Frontline (FRO) 6-K 9 Sep 22 2022 Q2 Current report (foreign) Financial data

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