SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Effect on Condensed Consolidated Balance Sheet, Statement of Operations, and Cash Flow Statement

The effects of the adoption of ASC 606 has resulted in the following changes to our Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statement of Cash Flows for the twelve-months period ended December 31, 2018:

Effect on the Consolidated Balance sheets
In thousands of USD	As reported		Adjustments			Amounts before ASC606 adoption
ASSETS
Total Current Assets		112,945		6,991			119,936
Voyages in Progress		15,075		8,111			23,186
Prepaid Expenses		3,830		(1,120	)		2,710
Total Non-Current Assets		958,166		0			958,166
TOTAL ASSETS		1,071,111		6,991			1,078,102
EQUITY AND LIABILITIES
Total Shareholders’ Equity		602,031		6,265			608,296
Total   Current Liabilities		36,290		726			37,016
Accrued Voyage Expenses		5,063		726			5,789
Total Non-Current Liabilities		432,790		0			432,790
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		1,071,111		6,991			1,078,102

Effect on the Consolidated Statements of Operations
In thousands of USD	As reported			Adjustments			Amounts before ASC606 adoption
Voyage Revenues		289,016			2,819			291,835
Voyage Expenses		(165,012	)		(627	)		(165,639	)
Net Operating Loss		(38,616	)		2,193			(36,423	)
Net Loss *		(95,306	)		2,193			(93,113	)
Total Comprehensive Loss		(95,438	)		2,193			(93,245	)

* Basic Loss per Share is impacted by $(0.02) from implementation of ASC 606 Revenue from Contracts with Customers

Effect on the Consolidated Statement of Cash Flows
In thousands of USD	As reported			Adjustments			Amounts before ASC606 adoption
Net Loss		(95,306	)		2,193			(93,113	)
Voyages in Progress		(5,059	)		(2,819	)		(7,879	)
Prepaid Expenses and Other Current Assets		1,837			503			2,340
Accounts Payable and Accrued Liabilities		(7,112	)		124			(6,988	)
Net Cash (Used In)/Provided by Operating Activities		(16,103	)		-			(16,103	)