rate debt [Member] | Term Loan Facility, $466.5 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | 466,500,000 | ||||||||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 806,436,000 | 806,436,000 | 992,620,000 | ||||||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | Term Loan Facility, $466.5 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | 248,337,000 | 248,337,000 | 314,315,000 | ||||||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | Term Loan Facility, $60.6 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | 57,999,000 | 57,999,000 | 54,530,000 | ||||||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | Term Loan Facility, $500.1 Million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | 500,100,000 | 500,100,000 | 461,997,000 | ||||||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | Term loan facility $109.2 million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | 0 | 0 | 53,797,000 | ||||||||||
US Dollar denominated floating rate debt [Member] | Loans Payable [Member] | Term loan facility $328.4 million [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 0 | $ 0 | $ 107,981,000 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) | Nov. 30, 2015shares | Dec. 31, 2016USD ($)$ / sharesshares | Nov. 30, 2015shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 16, 2016$ / sharesshares | Feb. 03, 2016USD ($)$ / sharesshares | Nov. 30, 2015shares | Nov. 30, 2015USD ($) | Nov. 30, 2015Rate | Nov. 29, 2015 | Dec. 31, 2013shares | Dec. 16, 2011$ / shares |
Class of Stock [Line Items] | ||||||||||||||
number of frontline 2012 shares cancelled previously held by the company | (34,323,000) | |||||||||||||
Shares issued | 13,422,818 | 0 | 0 | |||||||||||
Ordinary shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||
Weighted average shares outstanding, basic and diluted (in 000's) | 156,973,000 | 120,082,000 | 125,189,000 | |||||||||||
Net proceeds from issuance of shares | $ | $ 98,200,000 | $ 0 | $ 0 | |||||||||||
Total number of treasury shares canceled (in shares) | (17,319,898) | 0 | (17,319,898) | 0 | ||||||||||
Share exchange ratio in reverse acquisition | 2.55 | 2.55 | ||||||||||||
Ordinary shares authorized, value | $ | $ 1,000,000,000 | |||||||||||||
Ordinary shares issued (dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | $ 2 | ||||||||||
Weighted average number of shares outstanding, basic and diluted prior to reverse acquisition and reverse share split | 245,468,000 | |||||||||||||
Percentage ownership of common stock outstanding | 13.00% | |||||||||||||
Ordinary shares issued (in shares) | 169,809,324 | 169,809,324 | 781,937,649 | 635,205,000 | 635,205,000 | |||||||||
At-The-Market Offering [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares issued | 13,422,818 | 86,032,865 | 13,422,818 | |||||||||||
Sale of stock, share price (in dollars per share) | $ / shares | $ 7.45 | |||||||||||||
Net proceeds from issuance of shares | $ | $ 98,200,000 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Weighted average shares outstanding, basic and diluted (in 000's) | 125,189,000 | |||||||||||||
Reverse acquisition [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common stock, shares, issued as merger consideration | 583,600,000 | |||||||||||||
Share exchange ratio in reverse acquisition | 2.55 | 2.55 | ||||||||||||
Number of fractional shares canceled | (307) | |||||||||||||
Common stock, shares, outstanding which were converted on reverse acquisition | 112,342,989 | |||||||||||||
Treasury stock (in shares) | $ | $ 6,800,000 | |||||||||||||
Weighted average number of shares outstanding, basic and diluted, restated for the reverse acquisition | 625,943,000 | |||||||||||||
Common stock, shares, outstanding after giving effect to reverse acquisition prior to cancellation of fractional shares | 635,205,000 | |||||||||||||
Common stock, shares, outstanding that the Company owns in Frontline 2012 prior to merger | 13,460,000 | |||||||||||||
Common stock, shares, outstanding in Frontline 2012 prior to reverse acquisition and reverse stock split | 249,100,000 | 249,100,000 | ||||||||||||
Number of shares held by existing shareholders to qualify for reverse acquisition | 1 | |||||||||||||
Reverse stock split [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Ordinary shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||
Ordinary shares authorized, value | $ | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||||||||||
Ordinary shares issued (dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | |||||||||||
Ordinary shares issued (in shares) | 156,386,506 | |||||||||||||
Reverse acquisition [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Total number of treasury shares canceled (in shares) | (6,792,000) | |||||||||||||
Common stock, shares, issued as merger consideration | 583,600,000 | |||||||||||||
Share exchange ratio in reverse acquisition | 2.55 | 2.55 | ||||||||||||
Treasury stock (in shares) | $ | $ 6,800,000 | |||||||||||||
Common stock, shares, outstanding that the Company owns in Frontline 2012 prior to merger | 13,460,000 | 13,460,000 | ||||||||||||
Common stock, shares, outstanding in Frontline 2012 prior to reverse acquisition and reverse stock split | 249,100,000 | 249,100,000 | ||||||||||||
Number of shares held by existing shareholders to qualify for reverse acquisition | 1 | |||||||||||||
Hemen [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares issued | 1,342,281 | |||||||||||||
percentage ownership of stock issue, new shares | 10.00% | |||||||||||||
Percentage ownership of common stock outstanding | 48.40% | |||||||||||||
Ordinary shares issued (in shares) | 82,145,703 | |||||||||||||
Hemen [Member] | At-The-Market Offering [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares issued | 1,342,281 | |||||||||||||
Hemen [Member] | Reverse acquisition [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Percentage ownership of common stock outstanding | 51.70% | 51.70% |
SHARE OPTION PLANS (Details)
SHARE OPTION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2016 | Jul. 30, 2016 | Sep. 30, 2014 | Sep. 15, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Share price (in dollars per share) | $ 11.51 | $ 11.51 | |||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 5 years | ||||
Granted share options (in shares) | 1,170,000 | ||||
Weighted average exercise price, Exercisable Options (in dollars per share) | $ 7.70 | $ 8 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Risk free interest rate (in hundredths) | 0.69% | ||||
Expected life | 3 years 6 months | ||||
Expected volatility (in hundredths) | 79.80% | ||||
Expected dividend yield (in hundredths) | 0.00% | ||||
Risk free interest rate range | 3 years | ||||
Share price (in dollars per share) | $ 7.11 | ||||
Number of shares vested (in shares) | 0 | ||||
Unrecognized stock compensation expense | $ 3.3 | ||||
Compensation expense recognized | $ 1.4 | ||||
Weighted average grant date fair value of options granted (in dollars per share) | $ 4.06 | ||||
Maximum [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period, minimum | 3 years |
FINANCIAL ASSETS AND LIABILI106
FINANCIAL ASSETS AND LIABILITIES (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Feb. 27, 2013USD ($)instrument | Dec. 31, 2016USD ($)vesseltypes_of_risk | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($)vessel | Feb. 29, 2016USD ($) | Aug. 31, 2015instrumentT | Dec. 31, 2013vessel | Feb. 01, 2013vessel | |
Derivative [Line Items] | ||||||||
Number of newbuild vessels | vessel | 16 | 62 | ||||||
Long-term Debt | $ 992,631 | $ 806,456 | ||||||
Mark to market (gain) loss on derivatives | $ (8,017) | 3,618 | $ 5,765 | |||||
Number of risks related to subsidiaries' reporting in foreign currency | types_of_risk | 2 | |||||||
Interest rate swap 1 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 17,442 | |||||||
Derivative, Fixed Interest Rate | 1.4025% | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of derivatives entered into | instrument | 6 | |||||||
Principal amount of debt used in interest rate swaps | $ 260,000 | |||||||
Derivative, Notional Amount | $ 358,177 | |||||||
Mark to market (gain) loss on derivatives | 1,900 | 4,500 | ||||||
Fair value of derivatives | 4,400 | 400 | ||||||
Interest rate swap 7 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 150,000 | $ 150,000 | ||||||
Derivative, Fixed Interest Rate | 2.197% | |||||||
Bunker swaps [Member] | ||||||||
Derivative [Line Items] | ||||||||
Mark to market (gain) loss on derivatives | $ 1,900 | (2,300) | ||||||
Derivative Liability, Number of Instruments Held | instrument | 4 | |||||||
Number of metric tonnes per calendar month | T | 4,000 | |||||||
Fair value of derivatives | 0 | $ 4,100 | ||||||
Interest rate swap 2 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 51,762 | |||||||
Derivative, Fixed Interest Rate | 1.5035% | |||||||
Interest rate swap 3 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 87,526 | |||||||
Derivative, Fixed Interest Rate | 1.6015% | |||||||
Interest rate swap 4 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 16,806 | |||||||
Derivative, Fixed Interest Rate | 1.6998% | |||||||
Interest rate swap 5 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 17,149 | |||||||
Derivative, Fixed Interest Rate | 1.7995% | |||||||
Interest rate swap 6 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 17,492 | |||||||
Derivative, Fixed Interest Rate | 1.907% | |||||||
MR tanker [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of newbuild vessels | vessel | 6 | 12 | ||||||
VLCC Vessels [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of newbuild vessels | vessel | 3 | 6 | ||||||
Suezmax Vessels [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of newbuild vessels | vessel | 6 | 6 | ||||||
Term Loan Facility, $466.5 Million [Member] | US Dollar denominated floating rate debt [Member] | ||||||||
Derivative [Line Items] | ||||||||
Long-term Debt | $ 466,500 | |||||||
Front Century [Member] | VLCC Vessels [Member] | ||||||||
Derivative [Line Items] | ||||||||
Assets, Fair Value Disclosure, Nonrecurring | 1,500 | |||||||
Front Ardenne, Front Brabant [Domain] | Suezmax Vessels [Member] | ||||||||
Derivative [Line Items] | ||||||||
Assets, Fair Value Disclosure, Nonrecurring | $ 38,400 |
FINANCIAL ASSETS AND LIABILI107
FINANCIAL ASSETS AND LIABILITIES (Details 2) $ in Thousands | Dec. 31, 2016USD ($)vessel | Feb. 29, 2016USD ($) | Dec. 31, 2015USD ($)vessel | Aug. 31, 2015instrument | Dec. 31, 2013vessel | Feb. 01, 2013vessel |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Number of newbuild vessels | vessel | 16 | 62 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | $ 202,402 | $ 264,524 | ||||
Restricted cash | 677 | 368 | ||||
Floating rate debt | 992,631 | 806,456 | ||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 202,402 | 264,524 | ||||
Restricted cash | 677 | 368 | ||||
Floating rate debt | 0 | 0 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Restricted cash | 0 | 0 | ||||
Floating rate debt | 992,631 | 806,456 | ||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Restricted cash | 0 | 0 | ||||
Floating rate debt | 0 | 0 | ||||
Bunker swaps [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Liability, Number of Instruments Held | instrument | 4 | |||||
Interest rate swap 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Notional Amount | $ 17,442 | |||||
Derivative, Fixed Interest Rate | 1.4025% | |||||
Interest rate swap 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Notional Amount | $ 51,762 | |||||
Derivative, Fixed Interest Rate | 1.5035% | |||||
Interest rate swap 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Notional Amount | $ 87,526 | |||||
Derivative, Fixed Interest Rate | 1.6015% | |||||
Interest rate swap 4 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Notional Amount | $ 16,806 | |||||
Derivative, Fixed Interest Rate | 1.6998% | |||||
Interest rate swap 5 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Notional Amount | $ 17,149 | |||||
Derivative, Fixed Interest Rate | 1.7995% | |||||
Interest rate swap 6 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Notional Amount | $ 17,492 | |||||
Derivative, Fixed Interest Rate | 1.907% | |||||
Interest rate swap 7 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Notional Amount | $ 150,000 | $ 150,000 | ||||
Derivative, Fixed Interest Rate | 2.197% | |||||
Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Notional Amount | $ 358,177 | |||||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 202,402 | 264,524 | ||||
Restricted cash | 677 | 368 | ||||
Floating rate debt | 992,631 | 806,456 | ||||
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 | 202,402 | 264,524 | ||||
Restricted cash | 677 | 368 | ||||
Floating rate debt | $ 992,631 | $ 806,456 | ||||
MR Product Tanker [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Number of newbuild vessels | vessel | 6 | 12 | ||||
VLCC Vessels [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Number of newbuild vessels | vessel | 3 | 6 | ||||
Front Century [Member] | VLCC Vessels [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,500 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) shares in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2017USD ($) | May 31, 2016USD ($) | Dec. 31, 2015USD ($)vessel | Nov. 30, 2015USD ($)vessel | Jan. 31, 2015USD ($)vesselcontract | Dec. 31, 2014USD ($)vessel | Feb. 28, 2015vessel | Dec. 31, 2016USD ($)vessel | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)vessel | Nov. 30, 2015USD ($)vessel | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($)vessel | Feb. 28, 2017vessel | Feb. 29, 2016shares | Jul. 01, 2015USD ($)shares | Jun. 30, 2015USD ($) | Jan. 01, 2014vessel | |
Related Party Transaction [Line Items] | |||||||||||||||||||||
Number of vessels under capital lease | vessel | 13 | 13 | |||||||||||||||||||
Lease Termination Probability | 100.00% | 25.00% | |||||||||||||||||||
Total vessels leased in on long-term time charters | vessel | 15 | 13 | 13 | 15 | |||||||||||||||||
Management fee income | $ 6,500 | ||||||||||||||||||||
Profit share expense percentage | 25.00% | ||||||||||||||||||||
Profit share expense | $ 50,900,000 | ||||||||||||||||||||
Newbuilding Supervision Fees | $ 1,100,000 | $ 1,500,000 | |||||||||||||||||||
Technical Management Fees | $ 200,000 | $ 200,000 | |||||||||||||||||||
Number of vessels under commercial management | vessel | 5 | 5 | |||||||||||||||||||
Remaining periods on these leases, minimum (in years) | 4 years | ||||||||||||||||||||
Contingent rental expense payable | $ 159,900,000 | $ 159,900,000 | |||||||||||||||||||
Schedule of Related Party Payables | A summary of balances due to related parties at December 31, 2016 and 2015 is as follows: (in thousands of $) 2016 2015 Ship Finance International Limited 15,495 23,688 Seatankers Management Co. Ltd 972 569 Seadrill Limited 5 5 Golden Ocean Group Limited 1,631 4,455 Arcadia Petroleum Limited — 3 18,103 28,720 | ||||||||||||||||||||
Schedule of leasing transactions with Ship Finance | A summary of leasing transactions with Ship Finance in the years ended December 31, 2016 , 2015 (all of which were in the period subsequent to the Merger) and 2014 are as follows; (in thousands of $) 2016 2015 2014 Charter hire paid (principal and interest) 93,545 8,355 — Lease termination receipt — 3,266 — Lease interest expense 35,417 3,357 — Contingent rental income (18,621 ) — — Remaining lease obligation 422,600 533,251 — | ||||||||||||||||||||
Schedule of net amounts earned (incurred) from related parties excluding Ship Finance | A summary of net amounts earned (incurred) from related parties for the years ended December 31, 2016 , 2015 and 2014 are as follows: (in thousands of $) 2016 2015 2014 Seatankers Management Co. Ltd 6,057 460 — Ship Finance International Limited 1,552 (1,226 ) — Golden Ocean Group Limited 9,387 1,246 — Seatankers Management Norge AS 919 (89 ) — Arcadia Petroleum Limited 929 31 — Seadrill Limited 656 84 — Archer Limited 235 40 — Flex LNG Limited 1,204 — — Deep Sea Supply Plc 130 32 — North Atlantic Drilling Ltd 48 16 — Frontline companies (prior to the Merger) — (9,562 ) (10,102 ) | ||||||||||||||||||||
Schedule of related party receivables | A summary of balances due from related parties at December 31, 2016 and 2015 is as follows: (in thousands of $) 2016 2015 Ship Finance International Limited 1,077 3,356 Seatankers Management Co. Ltd 1,060 1,165 Archer Ltd 54 148 VLCC Chartering Ltd 47 102 Golden Ocean Group Limited 1,151 4,099 Seadrill Limited 597 859 Deep Sea Supply Plc 67 176 Arcadia Petroleum Limited 198 201 Flex LNG Limited 741 — North Atlantic Drilling Ltd 103 128 5,095 10,234 | ||||||||||||||||||||
Contingent rental income | $ (18,621,000) | $ 0 | $ 0 | ||||||||||||||||||
Remaining lease obligation | 422,600,000 | 422,600,000 | |||||||||||||||||||
Related party receivables | $ 10,234,000 | 5,095,000 | 5,095,000 | 10,234,000 | |||||||||||||||||
Payables with related parties | $ (28,720,000) | (18,103,000) | (18,103,000) | (28,720,000) | |||||||||||||||||
Gain on cancellation of newbuilding contracts | 89,000 | 0 | $ 0 | ||||||||||||||||||
Frontline 2012 Ltd [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Management fee expenses | 3,200,000 | ||||||||||||||||||||
Newbuilding Supervision Fees | $ 4,100,000 | 5,400,000 | |||||||||||||||||||
Technical Management Fees | $ 1,800,000 | 1,500,000 | |||||||||||||||||||
Highlander Tankers Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Post fixture fees | 0 | $ 300,000 | |||||||||||||||||||
Consideration to assume charter-out contracts and commercially managed vessels | $ 1,800,000 | ||||||||||||||||||||
number of vessels who Highlander ceased to act as post fixture manager | vessel | 3 | 3 | |||||||||||||||||||
Number of vessels under commercial management | vessel | 4 | ||||||||||||||||||||
number of charter-out contracts assumed | contract | 3 | ||||||||||||||||||||
number of vessels managed by Highlander Tankers | vessel | 6 | ||||||||||||||||||||
Ship Finance International Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Total vessels leased in on long-term time charters | vessel | 14 | 15 | 15 | 14 | |||||||||||||||||
Management fee income | $ 9,000 | $ 6,500 | |||||||||||||||||||
Profit share expense percentage | 50.00% | 25.00% | |||||||||||||||||||
Profit share expense | $ 50,900,000 | ||||||||||||||||||||
Number of vessels from Frontline 2012 involved in pooling arrangement | vessel | 2 | ||||||||||||||||||||
Number of shares issued | shares | 11 | 11 | |||||||||||||||||||
Remaining periods on these leases, minimum (in years) | 4 years | ||||||||||||||||||||
amount due/from related party for vessels within pooling arrangement | $ 1,700,000 | 0 | $ 0 | $ 1,700,000 | |||||||||||||||||
Cash buffer per vessel | 2,000,000 | 2,000,000 | |||||||||||||||||||
Contingent rental expense payable | 20,600,000 | 12,200,000 | 12,200,000 | 20,600,000 | |||||||||||||||||
Number of Ship Finance vessels involved in pooling arrangement | vessel | 2 | ||||||||||||||||||||
Repayment of related party loan note, principal amount | 112,700,000 | ||||||||||||||||||||
Number of Ship Finance vessels involved in de-rating project | vessel | 2 | 2 | 2 | ||||||||||||||||||
Repayments of Medium-term Notes | 113,200,000 | ||||||||||||||||||||
Repayment of related party loan note, accrued interest | 500,000 | ||||||||||||||||||||
Pool earnings allocated on a net basis | 900,000 | 1,400,000 | $ 300,000 | ||||||||||||||||||
Number of Frontline 2012 vessels involved in de-rating project | vessel | 4 | 4 | 4 | ||||||||||||||||||
Charter hire paid (principal and interest) | 93,545,000 | 8,355,000 | $ 0 | ||||||||||||||||||
Lease termination receipt | $ 3,300,000 | 0 | 3,266,000 | 0 | |||||||||||||||||
Lease interest expense | 35,417,000 | 3,357,000 | 0 | ||||||||||||||||||
Contingent rental income | (18,621,000) | 0 | 0 | ||||||||||||||||||
Remaining lease obligation | 533,251,000 | $ 0 | 422,600,000 | $ 0 | 422,600,000 | 533,251,000 | 0 | ||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 1,552,000 | (1,226,000) | 0 | ||||||||||||||||||
Related party receivables | 3,356,000 | 1,077,000 | 1,077,000 | 3,356,000 | |||||||||||||||||
Payables with related parties | (23,688,000) | $ (15,495,000) | $ (15,495,000) | (23,688,000) | |||||||||||||||||
Ship Finance Leased Vessels [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Impairment of assets under capital lease | $ 8,900,000 | ||||||||||||||||||||
Total vessels leased in on long-term time charters | vessel | 12 | 12 | |||||||||||||||||||
Management fee income | $ 9,000 | ||||||||||||||||||||
Seatankers Management Co. Ltd [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Management fee expenses | $ 700,000 | ||||||||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 6,057,000 | 460,000 | 0 | ||||||||||||||||||
Related party receivables | 1,165,000 | $ 1,060,000 | 1,060,000 | 1,165,000 | |||||||||||||||||
Payables with related parties | (569,000) | (972,000) | (972,000) | (569,000) | |||||||||||||||||
Golden Ocean Group Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Newbuilding purchase price | $ 55,700,000 | ||||||||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 9,387,000 | 1,246,000 | 0 | ||||||||||||||||||
Related party receivables | 4,099,000 | 1,151,000 | 1,151,000 | 4,099,000 | |||||||||||||||||
Payables with related parties | (4,455,000) | (1,631,000) | (1,631,000) | (4,455,000) | |||||||||||||||||
Seatankers Management Norge AS [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 919,000 | (89,000) | 0 | ||||||||||||||||||
Arcadia Petroleum [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 929,000 | 31,000 | 0 | ||||||||||||||||||
Related party receivables | 201,000 | 198,000 | 198,000 | 201,000 | |||||||||||||||||
Payables with related parties | (3,000) | 0 | 0 | (3,000) | |||||||||||||||||
Flex LNG [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 1,204,000 | 0 | 0 | ||||||||||||||||||
Related party receivables | 0 | 741,000 | 741,000 | 0 | |||||||||||||||||
Seadrill Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 656,000 | 84,000 | 0 | ||||||||||||||||||
Related party receivables | 859,000 | 597,000 | 597,000 | 859,000 | |||||||||||||||||
Payables with related parties | (5,000) | (5,000) | (5,000) | (5,000) | |||||||||||||||||
Archer Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 235,000 | 40,000 | 0 | ||||||||||||||||||
Related party receivables | 148,000 | 54,000 | 54,000 | 148,000 | |||||||||||||||||
VLCC Chartering Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Related party receivables | 102,000 | 47,000 | 47,000 | 102,000 | |||||||||||||||||
Deep Sea Supply Plc [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 130,000 | 32,000 | 0 | ||||||||||||||||||
Related party receivables | 176,000 | 67,000 | 67,000 | 176,000 | |||||||||||||||||
North Atlantic Drilling Ltd [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 48,000 | 16,000 | 0 | ||||||||||||||||||
Related party receivables | $ 128,000 | $ 103,000 | 103,000 | 128,000 | |||||||||||||||||
Frontline Companies [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | $ 0 | $ (9,562,000) | $ (10,102,000) | ||||||||||||||||||
Loans Payable [Member] | Senior unsecured facility $275.0 million [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Debt Instrument, Face Amount | $ 275,000,000 | ||||||||||||||||||||
Suezmax Vessels [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Daily hire payable | 15,000 | ||||||||||||||||||||
Suezmax Vessels [Member] | Ship Finance International Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Total vessels leased in on long-term time charters | vessel | 2 | 2 | |||||||||||||||||||
Daily hire payable | 15,000 | ||||||||||||||||||||
Suezmax Vessels [Member] | Golden Ocean Group Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Number of newbuilding contracts purchased | vessel | 2 | 2 | |||||||||||||||||||
Due to Related Parties | $ 1,900,000 | $ 1,900,000 | |||||||||||||||||||
VLCC Vessels [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Daily hire payable | 20,000 | ||||||||||||||||||||
Gain on cancellation of newbuilding contracts | $ 2,800,000 | ||||||||||||||||||||
VLCC Vessels [Member] | Ship Finance International Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Total vessels leased in on long-term time charters | vessel | 10 | 10 | |||||||||||||||||||
Daily hire payable | $ 20,000 | ||||||||||||||||||||
Reverse acquisition [Member] | Frontline 2012 Ltd [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Management fee expenses | $ 3,600,000 | ||||||||||||||||||||
Front Vanguard [Member] | VLCC Vessels [Member] | Ship Finance International Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Related party, Lease termination payments paid | $ 400,000 | ||||||||||||||||||||
Impairment of assets under capital lease | 7,300,000 | ||||||||||||||||||||
proceeds from cancellation of newbuilding contract | $ 400,000 | ||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Vessel Impairment Loss | 7,300,000 | ||||||||||||||||||||
Gain on cancellation of newbuilding contracts | 100,000 | $ 100,000 | |||||||||||||||||||
Front Century [Member] | Ship Finance International Limited [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Related party, Lease termination payments paid | $ 4,000,000 | ||||||||||||||||||||
Front Century [Member] | Ship Finance Leased Vessels [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Impairment of assets under capital lease | $ 27,300,000 | $ 5,600,000 | |||||||||||||||||||
Subsequent Event [Member] | VLCC Vessels [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Number of newbuilding contracts purchased | vessel | 2 | ||||||||||||||||||||
Subsequent Event [Member] | Front Century [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Gain on cancellation of newbuilding contracts | $ 20,300,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2016USD ($) | Nov. 30, 2015 | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessellease | Dec. 31, 2014vessel | Dec. 31, 2013vessel | |
Other Commitments [Line Items] | ||||||
Number of newbuild vessels | vessel | 16 | 62 | ||||
Installments and newbuilding supervision fees paid | $ | $ 284.4 | |||||
Newbuilding installment Commitments | $ | $ 684.1 | |||||
no of newbuild vessels for which the company is committed to making future payments against | vessel | 16 | |||||
Number of leases assigned to third parties and related parties | lease | 2 | |||||
Outstanding lease payments, guaranteed by the Company | $ | $ 8 | $ 11 | ||||
Agreement term | 2 years | |||||
Contingent commitment, maximum amount guaranteed by the company | $ | $ 6.6 | $ 14.2 | ||||
VLCC Vessels [Member] | ||||||
Other Commitments [Line Items] | ||||||
Number of newbuild vessels | vessel | 3 | 6 | ||||
Installments and newbuilding supervision fees paid | $ | $ 45.5 | |||||
Suezmax Vessels [Member] | ||||||
Other Commitments [Line Items] | ||||||
Number of newbuild vessels | vessel | 6 | 6 | ||||
LR2 Tanker [Member] | ||||||
Other Commitments [Line Items] | ||||||
Number of newbuild vessels | vessel | 7 | 14 | 13 |
SUPPLEMENTAL INFORMATION (Detai
SUPPLEMENTAL INFORMATION (Details) - USD ($) $ in Thousands | Mar. 25, 2015 | May 31, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 01, 2016 |
Other Significant Noncash Transactions [Line Items] | |||||||
Shares received in transaction | 1 | ||||||
proceeds from cancellation of newbuilding contract | $ 0 | $ 3,266 | $ 0 | ||||
Golden Ocean [Member] | |||||||
Other Significant Noncash Transactions [Line Items] | |||||||
Number of shares issued per share held (in shares) | 0.3111194 | ||||||
Avance Gas [Member] | |||||||
Other Significant Noncash Transactions [Line Items] | |||||||
Stock dividends, shares | 4,100,000 | ||||||
Share ownership threshold required for receipt of stock dividends | 60.74 | ||||||
Number of shares issued per share held (in shares) | 0.0164636 | ||||||
Number of shares owned in related party | 112,715 | ||||||
Dividends, cash | $ 10 | ||||||
Stock dividends issued during period | $ 56,500 | ||||||
VLCC Vessels [Member] | Front Vanguard [Member] | |||||||
Other Significant Noncash Transactions [Line Items] | |||||||
adjustment to capital lease obligation due to lease termination | $ 27,100 | ||||||
VLCC Vessels [Member] | Front Vanguard [Member] | Ship Finance International Limited [Member] | |||||||
Other Significant Noncash Transactions [Line Items] | |||||||
proceeds from cancellation of newbuilding contract | $ 400 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017USD ($) | Feb. 28, 2017USD ($)vessel$ / sharesshares | Mar. 31, 2015USD ($) | Mar. 31, 2017shares | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Jan. 31, 2017shares | Dec. 31, 2016shares | Dec. 31, 2016tanker | Dec. 31, 2013shares | |
Subsequent Event [Line Items] | ||||||||||||
Share capital, shares outstanding (in shares) | shares | 781,937,649 | 635,205,000 | 169,809,324 | 635,205,000 | ||||||||
Number of vessels owned, Suezmax tankers | 10 | 6 | ||||||||||
Number of Vessels Owned, Product Tankers | vessel | 11 | |||||||||||
Total purchase price consideration | $ 100,000 | $ 137,500 | ||||||||||
Gain (Loss) on Contract Termination | $ 89 | $ 0 | $ 0 | |||||||||
Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.15 | |||||||||||
VLCC Vessels [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Gain (Loss) on Contract Termination | $ 2,800 | |||||||||||
VLCC Vessels [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of newbuilding contracts purchased | vessel | 2 | |||||||||||
Total purchase price consideration | $ 77,500 | |||||||||||
Front Century [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Gain (Loss) on Contract Termination | $ 20,300 | |||||||||||
Term Loan Facility, $321.6 million [Member] | Long-term Debt [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 321,600 | |||||||||||
Term of debt | 15 years | |||||||||||
Term Loan Facility, $321.6 million [Member] | Loans Payable [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of part-financed vessels | vessel | 8 | |||||||||||
Term Loan Facility, $321.6 million [Member] | Loans Payable [Member] | Suazmax Tankers [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of vessels owned, Suezmax tankers | vessel | 4 | |||||||||||
Term Loan Facility, $321.6 million [Member] | Loans Payable [Member] | LR2 tanker [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of Vessels Owned, Product Tankers | vessel | 4 | |||||||||||
DHT [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
stock for stock ratio | shares | 0.80 | 0.725 | ||||||||||
DHT acquired shares | shares | 15,356,009 | |||||||||||
Ownership percentage | 16.40% | |||||||||||
Share capital, shares outstanding (in shares) | shares | 93,366,062 |