Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity File Number | 001-16601 |
Entity Registrant Name | FRONTLINE LTD. |
Entity Address, Address Line One | Par-la-Ville Place |
Entity Address, Address Line Two | 14 Par-la-Ville Road |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 08 |
Entity Address, Country | BM |
Entity Central Index Key | 0000913290 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating revenues | ||
Total operating revenues | $ 517,881 | $ 364,010 |
Other operating gains | 7,082 | 1,133 |
Voyage expenses and commissions | 254,906 | 176,941 |
Contingent rental income | (623) | (1,624) |
Ship operating expenses | 94,836 | 88,154 |
Charter hire expense | 0 | 2,593 |
Administrative expenses | 16,240 | 14,332 |
Depreciation | 73,773 | 71,734 |
Total operating expenses | 439,132 | 352,130 |
Net operating income | 85,831 | 13,013 |
Other income (expenses) | ||
Interest income | 188 | 84 |
Interest expense | (35,894) | (29,414) |
Unrealized gain (loss) on marketable securities | (11,736) | 7,915 |
Share of results of associated companies | 5,959 | (724) |
Foreign currency exchange loss | (17) | (17) |
Gain on derivatives | 33,798 | 10,989 |
Other non-operating items | 122 | 380 |
Net other expenses | (7,580) | (10,787) |
Net income before income taxes | 78,251 | 2,226 |
Income tax benefit (expense) | (6) | 38 |
Net income | $ 78,245 | $ 2,264 |
(Loss) earnings per share attributable to Frontline Ltd. stockholders: | ||
Basic earnings per share attributable to the company (in US dollars per share) | $ 380 | $ 10 |
Diluted earnings per share attributable to the company (in US dollars per share) | $ 380 | $ 10 |
Time charter revenues | ||
Operating revenues | ||
Total operating revenues | $ 48,451 | $ 42,111 |
Voyage charter revenues | ||
Operating revenues | ||
Total operating revenues | 463,195 | 313,917 |
Other income | ||
Operating revenues | ||
Total operating revenues | $ 6,235 | $ 7,982 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 78,245 | $ 2,264 |
Foreign currency translation gain (loss) | 196 | (26) |
Other comprehensive income (loss) | 196 | (26) |
Comprehensive income | $ 78,441 | $ 2,238 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 119,811 | $ 113,073 |
Marketable securities | 166,187 | 2,435 |
Trade accounts receivable, net | 56,688 | 63,423 |
Related party receivables | 12,276 | 11,676 |
Other receivables | 14,879 | 10,109 |
Inventories | 125,197 | 80,787 |
Voyages in progress | 61,976 | 38,492 |
Prepaid expenses and accrued income | 11,846 | 8,899 |
Other current assets | 4,989 | 3,851 |
Total current assets | 573,849 | 332,745 |
Long-term assets | ||
Newbuildings | 93,029 | 130,633 |
Vessels and equipment, net | 3,531,470 | 3,477,801 |
Vessels and equipment under finance leases, net | 0 | 44,880 |
Right-of-use assets under operating leases | 3,648 | 3,914 |
Investment in associated company | 6,514 | 555 |
Goodwill | 112,452 | 112,452 |
Loan notes receivable | 1,388 | 1,388 |
Derivative instruments receivable | 39,352 | 9,675 |
Other long-term assets | 3,400 | 3,055 |
Total assets | 4,365,102 | 4,117,098 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 416,877 | 189,286 |
Current portion of obligations under finance leases | 0 | 7,601 |
Current portion of obligations under operating leases | 1,102 | 1,122 |
Related party payables | 50,075 | 36,250 |
Trade accounts payable | 11,890 | 2,327 |
Accrued expenses | 57,412 | 42,836 |
Derivative instruments payable | 0 | 5,673 |
Other current liabilities | 5,488 | 7,580 |
Total current liabilities | 542,844 | 292,675 |
Long-term debt | 1,911,548 | 2,126,910 |
Obligations under finance leases | 0 | 40,865 |
Obligations under operating leases | 2,843 | 3,114 |
Other long-term liabilities | 1,396 | 992 |
Total liabilities | 2,458,631 | 2,464,556 |
Commitments and contingencies | ||
Equity | ||
Share capital (203,530,979 shares. 2021: 203,530,979. Par value $1.00) | 203,531 | 203,531 |
Additional paid in capital | 623,779 | 448,291 |
Contributed surplus | 1,004,094 | 1,004,094 |
Accumulated other comprehensive income | 424 | 228 |
Retained earnings (deficit) | 75,115 | (3,130) |
Total equity attributable to the Company | 1,906,943 | 1,653,014 |
Non-controlling interest | (472) | (472) |
Total equity | 1,906,471 | 1,652,542 |
Total liabilities and equity | $ 4,365,102 | $ 4,117,098 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Equity | ||
Share capital, shares outstanding (in shares) | 203,530,979 | 203,530,979 |
Par value (in dollars per share) | $ 1 | $ 1 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Statement of Cash Flows [Abstract] | |||
Net cash provided by operating activities | $ 82,506 | $ 41,217 | |
Investing activities | |||
Additions to newbuildings, vessels and equipment | (159,634) | (181,980) | |
Marketable securities acquired | 0 | (357) | |
Proceeds from sale of vessel | 80,000 | 0 | |
Cash inflow from sale of subsidiary | 0 | 2,813 | |
Proceeds from sale of marketable securities | 0 | 14,074 | $ 14,074 |
Net cash used in investing activities | (79,634) | (165,450) | |
Financing activities | |||
Proceeds from issuance of debt | 234,000 | 172,024 | |
Repayment of long-term debt | (223,270) | (90,623) | |
Repayment of finance leases | (1,197) | (3,199) | |
Lease termination compensation payment | (4,456) | 0 | |
Debt fees paid | (1,211) | (2,117) | |
Net cash provided by financing activities | 3,866 | 76,085 | |
Net change in cash and cash equivalents and restricted cash | 6,738 | (48,148) | |
Cash and cash equivalents and restricted cash at beginning of period | 113,073 | 189,649 | 189,649 |
Cash and cash equivalents and restricted cash at end of period | $ 119,811 | $ 141,501 | $ 113,073 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Total equity attributable to the Company | Share capital | Additional paid in capital | Contributed surplus | Accumulated other comprehensive income | Retained earnings (deficit) | Non-controlling interest |
Balance at the beginning of the period (in shares) at Dec. 31, 2020 | 197,692,321 | |||||||
Balance at the end of the period (in shares) at Jun. 30, 2021 | 197,692,321 | |||||||
Balance at beginning of the period at Dec. 31, 2020 | $ 197,692 | $ 402,021 | $ 1,004,094 | $ 200 | $ 8,018 | $ (472) | ||
Increase (decrease) in Equity [Roll Forward] | ||||||||
Stock compensation expense | (338) | |||||||
Capital contribution | 0 | |||||||
Other comprehensive income (loss) | $ (26) | (26) | ||||||
Net income | 2,264 | 2,264 | ||||||
Balance at end of the period at Jun. 30, 2021 | $ 1,613,453 | $ 1,613,925 | $ 197,692 | 401,683 | 1,004,094 | 174 | 10,282 | (472) |
Balance at the beginning of the period (in shares) at Dec. 31, 2021 | 203,530,979 | 203,530,979 | ||||||
Balance at the end of the period (in shares) at Jun. 30, 2022 | 203,530,979 | 203,530,979 | ||||||
Balance at beginning of the period at Dec. 31, 2021 | $ 1,652,542 | $ 203,531 | 448,291 | 1,004,094 | 228 | (3,130) | (472) | |
Increase (decrease) in Equity [Roll Forward] | ||||||||
Stock compensation expense | 0 | |||||||
Capital contribution | 175,488 | |||||||
Other comprehensive income (loss) | 196 | 196 | ||||||
Net income | 78,245 | 78,245 | ||||||
Balance at end of the period at Jun. 30, 2022 | $ 1,906,471 | $ 1,906,943 | $ 203,531 | $ 623,779 | $ 1,004,094 | $ 424 | $ 75,115 | $ (472) |
INTERIM FINANCIAL DATA
INTERIM FINANCIAL DATA | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
INTERIM FINANCIAL DATA | INTERIM FINANCIAL DATAThe Unaudited Condensed Consolidated Interim Financial Statements of Frontline Ltd. (“Frontline” or the “Company”) have been prepared on the same basis as the Company’s Audited Consolidated Financial Statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the Company's financial statements, in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The Unaudited Condensed Consolidated Interim Financial Statements should be read in conjunction with the Annual Consolidated Financial Statements and accompanying Notes included in the Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 17, 2022. The Unaudited Condensed Consolidated Interim Financial Statements do not include all the disclosures required by US GAAP. The results of operations for the interim period ended June 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. The year-end Condensed Consolidated Balance Sheet was derived from audited financial information, but does not include all disclosures required by US GAAP. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES Basis of accounting The Unaudited Condensed Consolidated Interim Financial Statements are prepared in accordance with US GAAP. The Unaudited Condensed Consolidated Interim Financial Statements include the assets and liabilities of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. The Unaudited Condensed Consolidated Interim Financial Statements are prepared in accordance with the accounting policies, which are described in the Company's Annual Report on Form 20-F for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on March 17, 2022. Obligations to issue shares Obligations to issue shares to the Company's shareholders are recorded in equity at the transaction date fair value of the shares to be issued. The fair value is recorded as a capital contribution within additional paid in capital. On settlement of the share issuance a corresponding debit to additional paid in capital is recorded for the par value of the shares issued. |
RECENT ACCOUNTING PRONOUNCMENTS
RECENT ACCOUNTING PRONOUNCMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTSIn March 2020, the FASB issued ASU 2020-04 (ASC 848 Reference Rate Reform), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, which clarified the scope of Topic 848 in relation to derivative instruments and contract modifications. The amendments in these updates are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in these updates are effective for all entities as of March 12, 2020 through December 31, 2022. The Company has determined that reference rate reforms will primarily impact its floating rate debt facilities and the interest rate derivatives to which it is a party. We expect to take advantage of the expedients and exceptions for applying GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The authorized share capital of the Company as of June 30, 2022 is $500,000,000 divided into 500,000,000 shares of $1.00 par value each, of which 203,530,979 shares (December 31, 2021: 203,530,979 shares) of $1.00 par value each are in issue and fully paid. The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows for the six months ended June 30, 2022 and June 30, 2021: (in thousands of $) 2022 2021 Net income attributable to the Company 78,245 2,264 (in thousands) 2022 2021 Weighted average number of shares 205,257 197,692 Dilutive effect of share options — 106 Denominator for diluted earnings per share 205,257 197,798 2022 2021 Cash dividends per share declared — — The weighted average number of shares outstanding for the purpose of calculating basic and diluted earnings per share for the six months ended June 30, 2022 was 205,257,260, which includes the impact of the 19,091,910 Frontline Ltd. shares to be issued to Hemen for no consideration in connection with the privately negotiated share exchange transactions with Euronav shareholders. See Note 8 for further details of the accounting for the transactions. The shares were considered outstanding common shares and included in the computation of basic and diluted EPS due to the issuance no longer being contingent as of this date. The 19,091,910 Frontline Ltd. shares were not legally issued and outstanding as of June 30, 2022 and were accounted for as a capital contribution and classified as additional paid-in capital within equity as of this date. Following the issuance of the 19,091,910 Frontline shares to Hemen Holding Ltd. (“Hemen”) in August 2022, Frontline has a total of 222,622,889 shares issued and outstanding. |
OPERATING REVENUES
OPERATING REVENUES | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
OPERATING REVENUES | OPERATING REVENUES Certain of our voyage charter contracts contain a lease. Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. Voyage charter revenues and expenses are recognized ratably over the estimated length of each voyage, which the Company has assessed commence on loading of the cargo. ASC 842 Leases provides a practical expedient for lessors in which the lessor may elect, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for these components as a single component if both of the following are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (2) the lease component, if accounted for separately, would be classified as an operating lease. When a lessor, we have elected this expedient for our time charter contracts and voyage charter contracts that qualify as leases and thus do not separate the non-lease component, or service element, from the lease. Furthermore, ASC 842 Leases requires the Company to account for the combined component in accordance with ASC 606 Revenues from contracts with customers if the non-lease components are the predominant components. The Company has assessed that the lease components were the predominant component for all of its time charter contracts. Furthermore, for certain of its voyage charter contracts the lease components were the predominant components. The lease and non-lease components of our revenues in the six months ended June 30, 2022 were as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 48,451 — 48,451 Voyage charter revenues 84,983 378,212 463,195 Other income — 6,235 6,235 Total 133,434 384,447 517,881 The lease and non-lease components of our revenues in the six months ended June 30, 2021 were as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 42,111 — 42,111 Voyage charter revenues 23,433 290,484 313,917 Other income — 7,982 7,982 Total 65,544 298,466 364,010 Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $8.2 million of contract assets were capitalized in the period ended June 30, 2022 as "Other current assets", of which $4.0 million was amortized up to June 30, 2022, leaving a remaining balance of $4.2 million as of June 30, 2022. $3.8 million of contract assets were amortized in the six months ended June 30, 2022 in relation to voyages in progress at the end of December 31, 2021. No impairment losses were recognized in the period. As of June 30, 2022 and December 31, 2021, the Company reported the following contract assets in relation to its contracts with customers, including those contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606: (in thousands of $) 2022 2021 Voyages in progress 45,734 38,145 Trade accounts receivable 42,212 60,568 Related party receivables 6,881 5,397 Other current assets 4,223 3,813 Total 99,050 107,923 |
OTHER OPERATING GAINS
OTHER OPERATING GAINS | 6 Months Ended |
Jun. 30, 2022 | |
Operating Income (Loss) [Abstract] | |
OTHER OPERATING GAINS | OTHER OPERATING GAINS Other operating gains for the six months ended June 30, 2022 and June 30, 2021 are as follows: (in thousands of $) 2022 2021 Loss on termination of vessel lease (431) — Gain on sale of vessels 6,055 — Gain on settlement of claim 1,202 — Gain on pool arrangements 248 1,048 Other gains 8 85 Other operating gains 7,082 1,133 In November 2021, Frontline announced that it had entered into an agreement to sell four of its scrubber fitted LR2 tankers built in 2014 and 2015 for an aggregate sale price of $160.0 million to SFL Tanker Holding Ltd., a company related to Hemen, our largest shareholder. Two vessels were delivered to the new owners in December 2021 and the remaining two vessels were delivered to the new owners in January 2022. After repayment of debt on the vessels, the transaction generated total net cash proceeds of $68.6 million, with net cash proceeds of $35.1 million recorded in the six months ended June 30, 2022. The Company recorded a gain on sale in relation to the first two vessels of $5.1 million in 2021 and a gain of $6.1 million in the six months ended June 30, 2022. In April 2022, The Company announced that its subsidiary Frontline Shipping Limited has agreed with SFL Corporation Ltd. ("SFL") to terminate the long-term charters for the 2004-built VLCCs, Front Force and Front Energy , upon the sale and delivery of the vessels by SFL to an unrelated third party. Frontline has agreed to a total compensation payment to SFL of $4.5 million for the termination of the current charters. The charters terminated and the vessels were delivered to the new owners in April 2022. The Company recorded a loss on termination of $0.4 million, including the termination payment, in the six months ended June 30, 2022. In the six months ended June 30, 2022, the Company recorded a gain on pool arrangements of $0.2 million (2021: gain of $1.0 million), $1.2 million gain (2021: nil ) in relation to insurance claims. In the six months ended June 30, 2021 the Company recorded a gain of $0.1 million in relation to other miscellaneous settlements. |
RESTRICTED CASH
RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Restricted cash consists of cash, which may only be used for certain purposes and is held under a contractual arrangement. Restricted cash as of June 30, 2022 does not include cash balances of $105.9 million (December 2021: $67.0 million), which represents 100% (December 2021: 64%) of the cash required to be maintained by the financial covenants in our loan agreements. These cash amounts are included in "Cash and cash equivalents". The Company is permitted to satisfy up to 50% of the cash requirement by maintaining a committed undrawn credit facility with a remaining availability of greater than 12 months. The Company did not satisfy any of the minimum cash requirement with a committed undrawn credit facility as of June 30, 2022 because the Company's senior unsecured facility agreement with an entity related to Hemen, is repayable in May 2023. Our interest rate swaps require us to post cash as collateral based on their fair value. As of June 30, 2022 and December 31, 2021, no cash was posted as collateral in relation to our interest rate swaps. See Note 14 for additional information on our interest rate swaps. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES A summary of the movements in marketable securities for the six months ended June 30, 2022 and the year ended December 31, 2021 is presented in the table below: (in thousands of $) 2022 2021 Balance at beginning of period 2,435 2,639 Marketable securities acquired 175,488 357 Proceeds from sale of marketable securities — (14,074) Unrealized loss on marketable securities held at period end (11,736) (204) Gain on sale of marketable securities — 7,881 Repurchase of marketable securities pledged to creditors — 5,836 Balance at end of period 166,187 2,435 Avance Gas In the six months ended June 30, 2022, the Company recognized an unrealized gain of $0.6 million in relation to the 0.4 million shares held in Avance Gas Holdings Ltd ("Avance Gas"). SFL In the six months ended June 30, 2022, the Company recognized an unrealized gain of $0.1 million in relation to the 0.1 million shares held in SFL. Euronav On May 28, 2022, the Company announced that it agreed to acquire in privately negotiated share exchange transactions with certain shareholders of Euronav a total of 5,955,705 shares in Euronav, representing 2.95% of the outstanding shares in Euronav, in exchange for a total of 8,337,986 ordinary shares of Frontline, which is equivalent to 1.4 ordinary shares of Frontline for every one share of Euronav. Frontline is entitled to the $0.06 dividend that was paid on June 8, 2022 by Euronav in respect of these 5,955,705 shares. On June 10, 2022, the Company announced that it agreed to acquire in privately negotiated transactions with certain shareholders of Euronav a total of 7,708,908 shares in Euronav, representing 3.82% of the outstanding shares in Euronav, in exchange for a total of 10,753,924 shares in Frontline, which is equivalent to 1.395 shares of Frontline for every one share of Euronav. In connection with the above-referenced privately negotiated share exchange transactions, Frontline has entered into a share lending arrangement with Hemen to facilitate settlement of such transactions. Pursuant to such arrangement Hemen delivered an aggregate of 19,091,910 Frontline shares to the exchanging Euronav holders in June 2022 and Frontline agreed to issue to Hemen the same number of shares of Frontline in full satisfaction of the share lending arrangement. The shares were issued to Hemen in August 2022. As of June 30, 2022, the Company had acquired 13,664,613 shares in Euronav as a result of the above transactions. The transaction price paid to acquire the 13,664,613 Euronav shares was $175.5 million which was the fair value of the 19,091,910 Frontline shares to be issued based on the Frontline share price as of the transaction dates. The transaction date fair of the Euronav shares based on the Euronav share price was $167.7 million which resulted in an unrealized loss on marketable securities of $7.8 million upon the initial recognition of the transactions. Based on the Euronav share price as of June 30, 2022, the fair value of the shares held in Euronav was $163.0 million as of period end which resulted in a subsequent unrealized loss of $4.7 million in the second quarter of 2022. The total unrealized loss recognized in the second quarter of 2022 was $12.5 million resulting in a carrying value of the shares held in Euronav of $163.0 million as of June 30, 2022. This loss was partially offset by the gain of $0.7 million on other marketable securities owned by the Company. |
NEWBUILDINGS
NEWBUILDINGS | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
NEWBUILDINGS | NEWBUILDINGS Movements in the six months ended June 30, 2022 are summarized as follows: (in thousands of $) Balance at December 31, 2021 130,633 Additions, net 153,173 Interest capitalized 2,021 Transfer to Vessels and Equipment, net (192,798) Balance at June 30, 2022 93,029 In the six months ended June 30, 2022, the Company took delivery of two VLCC tankers, Front Alta and Front Tweed , from HHI, in April and June 2022, respectively. As of June 30, 2022, the Company's newbuilding program consisted of four VLCCs one of which was delivered in August 2022. The remaining vessels are expected to be delivered as follows: two vessels in the fourth quarter of 2022 and one vessel in the first quarter of 2023. As of June 30, 2022, total installments of $90.2 million had been paid in connection with the Company’s remaining newbuilding program, and remaining commitments amounted to $287.0 million, of which $215.3 million is expected to be paid in 2022 and $71.7 million is due to be paid in 2023, and of which $260.0 million will be financed by committed term loan facilities. |
VESSELS AND EQUIPMENT, NET
VESSELS AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
VESSELS AND EQUIPMENT, NET | VESSELS AND EQUIPMENT, NET Movements in the six months ended June 30, 2022 are summarized as follows; (in thousands of $) Cost Accumulated Depreciation Net Carrying Value Balance at December 31, 2021 4,157,960 (680,159) 3,477,801 Depreciation (71,478) Additions 6,185 Disposals (95,975) 22,139 Transfers from Newbuildings 192,798 Balance at June 30, 2022 4,260,968 (729,498) 3,531,470 In the six months ended June 30, 2022, the Company sold two LR2 tankers, Front Lion and Front Panther . See Note 6 for full details of this transaction. The Company has also delivered two VLCCs, Front Alta and Front Tweed. The Company also completed the installation of Exhaust Gas Cleaning Systems on two vessels in the period. |
VESSELS AND EQUIPMENT UNDER FIN
VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET | VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET As of December 31, 2021, the Company leased in two vessels on long-term time charter from SFL which were classified as finance leases. Both leases were terminated in the six months ended June 30, 2022. See Note 6 for details regarding the loss on lease termination. (in thousands of $) Cost Accumulated Depreciation Net Carrying Value Balance at December 31, 2021 103,888 (59,008) 44,880 Lease termination (103,888) 61,303 Depreciation — (2,295) — Balance at June 30, 2022 — — — The Company has no outstanding obligations under finance leases as of June 30, 2022. The outstanding obligations under finance leases as of December 31, 2021 are payable as follows: (in thousands of $) 2022 10,946 2023 11,705 2024 10,978 2025 11,705 2026 11,705 Thereafter 1,641 Minimum lease payments 58,680 Less: imputed interest (10,214) Present value of obligations under finance leases 48,466 The Company recognized the following income (expenses) in relation to the amortization of finance lease assets and obligations in the six months ended June 30, 2022 and June 30, 2021: (in thousands of $) June 30, 2022 June 30, 2021 Depreciation of vessels under finance leases (2,295) (4,283) Interest expense on obligations under finance leases — (2,002) Contingent rental income 623 1,624 Loss on termination of vessel lease (431) — Total finance lease expense, net (2,103) (4,661) The remaining periods on these leases as of December 31, 2021 was approximately five years). The weighted average discount rate in relation to the vessels leased from SFL was 7.5%. |
OPERATING LEASES
OPERATING LEASES | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES The Company is committed to make rental payments under operating leases for office premises. Certain of these leases include variable lease elements linked to inflation indices. Such variable payments were estimated on the date of adoption of ASC 842 based on the index at that time and included in the minimum lease payments. In the six months ended June 30, 2022, lease expense of $0.6 million ($0.9 million in the six months ended June 30, 2021) was recorded in Administrative expenses in the Condensed Consolidated Statement of Operations. Rental expense The future minimum rental payments under the Company's non-cancellable operating leases as of June 30, 2022 are as follows: (in thousands of $) Year 1 1,198 Year 2 1,158 Year 3 1,191 Year 4 598 Total minimum lease payments 4,145 Less: Imputed interest (200) Present value of operating lease liabilities 3,945 The future minimum rental payments under the Company's non-cancellable operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 1,289 2023 1,048 2024 1,076 2025 1,105 Total minimum lease payments 4,518 Less: Imputed interest (282) Present value of operating lease liabilities 4,236 Total expense for operating leases was $0.6 million in the six months ended June 30, 2022 (2021: $3.5 million). Total cash paid in respect of operating leases was $0.5 million in the six months ended June 30, 2022 (2021: $3.5 million). The weighted average discount in relation to the operating leases was 2.7% for the six months ended June 30, 2022 (2021: 3.3%) and the weighted average lease term was three years for the six months ended June 30, 2022 (2021: four years). Rental income The Company had chartered-out five vessels to Trafigura Group Pte Ltd ("Trafigura"), for a period of three years commencing in August 2019, at a daily base rate of $28,400 plus 50% profit share. In July and August 2022, two of the vessels were redelivered to the Company upon completion of the time charters and the remaining vessels are expected to be redelivered in September. The minimum future revenues to be received under the fixed rate element of our contracts as of June 30, 2022 are as follows: (in thousands of $) Year 1 7,952 Total minimum lease payments 7,952 Profit share to be earned under our chartering arrangements has been excluded from the minimum future revenues above. Our revenues from these leases have been included within time charter revenues in the Condensed Consolidated Statement of Operations, which solely relates to leasing revenues. There are no options to extend our operating leases where we are the lessor. The cost and accumulated depreciation of vessels leased to third parties as of June 30, 2022 were $328.0 million and $26.8 million, respectively, and as of December 31, 2021 were $328.0 million and $21.0 million, respectively. Contingent rental income In the six months ended June 30, 2022, the Company recognized profit share income of $4.3 million in relation to the five time charters to Trafigura (2021: nil). |
OPERATING LEASES | OPERATING LEASES The Company is committed to make rental payments under operating leases for office premises. Certain of these leases include variable lease elements linked to inflation indices. Such variable payments were estimated on the date of adoption of ASC 842 based on the index at that time and included in the minimum lease payments. In the six months ended June 30, 2022, lease expense of $0.6 million ($0.9 million in the six months ended June 30, 2021) was recorded in Administrative expenses in the Condensed Consolidated Statement of Operations. Rental expense The future minimum rental payments under the Company's non-cancellable operating leases as of June 30, 2022 are as follows: (in thousands of $) Year 1 1,198 Year 2 1,158 Year 3 1,191 Year 4 598 Total minimum lease payments 4,145 Less: Imputed interest (200) Present value of operating lease liabilities 3,945 The future minimum rental payments under the Company's non-cancellable operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 1,289 2023 1,048 2024 1,076 2025 1,105 Total minimum lease payments 4,518 Less: Imputed interest (282) Present value of operating lease liabilities 4,236 Total expense for operating leases was $0.6 million in the six months ended June 30, 2022 (2021: $3.5 million). Total cash paid in respect of operating leases was $0.5 million in the six months ended June 30, 2022 (2021: $3.5 million). The weighted average discount in relation to the operating leases was 2.7% for the six months ended June 30, 2022 (2021: 3.3%) and the weighted average lease term was three years for the six months ended June 30, 2022 (2021: four years). Rental income The Company had chartered-out five vessels to Trafigura Group Pte Ltd ("Trafigura"), for a period of three years commencing in August 2019, at a daily base rate of $28,400 plus 50% profit share. In July and August 2022, two of the vessels were redelivered to the Company upon completion of the time charters and the remaining vessels are expected to be redelivered in September. The minimum future revenues to be received under the fixed rate element of our contracts as of June 30, 2022 are as follows: (in thousands of $) Year 1 7,952 Total minimum lease payments 7,952 Profit share to be earned under our chartering arrangements has been excluded from the minimum future revenues above. Our revenues from these leases have been included within time charter revenues in the Condensed Consolidated Statement of Operations, which solely relates to leasing revenues. There are no options to extend our operating leases where we are the lessor. The cost and accumulated depreciation of vessels leased to third parties as of June 30, 2022 were $328.0 million and $26.8 million, respectively, and as of December 31, 2021 were $328.0 million and $21.0 million, respectively. Contingent rental income In the six months ended June 30, 2022, the Company recognized profit share income of $4.3 million in relation to the five time charters to Trafigura (2021: nil). |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBTIn April 2022, the Company entered into a senior secured term loan facility in an amount of up to $104.0 million from Credit Suisse AG to refinance an existing term loan facility with total balloon payments of $91.2 million due in the first quarter of 2023. The new facility has a tenor of six years, carries an interest rate of SOFR plus a margin of 180 basis points, which translates to a LIBOR equivalent margin of 154 basis points based on the three month historic CAS between SOFR and LIBOR of approximately 26 basis points, and has an amortization profile of 18 years commencing on the delivery date from the yard. The existing facility carried an interest rate of LIBOR plus a margin of 190 basis points. The facility was fully drawn down in May 2022. The Company drew down $65.0 million in April 2022 and $65.0 million in June 2022 with DNB to partially finance the delivery of the 2022 built VLCCs, Front Alta and Front Tweed . The facility has a tenor of five years, carries an interest rate of LIBOR plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The facility is fully drawn as of June 30, 2022. In July 2022, the Company entered into a senior secured term loan facility in an amount of up to $252.4 million with a number of banks to refinance an existing term loan facility with total balloon payments of $233.4 million due in the first quarter of 2023. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 190 basis points, and has an amortization profile of approximately 18 years commencing on the delivery date from the yard. The existing facility carried an interest rate of LIBOR plus a margin of 190 basis points. The facility was fully drawn down in August 2022 and $223.9 million of the refinanced facility has been recorded in long-term debt as of June 30, 2022. Debt issuance costs The Company has recorded debt issuance costs (i.e. deferred charges) of $22.8 million as of June 30, 2022 (December 31, 2021: $24.3 million) as a direct deduction from the carrying amount of the related debt. Assets pledged (in thousands of $) 2022 2021 Vessels and equipment, net 3,531,079 3,477,283 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Interest rate swap agreements 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 a fixed rate. The contract had a forward start date of February 2019. In March 2020, the Company entered into three interest rate swaps with DNB whereby the floating interest rate on notional debt totaling $250.0 million was switched to a fixed rate. In April 2020, the Company entered into two interest rate swaps with Nordea whereby the floating interest rate on notional debt totaling $150.0 million was switched to a fixed rate. The reference rate for our interest rate swaps is LIBOR. As of June 30, 2022, the Company recorded a derivative instruments receivable of $39.4 million (December 31, 2021: $9.7 million) and no derivative instrument payable (December 31, 2021: $5.7 million) in relation to these agreements. The Company recorded a gain on derivatives of $33.8 million in the six months ended June 30, 2022 ( six months ended June 20, 2021: gain of $11.0 million) in relation to these agreements. The interest rate swaps are not designated as hedges and are summarized as of June 30, 2022 as follows: Notional Amount Inception Date Maturity Date Fixed Interest Rate ($000s) 150,000 February 2016 February 2026 2.1970 % 100,000 March 2020 March 2027 0.9750 % 50,000 March 2020 March 2027 0.6000 % 100,000 March 2020 March 2025 0.9000 % 100,000 April 2020 April 2027 0.5970 % 50,000 April 2020 April 2025 0.5000 % 550,000 Fair Values The carrying value and estimated fair value of the Company's financial assets and liabilities as of June 30, 2022 and December 31, 2021 are as follows: 2022 2021 (in thousands of $) Carrying Fair Carrying Fair Assets: Cash and cash equivalents 119,811 119,811 113,073 113,073 Marketable securities 166,187 166,187 2,435 2,435 Derivative instruments receivable 39,352 39,352 9,675 9,675 Liabilities: Floating rate debt 2,141,547 2,141,547 2,130,812 2,130,812 Fixed rate debt 209,700 207,684 209,700 206,552 Derivative instruments payable — — 5,673 5,673 The estimated fair value of financial assets and liabilities as of June 30, 2022 are as follows: (in thousands of $) Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents 119,811 119,811 — — Marketable securities 166,187 166,187 — — Derivative instruments receivable 39,352 — 39,352 — Liabilities: Floating rate debt 2,141,547 — 2,141,547 — Fixed rate debt 207,684 — — 207,684 The estimated fair value of financial assets and liabilities as of December 31, 2021 are as follows: (in thousands of $) Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents 113,073 113,073 — — Marketable securities 2,435 2,435 — Derivative instruments receivable 9,675 — 9,675 — Liabilities: Floating rate debt 2,130,812 — 2,130,812 — Fixed rate debt 206,552 — 206,552 Derivative instruments payable 5,673 — 5,673 — 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. 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. Floating rate debt is presented net of deferred financing charges of $22.8 million as of June 30, 2022 (December 31, 2021: $24.3 million) on the Condensed Consolidated Balance Sheet. Fixed rate debt - the fair value of fixed rate debt has been determined using level 3 inputs being the discounted expected cash flows of the outstanding debt. Assets Measured at Fair Value on a Nonrecurring Basis Nonrecurring fair value measurements include a goodwill impairment assessment completed as of June 30, 2022. The impairment test used level 1 inputs. 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 derivative interest rate swaps 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, HSBC, Royal Bank of Scotland, DNB, Nordea, Credit Agricole, Credit Suisse AG, Standard Chartered and Citibank N.A. However, the Company believes this risk is remote. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 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: SFL, Seatankers Management Norway AS, Seatankers Management Co. Ltd, Golden Ocean Group Limited ("Golden Ocean"), Alta Trading UK Limited (formerly known as Arcadia Petroleum Limited), Archer Limited , Flex LNG Ltd, Avance Gas Holding Ltd ("Avance Gas") and Front Ocean Management AS. We also own interests in TFG Marine and Clean Marine AS (through our interest in FMS Holdco) which are accounted for as equity method investments. SFL Transactions As of June 30, 2022, the Company had redelivered the two vessels leased from SFL. Prior to the redelivery of the vessels, contingent rental expense was payable to SFL based on the earnings of these vessels. Contingent rental income recorded in the six months ended June 30, 2022 was primarily due to the fact that the profit share expense accrued in the lease obligation payable when the leases were recorded at fair value at the time of Frontline's merger with Frontline 2012 Ltd. was $0.6 million higher than the actual profit share expense payable to SFL, as no profit share was payable for the period. A summary of leasing transactions with SFL in the six months ended June 30, 2022 and June 30, 2021 are as follows; (in thousands of $) 2022 2021 Charter hire charged (principal and interest) 1,980 3,942 Lease interest expense 872 2,002 Contingent rental income (623) (1,624) Remaining lease obligation — 52,444 Contingent rental income in the six months ended June 30, 2022 relates to the charter party contracts with SFL and was recognized by the Company because the actual profit share payable in the six months ended June 30, 2022 of nil ( six months ended June 30, 2021: $0.3 million) wa s $0.6 million les s ( six months ended June 30, 2021: $1.6 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 between the C ompany and Frontline 2012. In January 2014, the Company commenced a pooling arrangement with SFL, between two of its Suezmax tankers Front Odin and Front Njor d and two SFL vessels Glorycrown and Everbright . The Company recognized a gain o f $0.2 million in the six months ended June 30, 2022 in relation to this pooling arrangement ( six months ended June 30, 2021: gain of $1.0 million). Transactions with associated companies A share of income of TFG Marine of $6.5 million was recognized in the six months ended June 30, 2022. The Company also entered into a bunker supply arrangement with TFG Marine, under which it has paid $210.2 million to TFG Marine in the six months ended June 30, 2022 and $27.6 million remained due as of June 30, 2022. The Company has also agreed to provide a $60.0 million guarantee in respect of the performance of its consolidated subsidiaries, and two subsidiaries of an affiliate of Hemen, under a bunker supply arrangement with TFG Marine. As of June 30, 2022 there are no exposures under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by the Trafigura Group and becomes payable Frontline shall pay a pro-rata amount based on its share of the equity in TFG Marine. The maximum liability under this guarantee is $6.0 million and there are no amounts payable under this guarantee as of June 30, 2022. A share of losses of FMS Holdco of $0.6 million was recognized in the six months ended June 30, 2022. Transactions with other entities related to Hemen The Company recognized interest expense of $6.6 million in the six months ended June 30, 2022 ( six months ended June 30, 2021: $2.3 million) in relation to senior unsecured revolving credit facility of up to $275.0 million with an entity related to Hemen. $65.3 million remains available and undrawn under this facility as of June 30, 2022. A summary of net amounts earned from (paid to) related parties in the six months ended June 30, 2022 and June 30, 2021 are as follows: (in thousands of $) 2022 2021 Seatankers Management Co. Ltd 313 1,641 SFL 1,863 2,668 Golden Ocean 1,593 2,409 Flex LNG Ltd 687 929 Seatankers Management Norway AS (285) (344) Seadrill Limited — 137 Archer Limited — 74 Alta Trading UK Limited — 1,018 Avance Gas 1,110 1,207 TFG Marine 417 386 Front Ocean Management (954) — Other related parties 9 90 Amounts earned from 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 of rental for office space and support staff costs. Related party balances A summary of balances due from related parties as of June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) 2022 2021 SFL 3,884 3,886 Seatankers Management Co. Ltd 1,117 1,546 Archer Limited 39 30 Alta Trading UK Limited 81 280 Golden Ocean 5,303 3,376 Seadrill Limited — 625 Flex LNG Ltd 335 425 Avance Gas 739 737 TFG Marine 208 199 Front Ocean Management 478 402 Other related parties 92 170 12,276 11,676 A summary of balances due to related parties as of June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) 2022 2021 SFL 11,535 6,878 Seatankers Management Co. Ltd 1,867 2,226 Avance Gas 951 334 Flex LNG Ltd 785 191 Golden Ocean 7,229 6,016 TFG Marine 27,619 20,605 Archer Limited 9 — Front Ocean Management 76 — Other 4 — 50,075 36,250 See Notes 8, 11 and 16 for details regarding other related party transactions and balances. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company insures the legal liability risks for its shipping activities with mutual protection and indemnity associations, who are members of the International Group of P&I Clubs. 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, cash flows or financial condition individually and in the aggregate. As of June 30, 2022, the Company has committed to the purchase of scrubber equipment from Clean Marine AS, a related party, for six vessels owned by the Company, with a remaining financial commitment of $2.1 million, excluding installation costs, due in 2022. See Notes 9 and 15 for details of other commitments and contingencies. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In July 2022, Frontline and Euronav announced that the companies have signed a definitive combination agreement for a stock-for-stock combination (the "Combination") which was unanimously approved by all the members of Frontline’s Board of Directors and by all members of Euronav’s Supervisory Board. The agreement memorializes the principal aspects of the previously announced term sheet that was signed on April 7, 2022. The proposed Combination is structured as a voluntary conditional exchange offer (the “Tender Offer”) by Frontline for all outstanding shares of Euronav at an exchange ratio of 1.45 Frontline-shares for every 1.0 Euronav-share, possibly followed by a (simplified) squeeze out, with the aim to then propose a merger of Euronav into Frontline to Frontline’s and Euronav’s shareholders as soon as possible thereafter (the “Merger”). On the terms and subject to the conditions set forth in the Combination Agreement, Frontline will relocate from Bermuda to Cyprus by way of Frontline being discontinued out of Bermuda and continuing its existence in Cyprus as a Cyprus public limited liability company (the "Redomiciliation"). The Redomiciliation, Tender Offer and Merger are subject to the receipt of required regulatory approval, sufficient shareholder approvals and other customary conditions. In August 2022, the Company issued 19,091,910 shares to Hemen in full settlement of the share lending arrangements in connection with the privately negotiated share exchange transactions with Euronav shareholders. Following the issuance, Frontline Ltd. has a total of 222,622,889 shares issued and outstanding. In August 2022, the Company took delivery of the VLCC newbuilding, Front Tana , from HHI and drew down $65.0 million under its senior secured term loan facility of up to $65.0 million with ING Bank to partially finance the delivery. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of accounting | Basis of accounting The Unaudited Condensed Consolidated Interim Financial Statements are prepared in accordance with US GAAP. The Unaudited Condensed Consolidated Interim Financial Statements include the assets and liabilities of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. The Unaudited Condensed Consolidated Interim Financial Statements are prepared in accordance with the accounting policies, which are described in the Company's Annual Report on Form 20-F for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on March 17, 2022. Obligations to issue shares Obligations to issue shares to the Company's shareholders are recorded in equity at the transaction date fair value of the shares to be issued. The fair value is recorded as a capital contribution within additional paid in capital. On settlement of the share issuance a corresponding debit to additional paid in capital is recorded for the par value of the shares issued. |
Recent accounting pronouncements | RECENT ACCOUNTING PRONOUNCEMENTSIn March 2020, the FASB issued ASU 2020-04 (ASC 848 Reference Rate Reform), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, which clarified the scope of Topic 848 in relation to derivative instruments and contract modifications. The amendments in these updates are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in these updates are effective for all entities as of March 12, 2020 through December 31, 2022. The Company has determined that reference rate reforms will primarily impact its floating rate debt facilities and the interest rate derivatives to which it is a party. We expect to take advantage of the expedients and exceptions for applying GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares Outstanding | The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows for the six months ended June 30, 2022 and June 30, 2021: (in thousands of $) 2022 2021 Net income attributable to the Company 78,245 2,264 (in thousands) 2022 2021 Weighted average number of shares 205,257 197,692 Dilutive effect of share options — 106 Denominator for diluted earnings per share 205,257 197,798 2022 2021 Cash dividends per share declared — — |
OPERATING REVENUES (Tables)
OPERATING REVENUES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Lease and Non-Lease Components of Revenue | The lease and non-lease components of our revenues in the six months ended June 30, 2022 were as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 48,451 — 48,451 Voyage charter revenues 84,983 378,212 463,195 Other income — 6,235 6,235 Total 133,434 384,447 517,881 The lease and non-lease components of our revenues in the six months ended June 30, 2021 were as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 42,111 — 42,111 Voyage charter revenues 23,433 290,484 313,917 Other income — 7,982 7,982 Total 65,544 298,466 364,010 |
Schedule of Contract Assets | As of June 30, 2022 and December 31, 2021, the Company reported the following contract assets in relation to its contracts with customers, including those contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606: (in thousands of $) 2022 2021 Voyages in progress 45,734 38,145 Trade accounts receivable 42,212 60,568 Related party receivables 6,881 5,397 Other current assets 4,223 3,813 Total 99,050 107,923 |
OTHER OPERATING GAINS (Tables)
OTHER OPERATING GAINS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Operating Income (Loss) [Abstract] | |
Other Operating Gains | Other operating gains for the six months ended June 30, 2022 and June 30, 2021 are as follows: (in thousands of $) 2022 2021 Loss on termination of vessel lease (431) — Gain on sale of vessels 6,055 — Gain on settlement of claim 1,202 — Gain on pool arrangements 248 1,048 Other gains 8 85 Other operating gains 7,082 1,133 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of marketable securities | A summary of the movements in marketable securities for the six months ended June 30, 2022 and the year ended December 31, 2021 is presented in the table below: (in thousands of $) 2022 2021 Balance at beginning of period 2,435 2,639 Marketable securities acquired 175,488 357 Proceeds from sale of marketable securities — (14,074) Unrealized loss on marketable securities held at period end (11,736) (204) Gain on sale of marketable securities — 7,881 Repurchase of marketable securities pledged to creditors — 5,836 Balance at end of period 166,187 2,435 |
NEWBUILDINGS (Tables)
NEWBUILDINGS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Newbuildings | Movements in the six months ended June 30, 2022 are summarized as follows: (in thousands of $) Balance at December 31, 2021 130,633 Additions, net 153,173 Interest capitalized 2,021 Transfer to Vessels and Equipment, net (192,798) Balance at June 30, 2022 93,029 |
VESSELS AND EQUIPMENT, NET (Tab
VESSELS AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels and Equipment, Net | Movements in the six months ended June 30, 2022 are summarized as follows; (in thousands of $) Cost Accumulated Depreciation Net Carrying Value Balance at December 31, 2021 4,157,960 (680,159) 3,477,801 Depreciation (71,478) Additions 6,185 Disposals (95,975) 22,139 Transfers from Newbuildings 192,798 Balance at June 30, 2022 4,260,968 (729,498) 3,531,470 |
VESSELS AND EQUIPMENT UNDER F_2
VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Finance Leased Assets | (in thousands of $) Cost Accumulated Depreciation Net Carrying Value Balance at December 31, 2021 103,888 (59,008) 44,880 Lease termination (103,888) 61,303 Depreciation — (2,295) — Balance at June 30, 2022 — — — |
Maturities of Finance Leases | The outstanding obligations under finance leases as of December 31, 2021 are payable as follows: (in thousands of $) 2022 10,946 2023 11,705 2024 10,978 2025 11,705 2026 11,705 Thereafter 1,641 Minimum lease payments 58,680 Less: imputed interest (10,214) Present value of obligations under finance leases 48,466 |
Lease Cost | The Company recognized the following income (expenses) in relation to the amortization of finance lease assets and obligations in the six months ended June 30, 2022 and June 30, 2021: (in thousands of $) June 30, 2022 June 30, 2021 Depreciation of vessels under finance leases (2,295) (4,283) Interest expense on obligations under finance leases — (2,002) Contingent rental income 623 1,624 Loss on termination of vessel lease (431) — Total finance lease expense, net (2,103) (4,661) |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Operating Lease Maturity | The future minimum rental payments under the Company's non-cancellable operating leases as of June 30, 2022 are as follows: (in thousands of $) Year 1 1,198 Year 2 1,158 Year 3 1,191 Year 4 598 Total minimum lease payments 4,145 Less: Imputed interest (200) Present value of operating lease liabilities 3,945 The future minimum rental payments under the Company's non-cancellable operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 1,289 2023 1,048 2024 1,076 2025 1,105 Total minimum lease payments 4,518 Less: Imputed interest (282) Present value of operating lease liabilities 4,236 |
Schedule of Future Rental Income | The minimum future revenues to be received under the fixed rate element of our contracts as of June 30, 2022 are as follows: (in thousands of $) Year 1 7,952 Total minimum lease payments 7,952 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Assets Pledged | Assets pledged (in thousands of $) 2022 2021 Vessels and equipment, net 3,531,079 3,477,283 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of interest rate swaps not designated as hedges | The interest rate swaps are not designated as hedges and are summarized as of June 30, 2022 as follows: Notional Amount Inception Date Maturity Date Fixed Interest Rate ($000s) 150,000 February 2016 February 2026 2.1970 % 100,000 March 2020 March 2027 0.9750 % 50,000 March 2020 March 2027 0.6000 % 100,000 March 2020 March 2025 0.9000 % 100,000 April 2020 April 2027 0.5970 % 50,000 April 2020 April 2025 0.5000 % 550,000 |
Carrying value and estimated fair value of financial instruments | The carrying value and estimated fair value of the Company's financial assets and liabilities as of June 30, 2022 and December 31, 2021 are as follows: 2022 2021 (in thousands of $) Carrying Fair Carrying Fair Assets: Cash and cash equivalents 119,811 119,811 113,073 113,073 Marketable securities 166,187 166,187 2,435 2,435 Derivative instruments receivable 39,352 39,352 9,675 9,675 Liabilities: Floating rate debt 2,141,547 2,141,547 2,130,812 2,130,812 Fixed rate debt 209,700 207,684 209,700 206,552 Derivative instruments payable — — 5,673 5,673 |
Financial assets and liabilities measured at fair value on recurring basis | The estimated fair value of financial assets and liabilities as of June 30, 2022 are as follows: (in thousands of $) Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents 119,811 119,811 — — Marketable securities 166,187 166,187 — — Derivative instruments receivable 39,352 — 39,352 — Liabilities: Floating rate debt 2,141,547 — 2,141,547 — Fixed rate debt 207,684 — — 207,684 The estimated fair value of financial assets and liabilities as of December 31, 2021 are as follows: (in thousands of $) Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents 113,073 113,073 — — Marketable securities 2,435 2,435 — Derivative instruments receivable 9,675 — 9,675 — Liabilities: Floating rate debt 2,130,812 — 2,130,812 — Fixed rate debt 206,552 — 206,552 Derivative instruments payable 5,673 — 5,673 — |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of leasing transactions with related party | A summary of leasing transactions with SFL in the six months ended June 30, 2022 and June 30, 2021 are as follows; (in thousands of $) 2022 2021 Charter hire charged (principal and interest) 1,980 3,942 Lease interest expense 872 2,002 Contingent rental income (623) (1,624) Remaining lease obligation — 52,444 |
Schedule of related party receivables and payables | A summary of net amounts earned from (paid to) related parties in the six months ended June 30, 2022 and June 30, 2021 are as follows: (in thousands of $) 2022 2021 Seatankers Management Co. Ltd 313 1,641 SFL 1,863 2,668 Golden Ocean 1,593 2,409 Flex LNG Ltd 687 929 Seatankers Management Norway AS (285) (344) Seadrill Limited — 137 Archer Limited — 74 Alta Trading UK Limited — 1,018 Avance Gas 1,110 1,207 TFG Marine 417 386 Front Ocean Management (954) — Other related parties 9 90 Amounts earned from 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 of rental for office space and support staff costs. Related party balances A summary of balances due from related parties as of June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) 2022 2021 SFL 3,884 3,886 Seatankers Management Co. Ltd 1,117 1,546 Archer Limited 39 30 Alta Trading UK Limited 81 280 Golden Ocean 5,303 3,376 Seadrill Limited — 625 Flex LNG Ltd 335 425 Avance Gas 739 737 TFG Marine 208 199 Front Ocean Management 478 402 Other related parties 92 170 12,276 11,676 A summary of balances due to related parties as of June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) 2022 2021 SFL 11,535 6,878 Seatankers Management Co. Ltd 1,867 2,226 Avance Gas 951 334 Flex LNG Ltd 785 191 Golden Ocean 7,229 6,016 TFG Marine 27,619 20,605 Archer Limited 9 — Front Ocean Management 76 — Other 4 — 50,075 36,250 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Common stock, value authorized | $ 500,000,000 | |||
Common stock, shares authorized (in shares) | 500,000,000 | |||
Ordinary shares par value (in dollars per share) | $ 1 | $ 1 | ||
Common stock, shares issued (in shares) | 203,530,979 | 203,530,979 | ||
Weighted average number of shares (in shares) | 205,257,260 | 197,692,000 | ||
Denominator for diluted earnings per share (in shares) | 205,257,260 | 197,798,000 | ||
Subsequent event | ||||
Shares issued (in shares) | 222,622,889 | |||
Shares outstanding (in shares) | 222,622,889 | |||
Euronav | Subsequent event | ||||
Stock issued during period (in shares) | 19,091,910 | |||
Forecast | ||||
Shares issued (in shares) | 222,622,889 | |||
Shares outstanding (in shares) | 222,622,889 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Net income attributable to the Company | $ 78,245 | $ 2,264 |
Weighted average number of shares (in shares) | 205,257,260 | 197,692,000 |
Dilutive effect of share options (in shares) | 0 | 106,000 |
Denominator for diluted earnings per share (in shares) | 205,257,260 | 197,798,000 |
Cash dividends per share declared (in dollars per share) | $ 0 | $ 0 |
OPERATING REVENUES - Disaggrega
OPERATING REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Lease | $ 133,434 | $ 65,544 |
Non-lease | 384,447 | 298,466 |
Total revenues | 517,881 | 364,010 |
Time charter revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease | 48,451 | 42,111 |
Non-lease | 0 | 0 |
Total revenues | 48,451 | 42,111 |
Voyage charter revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease | 84,983 | 23,433 |
Non-lease | 378,212 | 290,484 |
Total revenues | 463,195 | 313,917 |
Other income | ||
Disaggregation of Revenue [Line Items] | ||
Lease | 0 | 0 |
Non-lease | 6,235 | 7,982 |
Total revenues | $ 6,235 | $ 7,982 |
OPERATING REVENUES - Narrative
OPERATING REVENUES - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Contract assets | $ 99,050,000 | $ 107,923,000 |
Impairment loss | 0 | $ 0 |
Balance capitalized in current year | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Gross asset contract with customer | 8,200,000 | |
Amortization capitalized contract cost | 4,000,000 | |
Contract assets | 4,200,000 | |
Balance capitalized in prior year | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Amortization capitalized contract cost | $ 3,800,000 |
OPERATING REVENUES - Contract A
OPERATING REVENUES - Contract Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Capitalized Contract Cost [Line Items] | ||
Contract assets | $ 99,050 | $ 107,923 |
Voyages in progress | ||
Capitalized Contract Cost [Line Items] | ||
Contract assets | 45,734 | 38,145 |
Trade accounts receivable | ||
Capitalized Contract Cost [Line Items] | ||
Contract assets | 42,212 | 60,568 |
Related party receivables | ||
Capitalized Contract Cost [Line Items] | ||
Contract assets | 6,881 | 5,397 |
Other current assets | ||
Capitalized Contract Cost [Line Items] | ||
Contract assets | $ 4,223 | $ 3,813 |
OTHER OPERATING GAINS (Details)
OTHER OPERATING GAINS (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Income (Loss) [Abstract] | ||
Loss on termination of vessel lease | $ (431) | $ 0 |
Gain on sale of vessels | 6,055 | 0 |
Gain on settlement of claim | 1,202 | 0 |
Gain on pool arrangements | 248 | 1,048 |
Other gains | 8 | 85 |
Other operating gains | $ 7,082 | $ 1,133 |
OTHER OPERATING GAINS - Narrati
OTHER OPERATING GAINS - Narrative (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Apr. 30, 2022 USD ($) | Jan. 31, 2022 large_range_2Tanker_vessel_type | Dec. 31, 2021 large_range_2Tanker_vessel_type | Nov. 30, 2021 USD ($) large_range_2Tanker_vessel_type | Jun. 30, 2022 USD ($) large_range_2Tanker_vessel_type | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Proceeds from sale of vessel | $ 80,000 | $ 0 | ||||||
Number of newbuild vessels delivered | large_range_2Tanker_vessel_type | 2 | 2 | 4 | 2 | ||||
Gain on sale of vessels | $ 6,055 | 0 | ||||||
Gain (loss) on contract termination | 400 | |||||||
Gain on pooling arrangements | 200 | 1,000 | ||||||
Gain on other claims | 1,200 | $ 0 | ||||||
Gain on miscellaneous settlements | $ 100 | |||||||
SFL | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Compensation payment | $ 4,500 | |||||||
LR2 tanker | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Proceeds from sale of vessel | $ 160,000 | |||||||
Proceeds from productive assets | 35,100 | $ 68,600 | ||||||
Gain on sale of vessels | $ 6,100 | $ 5,100 |
RESTRICTED CASH (Details)
RESTRICTED CASH (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Cash required to be maintained for covenant compliance | $ 105.9 | $ 67 |
Cash required to be maintained for covenant compliance, percentage | 100% | 64% |
Cash required to be maintained for covenant compliance, in relation to undrawn credit facility | 50% | |
Interest rate swap | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 0 | $ 0 |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Marketable securities, beginning balance | $ 2,435 | $ 2,639 | $ 2,639 |
Marketable securities acquired | 175,488 | 357 | |
Proceeds from sale of marketable securities | 0 | $ (14,074) | (14,074) |
Unrealized loss on marketable securities held at period end | (11,736) | (204) | |
Gain on sale of marketable securities | 0 | 7,881 | |
Repurchase of marketable securities pledged to creditors | 0 | 5,836 | |
Marketable securities, ending balance | $ 166,187 | $ 2,435 |
MARKETABLE SECURITIES - Narrati
MARKETABLE SECURITIES - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 10, 2022 shares | May 28, 2022 shares | Aug. 31, 2022 shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jul. 31, 2022 | Jun. 08, 2022 $ / shares | |
Debt and Equity Securities, FV-NI [Line Items] | |||||||||
Marketable securities acquired | $ 0 | $ 357 | |||||||
Euronav | Subsequent event | |||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||
Stock exchange ratio | 1.45 | ||||||||
Avance Gas | |||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||
Unrealized (loss)/gain on investments | $ 600 | ||||||||
Number of marketable securities (in shares) | shares | 400,000 | ||||||||
SFL | |||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||
Unrealized (loss)/gain on investments | $ 100 | ||||||||
Number of marketable securities (in shares) | shares | 100,000 | ||||||||
Euronav | |||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||
Unrealized (loss)/gain on investments | $ 7,800 | $ 4,700 | $ 12,500 | ||||||
Stock acquired during the period (shares) | shares | 7,708,908 | 5,955,705 | 13,664,613 | 13,664,613 | 13,664,613 | ||||
Ownership interest acquired in investment | 3.82% | 2.95% | |||||||
Stock exchange ratio | 1.395 | 1.4 | |||||||
Dividends receivable (in USD per share) | $ / shares | $ 0.06 | ||||||||
Stock exchange liability, shares issuable (in shares) | shares | 10,753,924 | 8,337,986 | |||||||
Transaction date fair value of marketable securities acquired | $ 167,700 | ||||||||
Marketable securities acquired | 175,500 | ||||||||
Marketable securities, fair value | $ 163,000 | $ 163,000 | 163,000 | ||||||
Euronav | Subsequent event | |||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||
Stock issued during period (in shares) | shares | 19,091,910 | ||||||||
Other marketable securities | |||||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||||
Unrealized (loss)/gain on investments | $ 700 |
NEWBUILDINGS (Details)
NEWBUILDINGS (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Movement In Construction In Progress [Roll Forward] | |
Balance at December 31, 2021 | $ 130,633 |
Additions, net | 153,173 |
Interest capitalized | 2,021 |
Transfer to Vessels and Equipment, net | (192,798) |
Balance at June 30, 2022 | $ 93,029 |
NEWBUILDINGS - Narrative (Detai
NEWBUILDINGS - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 USD ($) vessels | Aug. 31, 2022 large_range_2Tanker_vessel_type | Jan. 31, 2022 large_range_2Tanker_vessel_type | Dec. 31, 2021 large_range_2Tanker_vessel_type | Nov. 30, 2021 large_range_2Tanker_vessel_type | Mar. 31, 2023 large_range_2Tanker_vessel_type | Dec. 31, 2022 large_range_2Tanker_vessel_type | Jun. 30, 2022 USD ($) vessels large_range_2Tanker_vessel_type | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||||
Number of newbuild vessels delivered | large_range_2Tanker_vessel_type | 2 | 2 | 4 | 2 | ||||||
Remaining number of newbuildings to be delivered | vessels | 4 | 4 | ||||||||
Subsequent event | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of newbuild vessels delivered | large_range_2Tanker_vessel_type | 1 | |||||||||
Forecast | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of newbuild vessels delivered | large_range_2Tanker_vessel_type | 1 | 2 | ||||||||
Newbuilding Program | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Installments paid | $ 90.2 | |||||||||
Contractual obligation | 287 | $ 287 | ||||||||
Newbuilding Program | Term loan facilities | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Contractual obligation | $ 260 | $ 260 | ||||||||
Newbuilding Program | Forecast | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Installments paid | $ 71.7 | $ 215.3 |
VESSELS AND EQUIPMENT,NET (Narr
VESSELS AND EQUIPMENT,NET (Narrative) - large_range_2Tanker_vessel_type | 1 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Number of sold vessels | 2 | |||
Number of newbuild vessels delivered | 2 | 2 | 4 | 2 |
VESSELS AND EQUIPMENT, NET (Det
VESSELS AND EQUIPMENT, NET (Details) - Owned vessels - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessels and equipment, gross, beginning balance | $ 4,157,960 | |
Additions | 6,185 | |
Disposals | (95,975) | |
Transfers from Newbuildings | 192,798 | |
Vessels and equipment, gross, ending balance | 4,260,968 | |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ||
Accumulated depreciation, beginning balance | (680,159) | |
Depreciation | (71,478) | |
Disposals, accumulated depreciation | 22,139 | |
Accumulated depreciation, ending balance | (729,498) | |
Vessels and equipment, net | $ 3,531,470 | $ 3,477,801 |
VESSELS AND EQUIPMENT UNDER F_3
VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET - Narrative (Details) - vessels | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Finance lease, number of leased assets | 2 | |
Forecast | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease, remaining lease term | 5 years | |
Weighted average discount rate (percent) | 7.50% |
VESSELS AND EQUIPMENT UNDER F_4
VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET - Finance Lease Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Cost | |||
Balance at December 31, 2021 | $ 103,888 | ||
Lease termination | (103,888) | ||
Balance at June 30, 2022 | 0 | ||
Accumulated Depreciation | |||
Balance at December 31, 2021 | (59,008) | ||
Lease termination | 61,303 | ||
Depreciation | (2,295) | $ (4,283) | |
Balance at June 30, 2022 | 0 | ||
Net Carrying Value | $ 0 | $ (44,880) |
VESSELS AND EQUIPMENT UNDER F_5
VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET - Maturities of Finance Leases For Previous Year (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Leases [Abstract] | |
2022 | $ 10,946 |
2023 | 11,705 |
2024 | 10,978 |
2025 | 11,705 |
2026 | 11,705 |
Thereafter | 1,641 |
Minimum lease payments | 58,680 |
Less: imputed interest | (10,214) |
Present value of obligations under finance leases | $ 48,466 |
VESSELS AND EQUIPMENT UNDER F_6
VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET - Lease Cost (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||
Depreciation of vessels under finance leases | $ (2,295) | $ (4,283) |
Interest expense on obligations under finance leases | 0 | (2,002) |
Contingent rental income | 623 | 1,624 |
Loss on termination of vessel lease | (431) | 0 |
Total finance lease expense, net | $ (2,103) | $ (4,661) |
OPERATING LEASES - Narrative (D
OPERATING LEASES - Narrative (Details) | 2 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 vessels | Jun. 30, 2022 USD ($) suezmax_tanker_vessel_type | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Lease expense | $ 2,103,000 | $ 4,661,000 | ||
Payments for operating leases | $ 500,000 | $ 3,500,000 | ||
Operating lease, weighted average discount rate | 2.70% | 3.30% | ||
Operating lease, weighted average remaining lease term | 3 years | 4 years | ||
Subsequent event | ||||
Lessee, Lease, Description [Line Items] | ||||
Number of vessels delivered | vessels | 2 | |||
Trafigura | ||||
Lessee, Lease, Description [Line Items] | ||||
Time charter revenue, profit sharing | $ 4,300,000 | $ 0 | ||
Assets Under Sale and Purchase Agreement | Trafigura | ||||
Lessee, Lease, Description [Line Items] | ||||
Duration of time charter | 3 years | |||
Time charter, daily rate, revenue | $ 28,400 | |||
Percentage of third party charter revenues to be received as profit share income | 50% | |||
Assets Leased to Others | ||||
Lessee, Lease, Description [Line Items] | ||||
Vessels, gross | $ 328,000,000 | $ 328,000,000 | ||
Accumulated depreciation | $ 26,800,000 | $ 21,000,000 | ||
Vessels Chartered To Trafigura | Assets Under Sale and Purchase Agreement | ||||
Lessee, Lease, Description [Line Items] | ||||
Number of vessels chartered out | suezmax_tanker_vessel_type | 5 | |||
Vessels Chartered To Trafigura | Assets Under Sale and Purchase Agreement | Trafigura | ||||
Lessee, Lease, Description [Line Items] | ||||
Vessels on fixed rate time charter | suezmax_tanker_vessel_type | 5 | |||
Property Subject to Operating Lease | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease expense | $ 600,000 | 3,500,000 | ||
Administrative expense | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease expense | $ 600,000 | $ 900,000 |
OPERATING LEASES - Maturities o
OPERATING LEASES - Maturities of Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Year 1 | $ 1,198 | |
Year 2 | 1,158 | |
Year 3 | 1,191 | |
Year 4 | 598 | |
Total minimum lease payments | 4,145 | $ 4,518 |
Less: Imputed interest | (200) | (282) |
Present value of operating lease liabilities | $ 3,945 | $ 4,236 |
OPERATING LEASES - Maturities_2
OPERATING LEASES - Maturities of Operating Leases For Previous Year (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 | $ 1,289 | |
2023 | 1,048 | |
2024 | 1,076 | |
2025 | 1,105 | |
Total minimum lease payments | $ 4,145 | 4,518 |
Less: Imputed interest | (200) | (282) |
Present value of operating lease liabilities | $ 3,945 | $ 4,236 |
OPERATING LEASES - Rental Incom
OPERATING LEASES - Rental Income (Details) | 6 Months Ended | ||
Jun. 30, 2022 USD ($) suezmax_tanker_vessel_type | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Trafigura | |||
Lessor, Lease, Description [Line Items] | |||
Time charter revenue, profit sharing | $ 4,300,000 | $ 0 | |
Assets Under Sale and Purchase Agreement | Trafigura | |||
Lessor, Lease, Description [Line Items] | |||
Duration of time charter | 3 years | ||
Time charter, daily rate, revenue | $ 28,400 | ||
Percentage of third party charter revenues to be received as profit share income | 50% | ||
Assets Under Sale and Purchase Agreement | Vessels Chartered To Trafigura | |||
Lessor, Lease, Description [Line Items] | |||
Number of vessels chartered out | suezmax_tanker_vessel_type | 5 | ||
Assets Under Sale and Purchase Agreement | Vessels Chartered To Trafigura | Trafigura | |||
Lessor, Lease, Description [Line Items] | |||
Vessels on fixed rate time charter | suezmax_tanker_vessel_type | 5 | ||
Assets Leased to Others | |||
Lessor, Lease, Description [Line Items] | |||
Vessels, gross | $ 328,000,000 | $ 328,000,000 | |
Accumulated depreciation | $ 26,800,000 | $ 21,000,000 |
OPERATING LEASES - Rental Inc_2
OPERATING LEASES - Rental Income To Be Collected (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
Year 1 | $ 7,952 |
Total minimum lease payments | $ 7,952 |
Debt (Narrative)
Debt (Narrative) - USD ($) $ in Millions | 1 Months Ended | |||||
Jul. 31, 2022 | Jun. 30, 2022 | Apr. 30, 2022 | Aug. 31, 2022 | Jul. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Debt issuance costs, gross | $ 22.8 | $ 24.3 | ||||
$104.0 Million Senior Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 104 | |||||
Debt instrument, term | 6 years | |||||
Debt instrument, basis spread on variable rate | 1.90% | |||||
Interest rate amortization profile | 18 years | |||||
$104.0 Million Senior Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.80% | |||||
$104.0 Million Senior Credit Facility | Historic CAS between SOFR and LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.26% | |||||
$104.0 Million Senior Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.54% | |||||
Senior Secures Loan Facility, DNB | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, term | 5 years | |||||
Interest rate amortization profile | 20 years | |||||
Proceeds from issuance of debt | $ 65 | $ 65 | ||||
Senior Secures Loan Facility, DNB | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.70% | |||||
$104.0 Million Senior Secured Term Loan Facility, prior to refinancing | ||||||
Debt Instrument [Line Items] | ||||||
Balloon payment | $ 91.2 | |||||
$252.4 Million Senior Secured Term Loan Facility | Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Balloon payment | $ 233.4 | |||||
Debt instrument, term | 5 years | |||||
Interest rate amortization profile | 18 years | |||||
Long-term debt | $ 223.9 | |||||
$252.4 Million Senior Secured Term Loan Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.90% | |||||
$252.4 Million Senior Secured Term Loan Facility | London Interbank Offered Rate (LIBOR) | Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.90% | |||||
$252.4 Million Senior Secured Term Loan Facility, prior to refinancing | Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 252.4 |
DEBT (Details)
DEBT (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Vessels and equipment, net | $ 3,531,470 | $ 3,477,801 |
Vessels | ||
Debt Instrument [Line Items] | ||
Vessels and equipment, net | $ 3,531,079 | $ 3,477,283 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
SHARE CAPITAL [Abstract] | ||
Common stock, value authorized | $ 500,000,000 | |
Common stock, shares authorized (in shares) | 500,000,000 | |
Ordinary shares par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 203,530,979 | 203,530,979 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Apr. 30, 2020 USD ($) instrument | Mar. 31, 2020 USD ($) instrument | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Feb. 29, 2016 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, notional amount | $ 550,000 | |||||
Derivative instruments payable | 0 | $ 5,700 | ||||
Debt issuance costs, gross | 22,800 | 24,300 | ||||
Interest rate swap 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, notional amount | 150,000 | $ 150,000 | ||||
DNB fixed rate swap | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Number of derivatives entered into | instrument | 3 | |||||
Derivative, notional amount | $ 250,000 | |||||
Nordea fixed rate swap | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Number of derivatives entered into | instrument | 2 | |||||
Derivative, notional amount | $ 150,000 | |||||
Interest rate swap | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative instruments receivable | 39,400 | $ 9,700 | ||||
Gain/(loss) on derivative | $ 33,800 | $ (11,000) |
FINANCIAL INSTRUMENTS - Summary
FINANCIAL INSTRUMENTS - Summary of interest rate swaps (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Feb. 29, 2016 |
Debt Instrument [Line Items] | ||
Derivative, notional amount | $ 550,000 | |
Interest rate swap 2 | ||
Debt Instrument [Line Items] | ||
Derivative, notional amount | $ 150,000 | $ 150,000 |
Derivative, fixed interest rate (as a percent) | 2.197% | |
Interest rate swap 3 | ||
Debt Instrument [Line Items] | ||
Derivative, notional amount | $ 100,000 | |
Derivative, fixed interest rate (as a percent) | 0.975% | |
Interest rate swap 4 | ||
Debt Instrument [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Derivative, fixed interest rate (as a percent) | 0.60% | |
Interest rate swap 5 | ||
Debt Instrument [Line Items] | ||
Derivative, notional amount | $ 100,000 | |
Derivative, fixed interest rate (as a percent) | 0.90% | |
Interest rate swap 6 | ||
Debt Instrument [Line Items] | ||
Derivative, notional amount | $ 100,000 | |
Derivative, fixed interest rate (as a percent) | 0.597% | |
Interest rate swap 7 | ||
Debt Instrument [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Derivative, fixed interest rate (as a percent) | 0.50% |
FINANCIAL INSTRUMENTS - Carryin
FINANCIAL INSTRUMENTS - Carrying value and fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Liabilities: | ||
Derivative instruments payable | $ 0 | $ 5,700 |
Reported Value Measurement | ||
Assets: | ||
Cash and cash equivalents | 119,811 | 113,073 |
Marketable securities | 166,187 | 2,435 |
Derivative instruments receivable | 39,352 | 9,675 |
Liabilities: | ||
Floating rate debt | 2,141,547 | 2,130,812 |
Fixed rate debt | 209,700 | 209,700 |
Derivative instruments payable | 0 | 5,673 |
Estimate of Fair Value Measurement | ||
Assets: | ||
Cash and cash equivalents | 119,811 | 113,073 |
Marketable securities | 166,187 | 2,435 |
Derivative instruments receivable | 39,352 | 9,675 |
Liabilities: | ||
Floating rate debt | 2,141,547 | 2,130,812 |
Fixed rate debt | 207,684 | 206,552 |
Derivative instruments payable | $ 0 | $ 5,673 |
FINANCIAL INSTRUMENTS - Estimat
FINANCIAL INSTRUMENTS - Estimated fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Liabilities: | ||
Derivative instruments payable | $ 0 | $ 5,700 |
Fair value, measurements, recurring | ||
Assets: | ||
Cash and cash equivalents | 119,811 | 113,073 |
Marketable securities | 166,187 | 2,435 |
Derivative instruments receivable | 39,352 | 9,675 |
Liabilities: | ||
Floating rate debt | 2,141,547 | 2,130,812 |
Fixed rate debt | 207,684 | 206,552 |
Derivative instruments payable | 5,673 | |
Fair Value, Inputs, Level 1 | Fair value, measurements, recurring | ||
Assets: | ||
Cash and cash equivalents | 119,811 | 113,073 |
Marketable securities | 166,187 | 2,435 |
Derivative instruments receivable | 0 | 0 |
Liabilities: | ||
Floating rate debt | 0 | 0 |
Fixed rate debt | 0 | 0 |
Derivative instruments payable | 0 | |
Fair Value, Inputs, Level 2 | Fair value, measurements, recurring | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Marketable securities | 0 | |
Derivative instruments receivable | 39,352 | 9,675 |
Liabilities: | ||
Floating rate debt | 2,141,547 | 2,130,812 |
Fixed rate debt | 0 | |
Derivative instruments payable | 5,673 | |
Fair Value, Inputs, Level 3 | Fair value, measurements, recurring | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Derivative instruments receivable | 0 | 0 |
Liabilities: | ||
Floating rate debt | 0 | 0 |
Fixed rate debt | $ 207,684 | |
Derivative instruments payable | $ 0 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2022 USD ($) vessels subsidiary | Jun. 30, 2021 USD ($) | Jan. 01, 2014 vessels tanker | |
Related Party Transaction [Line Items] | |||
Share of results of associated companies | $ 5,959,000 | $ (724,000) | |
TFG Marine | |||
Related Party Transaction [Line Items] | |||
Guarantee amount, subsidiary performance | 60,000,000 | ||
TFG Marine | |||
Related Party Transaction [Line Items] | |||
Share of results of associated companies | 6,500,000 | ||
FMS Holdco | |||
Related Party Transaction [Line Items] | |||
Share of results of associated companies | $ 600,000 | ||
SFL | |||
Related Party Transaction [Line Items] | |||
Number of vessels under capital lease | vessels | 2 | ||
Profit sharing expense payable | $ 0 | ||
Lease obligation payable in excess of profit sharing expense | 600,000 | 1,600,000 | |
Profit share expense | 0 | 300,000 | |
Income on pooled vessels | 200,000 | 1,000,000 | |
TFG Marine | |||
Related Party Transaction [Line Items] | |||
Related party transaction costs | 210,200,000 | ||
Due to related parties | 27,600,000 | ||
Guarantee amount, subsidiary performance | $ 6,000,000 | ||
Number of affiliate's subsidiaries covered by guarantee | subsidiary | 2 | ||
Guarantee amount, current exposure | $ 0 | ||
Other affiliates of Hemen | Senior unsecured facility $275.0 million | |||
Related Party Transaction [Line Items] | |||
Related party interest expense | 6,600,000 | $ 2,300,000 | |
Debt instrument, face amount | 275,000,000 | ||
Other affiliates of Hemen | Senior unsecured facility $275.0 million | Loans Payable | |||
Related Party Transaction [Line Items] | |||
Debt instrument, unused borrowing capacity, amount | $ 65,300,000 | ||
Suezmax | SFL | |||
Related Party Transaction [Line Items] | |||
Number of vessels from Frontline 2012 involved in pooling arrangement | tanker | 2 | ||
Number of ship finance vessels involved in pooling arrangement | vessels | 2 |
RELATED PARTY TRANSACTIONS - Le
RELATED PARTY TRANSACTIONS - Leasing transactions (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Present value of obligations under finance leases | $ 48,466 | ||
SFL | |||
Related Party Transaction [Line Items] | |||
Charter hire charged (principal and interest) | $ 1,980 | $ 3,942 | |
Lease interest expense | 872 | 2,002 | |
Contingent rental income | (623) | (1,624) | |
Present value of obligations under finance leases | $ 0 | $ 52,444 |
RELATED PARTY TRANSACTIONS - Tr
RELATED PARTY TRANSACTIONS - Transactions with related parties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Seatankers Management Co. Ltd | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | $ 313 | $ 1,641 |
SFL | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 1,863 | 2,668 |
Golden Ocean | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 1,593 | 2,409 |
Flex LNG Ltd | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 687 | 929 |
Seatankers Management Norway AS | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | (285) | (344) |
Seadrill Limited | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 0 | 137 |
Archer Limited | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 0 | 74 |
Alta Trading UK Limited | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 0 | 1,018 |
Avance Gas | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 1,110 | 1,207 |
TFG Marine | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | 417 | 386 |
Front Ocean Management | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | (954) | 0 |
Other related parties | ||
Related Party Transaction [Line Items] | ||
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | $ 9 | $ 90 |
RELATED PARTY TRANSACTIONS - Du
RELATED PARTY TRANSACTIONS - Due from related parties (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Related party receivables | $ 12,276 | $ 11,676 |
SFL | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 3,884 | 3,886 |
Seatankers Management Co. Ltd | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 1,117 | 1,546 |
Archer Limited | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 39 | 30 |
Alta Trading UK Limited | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 81 | 280 |
Golden Ocean | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 5,303 | 3,376 |
Seadrill Limited | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 0 | 625 |
Flex LNG Ltd | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 335 | 425 |
Avance Gas | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 739 | 737 |
TFG Marine | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 208 | 199 |
Front Ocean Management | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 478 | 402 |
Other related parties | ||
Related Party Transaction [Line Items] | ||
Related party receivables | $ 92 | $ 170 |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Due to related parties (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Related party payables | $ 50,075 | $ 36,250 |
SFL | ||
Related Party Transaction [Line Items] | ||
Related party payables | 11,535 | 6,878 |
Seatankers Management Co. Ltd | ||
Related Party Transaction [Line Items] | ||
Related party payables | 1,867 | 2,226 |
Avance Gas | ||
Related Party Transaction [Line Items] | ||
Related party payables | 951 | 334 |
Flex LNG Ltd | ||
Related Party Transaction [Line Items] | ||
Related party payables | 785 | 191 |
Golden Ocean | ||
Related Party Transaction [Line Items] | ||
Related party payables | 7,229 | 6,016 |
TFG Marine | ||
Related Party Transaction [Line Items] | ||
Related party payables | 27,619 | 20,605 |
Archer Limited | ||
Related Party Transaction [Line Items] | ||
Related party payables | 9 | 0 |
Front Ocean Management | ||
Related Party Transaction [Line Items] | ||
Related party payables | 76 | 0 |
Other related parties | ||
Related Party Transaction [Line Items] | ||
Related party payables | $ 4 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - Clean Marine AS $ in Millions | Jun. 30, 2022 USD ($) vessels |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Number of vessels | vessels | 6 |
Contractual obligation | $ | $ 2.1 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 USD ($) | Aug. 31, 2022 USD ($) shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) shares | Jul. 31, 2022 | |
Forecast | |||||
Subsequent Event [Line Items] | |||||
Shares issued (in shares) | 222,622,889 | ||||
Shares outstanding (in shares) | 222,622,889 | ||||
Newbuilding Program | |||||
Subsequent Event [Line Items] | |||||
Installments paid | $ | $ 90.2 | ||||
Newbuilding Program | Forecast | |||||
Subsequent Event [Line Items] | |||||
Installments paid | $ | $ 71.7 | $ 215.3 | |||
Subsequent event | |||||
Subsequent Event [Line Items] | |||||
Shares issued (in shares) | 222,622,889 | ||||
Shares outstanding (in shares) | 222,622,889 | ||||
Subsequent event | $65.0 million Senior Secured Term Loan Facility | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Loans | $ | $ 65 | ||||
Debt instrument, face amount | $ | $ 65 | ||||
Subsequent event | Euronav | |||||
Subsequent Event [Line Items] | |||||
Stock exchange ratio | 1.45 | ||||
Subsequent event | Hemen | |||||
Subsequent Event [Line Items] | |||||
Stock issued during period (in shares) | 19,091,910 |