REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
OR | |||||
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the fiscal year ended | |||||
OR | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
OR | |||||
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
Date of event requiring this shell company report _______________________________ |
For the transition period from ____ to ____. | |||||
Commission file number | |||||
(Exact name of Registrant as specified in its charter) | ||
(Translation of Registrant's name into English) | ||
(Jurisdiction of incorporation or organization) | ||
(Address of principal executive offices) | ||
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
None | ||
(Title of Class) |
None | ||
(Title of Class) |
No o |
Yes o |
No o |
No o |
Accelerated filer o | |||||
Non-accelerated filer o | Emerging growth company |
International Financial Reporting Standards as issued by the International Accounting Standards Board o | Other o |
Item 17 o | Item 18 o |
Yes ☐ | No |
PAGE | ||||||||
Vessel | Built | DWT | Flag | Type of Employment | ||||||||||||||||||||||
Newcastlemax - Owned | ||||||||||||||||||||||||||
Golden Gayle | 2011 | 206,565 | MI | Spot market | ||||||||||||||||||||||
Golden Scape | 2016 | 211,112 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Swift | 2016 | 211,112 | HK | Spot market | ||||||||||||||||||||||
Golden Coral | 2019 | 208,132 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Champion | 2019 | 208,391 | MI | Spot market | ||||||||||||||||||||||
Golden Comfort | 2020 | 208,000 | MI | Spot market | ||||||||||||||||||||||
Golden Courage | 2020 | 208,395 | MI | Spot market | ||||||||||||||||||||||
Golden Confidence | 2020 | 207,988 | MI | Spot market |
Golden Competence | 2020 | 208,000 | MI | Spot market | ||||||||||||||||||||||
Golden Skies | 2020 | 210,897 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Spirit | 2020 | 210,866 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Saint | 2020 | 211,138 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Spray | 2021 | 208,000 | MI | Index linked time charter | ||||||||||||||||||||||
2,718,596 | ||||||||||||||||||||||||||
Capesize - Owned | ||||||||||||||||||||||||||
Golden Feng | 2009 | 169,232 | MI | Spot market | ||||||||||||||||||||||
Golden Shui | 2009 | 169,333 | MI | Spot market | ||||||||||||||||||||||
Golden Myrtalia | 2011 | 177,979 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Anastasia | 2014 | 179,189 | MI | Spot market | ||||||||||||||||||||||
Golden Houston | 2014 | 181,214 | MI | Spot market | ||||||||||||||||||||||
Golden Kaki | 2014 | 181,214 | MI | Index linked time charter | ||||||||||||||||||||||
KSL Salvador | 2014 | 180,958 | HK | Index linked time charter | ||||||||||||||||||||||
KSL San Francisco | 2014 | 181,066 | HK | Index linked time charter | ||||||||||||||||||||||
KSL Santiago | 2014 | 181,020 | HK | Index linked time charter | ||||||||||||||||||||||
KSL Santos | 2014 | 181,055 | HK | Index linked time charter | ||||||||||||||||||||||
KSL Sapporo | 2014 | 180,960 | HK | Index linked time charter | ||||||||||||||||||||||
KSL Seattle | 2014 | 181,015 | HK | Index linked time charter | ||||||||||||||||||||||
KSL Singapore | 2014 | 181,062 | HK | Index linked time charter | ||||||||||||||||||||||
KSL Sydney | 2014 | 181,000 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Amreen | 2015 | 179,337 | MI | Spot market | ||||||||||||||||||||||
Golden Aso | 2015 | 182,472 | HK | Spot market | ||||||||||||||||||||||
Golden Finsbury | 2015 | 182,418 | HK | Spot market | ||||||||||||||||||||||
Golden Kathrine | 2015 | 182,486 | HK | Index linked time charter | ||||||||||||||||||||||
KSL Sakura | 2015 | 181,062 | HK | Index linked time charter | ||||||||||||||||||||||
KSL Seoul | 2015 | 181,010 | HK | Index linked time charter | ||||||||||||||||||||||
KSL Seville | 2015 | 181,062 | HK | Index linked time charter | ||||||||||||||||||||||
KSL Stockholm | 2015 | 181,055 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Barnet | 2016 | 180,355 | HK | Spot market | ||||||||||||||||||||||
Golden Behike | 2016 | 180,491 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Bexley | 2016 | 180,209 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Fulham | 2016 | 182,610 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Monterrey | 2016 | 180,491 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Nimbus | 2017 | 180,504 | MI | Spot market | ||||||||||||||||||||||
Golden Savannah | 2017 | 181,044 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Surabaya | 2017 | 181,046 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Arcus | 2018 | 180,478 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Calvus | 2018 | 180,521 | MI | Spot market | ||||||||||||||||||||||
Golden Cirrus | 2018 | 180,487 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Cumulus | 2018 | 180,499 | MI | Spot market | ||||||||||||||||||||||
Golden Incus | 2018 | 180,511 | MI | Index linked time charter | ||||||||||||||||||||||
6,306,445 | ||||||||||||||||||||||||||
Capesize - Operating Lease - Related Party, SFL | ||||||||||||||||||||||||||
KSL China | 2013 | 179,109 | MI | Index linked time charter | ||||||||||||||||||||||
179,109 | ||||||||||||||||||||||||||
Capesize - Finance Lease - Related Party, SFL | ||||||||||||||||||||||||||
Battersea | 2009 | 169,500 | MI | Spot market | ||||||||||||||||||||||
Belgravia | 2009 | 169,500 | MI | Spot market | ||||||||||||||||||||||
Golden Magnum | 2009 | 179,788 | HK | Spot market | ||||||||||||||||||||||
Golden Beijing | 2010 | 176,000 | HK | Spot market | ||||||||||||||||||||||
Golden Future | 2010 | 176,000 | HK | Spot market | ||||||||||||||||||||||
Golden Zhejiang | 2010 | 175,834 | HK | Spot market | ||||||||||||||||||||||
Golden Zhoushan | 2011 | 175,834 | HK | Spot market | ||||||||||||||||||||||
1,222,456 | ||||||||||||||||||||||||||
Panamax - Owned | ||||||||||||||||||||||||||
Golden Arion | 2011 | 82,188 | MI | Spot market | ||||||||||||||||||||||
Golden Ioanari | 2011 | 81,526 | MI | Spot market | ||||||||||||||||||||||
Golden Jake | 2011 | 82,188 | MI | Spot market | ||||||||||||||||||||||
Golden Suek | 2011 | 74,849 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Daisy | 2012 | 81,507 | MI | Time charter | ||||||||||||||||||||||
Golden Ginger | 2012 | 81,487 | MI | Spot market | ||||||||||||||||||||||
Golden Keen | 2012 | 81,586 | MI | Spot market | ||||||||||||||||||||||
Golden Rose | 2012 | 81,585 | MI | Time charter | ||||||||||||||||||||||
Golden Bull | 2012 | 75,000 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Brilliant | 2013 | 74,500 | HK | Spot market | ||||||||||||||||||||||
Golden Diamond | 2013 | 74,062 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Pearl | 2013 | 74,186 | HK | Spot market | ||||||||||||||||||||||
Golden Sue | 2013 | 84,943 | MI | Time charter | ||||||||||||||||||||||
Golden Deb | 2014 | 84,943 | MI | Time charter | ||||||||||||||||||||||
Golden Ruby | 2014 | 74,052 | HK | Index linked time charter | ||||||||||||||||||||||
Golden Kennedy | 2015 | 83,789 | MI | Time charter | ||||||||||||||||||||||
Golden Amber | 2017 | 74,500 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Opal | 2017 | 74,231 | MI | Index linked time charter | ||||||||||||||||||||||
Golden Fortune | 2020 | 81,600 | MI | Spot market | ||||||||||||||||||||||
Golden Fellow | 2020 | 81,135 | MI | Spot market | ||||||||||||||||||||||
Golden Frost | 2020 | 80,559 | MI | Spot market | ||||||||||||||||||||||
Golden Forward | 2021 | 81,130 | MI | Spot market | ||||||||||||||||||||||
Golden Friend | 2021 | 81,206 | MI | Spot market | ||||||||||||||||||||||
Golden Freeze | 2021 | 81,000 | MI | Spot market | ||||||||||||||||||||||
Golden Fast | 2021 | 81,000 | MI | Spot market | ||||||||||||||||||||||
Golden Furious | 2021 | 81,000 | MI | Spot market | ||||||||||||||||||||||
2,069,752 | ||||||||||||||||||||||||||
Supramax - Operating Lease - Third party | ||||||||||||||||||||||||||
Golden Hawk | 2015 | 58,000 | PAN | Spot market | ||||||||||||||||||||||
Fiscal year ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(in thousands of $, except shares, per share data and ratios) | |||||||||||||||||
Statement of Operations Data: | |||||||||||||||||
Total operating revenues | 1,113,456 | 1,203,181 | 607,943 | ||||||||||||||
Total operating expenses | 712,141 | 697,353 | 672,570 | ||||||||||||||
Net operating (loss) income | 435,087 | 513,608 | (61,662) | ||||||||||||||
Net income (loss) | 461,847 | 527,218 | (137,669) | ||||||||||||||
Earnings (loss) per share: basic ($) | $2.30 | $2.74 | ($0.96) | ||||||||||||||
Earnings (loss) per share: diluted ($) | $2.29 | $2.73 | ($0.96) | ||||||||||||||
Dividends per share ($) | $2.35 | $1.60 | $0.05 | ||||||||||||||
Balance Sheet Data (at end of year): | |||||||||||||||||
Cash and cash equivalents | 134,784 | 197,032 | 153,093 | ||||||||||||||
Short-term restricted cash | 3,289 | 12,985 | 22,009 | ||||||||||||||
Vessels and equipment, net | 2,665,785 | 2,880,321 | 2,267,686 | ||||||||||||||
Finance leases, right of use assets, net | 83,589 | 98,535 | 113,480 | ||||||||||||||
Operating leases, right of use assets, net | 15,646 | 19,965 | 22,739 | ||||||||||||||
Total assets | 3,257,291 | 3,454,177 | 2,721,067 | ||||||||||||||
Current portion of long-term debt | 92,865 | 105,864 | 87,831 | ||||||||||||||
Current portion of obligations under finance lease | 18,387 | 21,755 | 23,475 | ||||||||||||||
Current portion of obligations under operating lease | 5,546 | 13,860 | 16,783 | ||||||||||||||
Long-term debt | 1,027,991 | 1,156,481 | 957,652 | ||||||||||||||
Obligations under finance lease | 87,588 | 105,975 | 127,730 | ||||||||||||||
Obligations under operating lease | 13,051 | 14,907 | 25,254 | ||||||||||||||
Share capital | 10,061 | 10,061 | 7,215 | ||||||||||||||
Total equity | 1,917,033 | 1,928,741 | 1,368,756 | ||||||||||||||
Common shares outstanding | 200,485,621 | 200,435,621 | 143,327,697 | ||||||||||||||
Other Financial Data: | |||||||||||||||||
Equity to assets ratio (percentage) (1) | 58.9 | % | 55.8 | % | 50.3 | % | |||||||||||
Debt to equity ratio (2) | 0.6 | 0.7 | 0.9 | ||||||||||||||
Price earnings ratio (3) | 3.8 | 3.4 | (4.8) | ||||||||||||||
Time charter equivalent income (4) | 833,230 | 948,757 | 426,372 | ||||||||||||||
Time charter equivalent rate (5) | 24,262 | 27,582 | 13,466 |
(in thousands of $) | 2022 | 2021 | 2020 | |||||||||||||||||
Total operating revenues | 1,113,456 | 1,203,181 | 607,943 | |||||||||||||||||
Add: Amortization of favorable charter party contracts | — | 1,859 | 12,148 | |||||||||||||||||
Add: Other operating income / (expenses) | (413) | (2,008) | 2,965 | |||||||||||||||||
Less: Other revenues | 1,263 | 1,410 | 2,140 | |||||||||||||||||
Net time and voyage charter revenues | 1,111,780 | 1,201,622 | 620,916 | |||||||||||||||||
Less: Voyage expenses & commission | 278,550 | 252,865 | 194,544 | |||||||||||||||||
Time charter equivalent income | 833,230 | 948,757 | 426,372 |
(in thousands of $, except for TCE Rate and days) | 2022 | 2021 | 2020 | |||||||||||||||||
Time charter equivalent income | 833,230 | 948,757 | 426,372 | |||||||||||||||||
Fleet available days | 35,217 | 35,114 | 32,867 | |||||||||||||||||
Fleet offhire days | (874) | (716) | (1,204) | |||||||||||||||||
Fleet onhire days | 34,343 | 34,398 | 31,663 | |||||||||||||||||
Time charter equivalent rate | 24,262 | 27,582 | 13,466 |
2022 | 2021 | 2020 | |||||||||||||||||||||
Newcastlemax | |||||||||||||||||||||||
At start of period | 13 | 3 | 3 | ||||||||||||||||||||
Acquisitions and newbuilding deliveries | — | 10 | d | — | |||||||||||||||||||
At end of period | 13 | 13 | 3 | ||||||||||||||||||||
Capesize | |||||||||||||||||||||||
At start of period | 43 | 43 | 43 | ||||||||||||||||||||
Acquisitions and newbuilding deliveries | — | — | — | ||||||||||||||||||||
Disposals | — | — | — | ||||||||||||||||||||
At end of period | 43 | 43 | 43 | ||||||||||||||||||||
Panamax | |||||||||||||||||||||||
At start of period | 33 | 29 | 30 | ||||||||||||||||||||
Acquisitions and newbuilding deliveries | — | 8 | e | — | |||||||||||||||||||
Disposals | (4) | a | (4) | f | (1) | g | |||||||||||||||||
Redelivery | (2) | b | — | — | |||||||||||||||||||
At end of period | 27 | 33 | 29 | ||||||||||||||||||||
Ultramax | |||||||||||||||||||||||
At start of period | 3 | 3 | 3 | ||||||||||||||||||||
Acquisitions and newbuilding deliveries | — | — | — | ||||||||||||||||||||
Disposals | (2) | c | — | — | |||||||||||||||||||
At end of period | 1 | 3 | 3 | ||||||||||||||||||||
Total | |||||||||||||||||||||||
At start of period | 92 | 78 | 79 | ||||||||||||||||||||
Acquisitions and newbuilding deliveries | — | 18 | — | ||||||||||||||||||||
Disposals | (6) | (4) | (1) | ||||||||||||||||||||
Redelivery | (2) | — | — | ||||||||||||||||||||
84 | 92 | 78 |
As of December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Number of vessels | Percentage of fleet | Number of vessels | Percentage of fleet | Number of vessels | Percentage of fleet | |||||||||||||||||||||||||||||||||
Newcastlemax | ||||||||||||||||||||||||||||||||||||||
Spot | 8 | 61.5 | % | 8 | 61.5 | % | 2 | 66.7 | % | |||||||||||||||||||||||||||||
Spot with RSA | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Time charter | — | — | — | — | 1 | 33.3 | % | |||||||||||||||||||||||||||||||
Index linked time charter | 5 | 38.5 | % | 5 | 38.5 | % | — | — | ||||||||||||||||||||||||||||||
13 | 100.0 | % | 13 | 100.0 | % | 3 | 100.0 | % | ||||||||||||||||||||||||||||||
Capesize | ||||||||||||||||||||||||||||||||||||||
Spot | 17 | 39.5 | % | 22 | 51.2 | % | 1 | 2.3 | % | |||||||||||||||||||||||||||||
Spot with RSA | — | — | — | — | 23 | 53.5 | % | |||||||||||||||||||||||||||||||
Time charter | — | — | — | — | 1 | 2.3 | % | |||||||||||||||||||||||||||||||
Index linked time charter | 26 | 60.5 | % | 21 | 48.8 | % | 18 | 41.9 | % | |||||||||||||||||||||||||||||
43 | 100.0 | % | 43 | 100.0 | % | 43 | 100.0 | % | ||||||||||||||||||||||||||||||
Panamax | ||||||||||||||||||||||||||||||||||||||
Spot | 16 | 59.3 | % | 24 | 72.7 | % | 23 | 79.3 | % | |||||||||||||||||||||||||||||
Spot with RSA | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Time charter | 5 | 18.5 | % | 5 | 15.2 | % | 6 | 20.7 | % | |||||||||||||||||||||||||||||
Index linked time charter | 6 | 22.2 | % | 4 | 12.1 | % | — | — | ||||||||||||||||||||||||||||||
27 | 100.0 | % | 33 | 100.0 | % | 29 | 100.0 | % | ||||||||||||||||||||||||||||||
Ultramax | ||||||||||||||||||||||||||||||||||||||
Spot | 1 | 100.0 | % | — | — | — | — | |||||||||||||||||||||||||||||||
Spot with RSA | — | — | — | — | 3 | 100.0 | % | |||||||||||||||||||||||||||||||
Time charter | — | — | 3 | 100.0 | % | — | — | |||||||||||||||||||||||||||||||
Index linked time charter | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
1 | 100.0 | % | 3 | 100.0 | % | 3 | 100.0 | % | ||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||
Spot | 42 | 50.0 | % | 54 | 58.7 | % | 26 | 33.3 | % | |||||||||||||||||||||||||||||
Spot with RSA ¹ | — | — | — | — | 26 | 33.3 | % | |||||||||||||||||||||||||||||||
Time charter | 5 | 6.0 | % | 8 | 8.7 | % | 8 | 10.3 | % | |||||||||||||||||||||||||||||
Index linked time charter | 37 | 44.0 | % | 30 | 32.6 | % | 18 | 23.1 | % | |||||||||||||||||||||||||||||
84 | 100.0 | % | 92 | 100.0 | % | 78 | 100.0 | % |
Vessel Type | Vessel Name | Dwt | Expiry (min period) | ||||||||
Panamax | Golden Daisy | 81,507 | June 2023 | ||||||||
Panamax | Golden Rose | 81,585 | September 2023 | ||||||||
Panamax | Golden Sue | 84,943 | March 2023 | ||||||||
Panamax | Golden Deb | 84,943 | June 2023 | ||||||||
Panamax | Golden Kennedy | 83,789 | March 2023 |
Vessel Type | Vessel Name | Built | Dwt | 2022 ($ millions) | 2021 ($ millions) | |||||||||||||||
Newcastlemax | Golden Scape | 2016 | 211,112 | 54.6 | * | 57.0 | * | |||||||||||||
Newcastlemax | Golden Swift | 2016 | 211,112 | 54.0 | * | 56.3 | * | |||||||||||||
Newcastlemax | Golden Gayle | 2011 | 206,565 | 26.8 | 26.7 | |||||||||||||||
Newcastlemax | Golden Skies | 2020 | 210,897 | 49.7 | 51.4 | |||||||||||||||
Newcastlemax | Golden Competence | 2019 | 208,000 | 49.8 | 51.5 | |||||||||||||||
Newcastlemax | Golden Confidence | 2019 | 207,998 | 49.7 | 51.6 | |||||||||||||||
Newcastlemax | Golden Champion | 2019 | 208,391 | 47.0 | 48.7 | |||||||||||||||
Newcastlemax | Golden Coral | 2019 | 208,132 | 47.1 | 48.8 | |||||||||||||||
Newcastlemax | Golden Saint | 2020 | 211,138 | 49.8 | 51.5 | |||||||||||||||
Newcastlemax | Golden Spirit | 2020 | 210,866 | 50.7 | 52.4 | |||||||||||||||
Newcastlemax | Golden Comfort | 2020 | 208,000 | 49.7 | 51.5 | |||||||||||||||
Newcastlemax | Golden Courage | 2020 | 208,395 | 49.5 | 51.3 | |||||||||||||||
Newcastlemax | Golden Spray | 2021 | 208,000 | 51.5 | 53.2 | |||||||||||||||
Capesize | Golden Feng | 2009 | 169,232 | 28.0 | * | 29.7 | ||||||||||||||
Capesize | Golden Shui | 2009 | 169,333 | 28.1 | * | 29.7 | ||||||||||||||
Capesize | KSL Salvador | 2014 | 180,958 | 50.0 | * | 52.4 | * | |||||||||||||
Capesize | KSL San Francisco | 2014 | 181,066 | 47.6 | * | 49.9 | * | |||||||||||||
Capesize | KSL Santiago | 2014 | 181,020 | 50.0 | * | 52.4 | * | |||||||||||||
Capesize | KSL Santos | 2014 | 181,055 | 50.4 | * | 52.8 | * | |||||||||||||
Capesize | KSL Sapporo | 2014 | 180,960 | 52.1 | * | 54.7 | * | |||||||||||||
Capesize | KSL Seattle | 2014 | 181,015 | 51.8 | * | 54.4 | * | |||||||||||||
Capesize | KSL Singapore | 2014 | 181,062 | 48.9 | * | 51.3 | * | |||||||||||||
Capesize | KSL Sydney | 2014 | 181,000 | 52.3 | * | 54.9 | * | |||||||||||||
Capesize | KSL Sakura | 2015 | 181,062 | 48.1 | * | 50.4 | * | |||||||||||||
Capesize | KSL Seoul | 2015 | 181,010 | 51.2 | * | 53.6 | * |
Capesize | KSL Stockholm | 2015 | 181,055 | 48.7 | * | 51.0 | * | |||||||||||||
Capesize | KSL Seville | 2015 | 181,062 | 50.7 | * | 53.1 | * | |||||||||||||
Capesize | Golden Kathrine | 2015 | 182,486 | 51.9 | * | 54.4 | * | |||||||||||||
Capesize | Golden Aso | 2015 | 182,472 | 52.9 | * | 55.3 | * | |||||||||||||
Capesize | Golden Finsbury | 2015 | 182,418 | 43.0 | * | 44.9 | ||||||||||||||
Capesize | Golden Barnet | 2016 | 180,355 | 42.9 | * | 44.7 | ||||||||||||||
Capesize | Golden Bexley | 2016 | 180,209 | 42.8 | * | 44.6 | ||||||||||||||
Capesize | Golden Fulham | 2016 | 182,610 | 41.2 | * | 43.0 | ||||||||||||||
Capesize | Golden Amreen | 2015 | 179,337 | 33.4 | 34.8 | |||||||||||||||
Capesize | Golden Anastasia | 2014 | 179,189 | 32.0 | 33.3 | |||||||||||||||
Capesize | Golden Behike | 2016 | 180,491 | 33.7 | 35.1 | |||||||||||||||
Capesize | Golden Houston | 2014 | 181,214 | 31.0 | 32.3 | |||||||||||||||
Capesize | Golden Kaki | 2014 | 181,214 | 32.2 | 33.6 | |||||||||||||||
Capesize | Golden Monterrey | 2016 | 180,491 | 36.0 | 37.5 | |||||||||||||||
Capesize | Golden Myrtalia | 2011 | 177,979 | 22.3 | 21.9 | |||||||||||||||
Capesize | Golden Nimbus | 2017 | 180,504 | 42.0 | * | 43.7 | ||||||||||||||
Capesize | Golden Savannah | 2017 | 181,044 | 51.3 | * | 53.5 | * | |||||||||||||
Capesize | Golden Surabaya | 2017 | 181,046 | 51.1 | * | 53.3 | * | |||||||||||||
Capesize | Golden Cumulus | 2018 | 180,499 | 42.6 | * | 44.3 | ||||||||||||||
Capesize | Golden Cirrus | 2018 | 180,487 | 42.6 | * | 44.3 | ||||||||||||||
Capesize | Golden Incus | 2018 | 180,511 | 42.5 | * | 44.2 | ||||||||||||||
Capesize | Golden Calvus | 2018 | 180,521 | 42.5 | * | 44.1 | ||||||||||||||
Capesize | Golden Arcus | 2018 | 180,478 | 42.6 | * | 44.2 | ||||||||||||||
Panamax | Golden Ice **** | 2008 | 75,500 | — | 11.9 | |||||||||||||||
Panamax | Golden Strength **** | 2009 | 75,500 | — | 13.1 | |||||||||||||||
Panamax | Golden Suek | 2011 | 74,849 | 14.2 | 14.3 | |||||||||||||||
Panamax | Golden Bull | 2012 | 75,000 | 15.2 | 15.2 | |||||||||||||||
Panamax | Golden Brilliant | 2013 | 74,500 | 15.9 | 16.6 | |||||||||||||||
Panamax | Golden Diamond | 2013 | 74,062 | 16.1 | 16.8 | |||||||||||||||
Panamax | Golden Pearl | 2013 | 74,186 | 16.0 | 16.7 | |||||||||||||||
Panamax | Golden Ruby | 2014 | 74,052 | 17.6 | 18.4 | |||||||||||||||
Panamax | Golden Sue | 2013 | 84,943 | 19.7 | 20.6 | |||||||||||||||
Panamax | Golden Deb | 2013 | 84,943 | 20.3 | 21.3 | |||||||||||||||
Panamax | Golden Kennedy | 2015 | 83,789 | 20.3 | 21.2 | |||||||||||||||
Panamax | Golden Opal | 2017 | 74,231 | 18.7 | 19.4 | |||||||||||||||
Panamax | Golden Amber | 2017 | 74,500 | 18.5 | 19.2 | |||||||||||||||
Panamax | Golden Empress ** | 2010 | 79,463 | — | 13.8 | |||||||||||||||
Panamax | Golden Endeavour ** | 2010 | 79,454 | — | 13.8 | |||||||||||||||
Panamax | Golden Enterprise ** | 2011 | 79,463 | — | 14.5 | |||||||||||||||
Panamax | Golden Daisy | 2012 | 81,507 | 16.3 | 16.5 | |||||||||||||||
Panamax | Golden Ginger | 2012 | 81,487 | 16.2 | 16.5 | |||||||||||||||
Panamax | Golden Rose | 2012 | 81,585 | 16.3 | 16.5 | |||||||||||||||
Panamax | Golden Jake | 2011 | 82,188 | 15.1 | 15.9 | |||||||||||||||
Panamax | Golden Arion | 2011 | 82,188 | 15.1 | 15.9 | |||||||||||||||
Panamax | Golden Ioanari | 2011 | 81,526 | 14.5 | 14.8 | |||||||||||||||
Panamax | Golden Keen | 2012 | 81,586 | 16.1 | 16.4 | |||||||||||||||
Panamax | Golden Fortune | 2020 | 81,600 | 26.2 | 27.2 |
Panamax | Golden Fellow | 2020 | 81,135 | 26.3 | 27.2 | |||||||||||||||
Panamax | Golden Frost | 2020 | 80,559 | 27.0 | 27.8 | |||||||||||||||
Panamax | Golden Forward | 2021 | 81,130 | 27.2 | 28.1 | |||||||||||||||
Panamax | Golden Friend | 2021 | 81,206 | 27.2 | 28.2 | |||||||||||||||
Panamax | Golden Freeze | 2021 | 81,000 | 29.1 | 30.1 | |||||||||||||||
Panamax | Golden Fast | 2021 | 81,000 | 29.7 | 30.7 | |||||||||||||||
Panamax | Golden Furious | 2021 | 81,000 | 29.9 | 30.9 | |||||||||||||||
Ultramax | Golden Cecilie *** | 2015 | 60,263 | — | 20.4 | |||||||||||||||
Ultramax | Golden Cathrine *** | 2015 | 60,000 | — | 20.4 | |||||||||||||||
2,665.0 | 2,879.5 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Time charter revenues | 593,795 | 603,959 | (10,164) | |||||||||||||||||
Voyage charter revenues | 518,398 | 597,812 | (79,414) | |||||||||||||||||
Other revenues | 1,263 | 1,410 | (147) | |||||||||||||||||
Total operating revenues | 1,113,456 | 1,203,181 | (89,725) |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Gain on sale of assets | 34,185 | 9,788 | 24,397 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Other operating income (expenses), net | (413) | (2,008) | 1,595 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Voyage expenses and commission | 278,550 | 252,865 | 25,685 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Ship operating expenses | 225,971 | 208,894 | 17,077 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Charter hire expenses | 57,406 | 89,559 | (32,153) |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Administrative expenses | 20,375 | 18,149 | 2,226 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Impairment loss on vessels | — | 4,187 | (4,187) |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Depreciation | 129,839 | 123,699 | 6,140 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Interest income | 2,345 | 484 | 1,861 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Interest on floating rate debt | 45,792 | 26,649 | 19,143 | |||||||||||||||||
Finance lease interest expense | 6,989 | 6,690 | 299 | |||||||||||||||||
Commitment fees | 2,273 | 498 | 1,775 | |||||||||||||||||
Interest capitalized on newbuildings | (2,424) | — | (2,424) | |||||||||||||||||
Amortization of deferred charges | 3,618 | 2,677 | 941 | |||||||||||||||||
Related party interest expense | — | 3,395 | (3,395) | |||||||||||||||||
Interest expense | 56,248 | 39,909 | 16,339 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Equity results of associated companies | 40,793 | 24,482 | 16,311 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Gain (loss) on derivatives | 39,968 | 30,465 | 9,503 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Gain (loss) on marketable equity securities | 503 | (2,000) | 2,503 |
(in thousands of $) | 2022 | 2021 | Change | |||||||||||||||||
Other financial items | (222) | 477 | (699) |
Payment due by period | ||||||||||||||||||||||||||||||||
Less than | More than | |||||||||||||||||||||||||||||||
(in thousands of $) | Total | one year | 1-3 years | 3-5 years | 5 years | |||||||||||||||||||||||||||
Floating rate debt | 1,131,506 | 92,865 | 551,544 | 304,480 | 182,617 | |||||||||||||||||||||||||||
Operating lease obligations 1 | 18,597 | 5,546 | 6,133 | 5,014 | 1,904 | |||||||||||||||||||||||||||
Finance lease obligations 2 | 105,975 | 18,387 | 38,430 | 37,143 | 12,015 | |||||||||||||||||||||||||||
Ballast water treatment system commitments 3 | 1,000 | 1,000 | — | — | — | |||||||||||||||||||||||||||
Scrubber commitments | 1,200 | 1,200 | — | — | — | |||||||||||||||||||||||||||
Newbuilding commitments4 | 255,603 | 158,959 | 96,644 | — | — | |||||||||||||||||||||||||||
Interest on floating rate debt 5 | 219,267 | 76,970 | 95,433 | 39,378 | 7,486 | |||||||||||||||||||||||||||
Interest on operating lease obligations1 | 3,019 | 954 | 1,405 | 604 | 56 | |||||||||||||||||||||||||||
Interest on finance lease obligations2 | 19,167 | 6,097 | 8,674 | 4,091 | 305 | |||||||||||||||||||||||||||
Total contractual cash obligations | 1,755,334 | 361,978 | 798,263 | 390,710 | 204,383 |
(in thousands of $) | 2022 | 2021 | 2020 | ||||||||
Net cash provided by operating activities | 503,387 | 560,398 | 140,640 | ||||||||
Net cash provided by (used in) investing activities | 72,816 | (390,024) | (19,151) | ||||||||
Net cash used in financing activities | (648,147) | (135,459) | (109,631) | ||||||||
Net change in cash, cash equivalents and restricted cash | (71,944) | 34,915 | 11,858 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 210,017 | 175,102 | 163,244 | ||||||||
Cash, cash equivalents and restricted cash at end of period | 138,073 | 210,017 | 175,102 |
Name | Age | Position | ||||||||||||
Ola Lorentzon | 73 | Director, Chairman | ||||||||||||
John Fredriksen | 78 | Director | ||||||||||||
James O'Shaughnessy | 59 | Director and Audit Committee Chairman | ||||||||||||
Bjørn Tore Larsen | 55 | Director and Audit Committee member | ||||||||||||
Ben Mills | 53 | Director | ||||||||||||
Ulrik Uhrenfeldt Andersen | 44 | Chief Executive Officer of Golden Ocean Management AS | ||||||||||||
Peder Simonsen | 48 | Chief Financial Officer of Golden Ocean Management AS | ||||||||||||
Lars-Christian Svensen | 37 | Chief Commercial Officer of Golden Ocean Management AS |
Director or Officer | Common Shares of $0.05 each | Percentage of Common Shares Outstanding | ||||||
Ola Lorentzon | 16,877 | (1) | ||||||
John Fredriksen (2) | — | — | ||||||
Bjørn Tore Larsen | — | — | ||||||
Ben Mills | — | — | ||||||
James O'Shaughnessy | — | — | ||||||
Ulrik Uhrenfeldt Andersen | — | — | ||||||
Peder Simonsen | 500 | (1) | ||||||
Lars-Christian Svensen | — | — |
Director or Officer | Number of outstanding options | Exercise price | Expiration Date | |||||||||||||||||
Total | Vested | |||||||||||||||||||
Ulrik Uhrenfeldt Andersen | 250,000 | — | $6.95 | April 2025 | ||||||||||||||||
Peder Simonsen | 200,000 | 75,000 | $5.75 | September 2025 | ||||||||||||||||
Lars-Christian Svensen | 200,000 | 75,000 | $5.93 | November 2025 |
Board Diversity Matrix | ||||||||||||||
Country of Principal Executive Offices: | Bermuda | |||||||||||||
Foreign Private Issuer | Yes | |||||||||||||
Disclosure Prohibited under Home Country Law | No | |||||||||||||
Total Number of Directors | 5 | |||||||||||||
Female | Male | Non-Binary | Did Not Disclose Gender | |||||||||||
Part I: Gender Identity | ||||||||||||||
Directors | 0 | 5 | 0 | 0 | ||||||||||
Part II: Demographic Background | ||||||||||||||
Underrepresented Individual in Home Country Jurisdiction | — | |||||||||||||
LGBTQ+ | — | |||||||||||||
Did Not Disclose Demographic Background | 5 |
Owner | Number of shares owned | Percentage owned | ||||||
Hemen Holding Limited (1,2) | 78,622,902 | 39.2 | % |
(in thousands of $) | 2022 | 2021 | ||||||||||||
Interest rate swaps - asset positions | 32,858 | 2,608 | ||||||||||||
Interest rate swaps - liability positions | — | 10,364 |
(in thousands of $) | Estimated interest expense | Estimated interest expense - increase of 100 basis points in floating rate | Sensitivity | |||||||||||||||||
2023 | 76,970 | 88,087 | 11,117 | |||||||||||||||||
2024 | 55,967 | 65,492 | 9,525 | |||||||||||||||||
2025 | 39,466 | 46,698 | 7,232 | |||||||||||||||||
2026 | 24,350 | 28,928 | 4,578 | |||||||||||||||||
2027 | 15,028 | 17,826 | 2,798 | |||||||||||||||||
Thereafter | 7,486 | 8,853 | 1,367 | |||||||||||||||||
219,267 | 255,884 | 36,617 |
(in thousands of $) | 2022 | 2021 | |||||||||
Audit Fees (a) | 856 | 764 | |||||||||
Audit-Related Fees (b) | 68 | 36 | |||||||||
Tax Fees (c) | — | — | |||||||||
All Other Fees (d) | — | — | |||||||||
Total | 924 | 800 |
Issuer Purchases of Equity Securities | ||||||||||||||||||||
Period | (a) Total Number of Common Shares Purchased | (b) Average Price Paid per Common Share | (c) Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Program | (d) Maximum Number (or Approximate Dollar Value) of Common Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||||||
OSE | NASDAQ | OSE (in NOK) | NASDAQ (in USD) | |||||||||||||||||
October 1, 2022 – October 31, 2022 | — | — | — | — | — | — | ||||||||||||||
November 1, 2022 – November 30, 2022 | — | — | — | — | — | — | ||||||||||||||
December 1, 2022 – December 31, 2022 | 150,000 | 250,000 | 80.39 | 8.20 | 400,000 | 9,600,000 | ||||||||||||||
January 1, 2023 – January 31, 2023 | 62,085 | — | 80.69 | — | 62,085 | 9,537,915 | ||||||||||||||
February 1, 2023 – February 28, 2023 | — | — | — | — | — | — | ||||||||||||||
March 1, 2023 – March 16, 2023 | — | — | — | — | — | — | ||||||||||||||
Total | 462,085 | 8.48 | 8.20 | 462,085 | 9,537,915 |
Number | Description of Exhibit | ||||||||||
(1) | Incorporated by reference from our Registration Statement on Form F-3 (File No. 333-164007) filed with the Commission on December 24, 2009. | ||||||||||
(2) | Incorporated by reference from our Annual Report on Form 20-F filed with the Commission on April 29, 2015. | ||||||||||
(3) | Incorporated by reference from Amendment No. 1 to our Registration Statement on Form 8-A filed with the Commission on August 1, 2016. | ||||||||||
(4) | Incorporated by reference from our Annual Report on Form 20-F filed with the Commission on April 5, 2017. | ||||||||||
(5) | Incorporated by reference from our Annual Report on Form 20-F filed with the Commission on March 12, 2020. |
/s/ Peder Simonsen | |||||
Peder Simonsen | |||||
Principal Financial Officer |
2022 | 2021 | 2020 | ||||||||||||||||||
Operating revenues | ||||||||||||||||||||
Time charter revenues (including related party amounts of $ | ||||||||||||||||||||
Voyage charter revenues | ||||||||||||||||||||
Other revenues | ||||||||||||||||||||
Total operating revenues | ||||||||||||||||||||
Gain on sale of assets | ||||||||||||||||||||
Other operating income (expenses), net - related party | ( | ( | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||
Voyage expenses and commissions | ||||||||||||||||||||
Ship operating expenses (including related party amounts of $ | ||||||||||||||||||||
Charter hire expenses (including related party amounts of $ | ||||||||||||||||||||
Administrative expenses | ||||||||||||||||||||
Impairment loss on vessels | ||||||||||||||||||||
Impairment loss on right of use assets | ||||||||||||||||||||
Depreciation | ||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||
Net operating income (loss) | ( | |||||||||||||||||||
Other income (expenses) | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
Interest expense (including related party amounts of | ( | ( | ( | |||||||||||||||||
Share of results of associated companies | ( | |||||||||||||||||||
Gain from disposal of associated companies | ||||||||||||||||||||
Gain (loss) on derivatives | ( | |||||||||||||||||||
Gain (loss) on marketable equity securities | ( | ( | ||||||||||||||||||
Other financial items | ( | ( | ||||||||||||||||||
Net other income (expenses) | ( | |||||||||||||||||||
Net income (loss) before income taxes | ( | |||||||||||||||||||
Income tax expense | ||||||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||
Per share information: | ||||||||||||||||||||
Earnings (loss) per share: basic | $ | $ | $ | ( | ||||||||||||||||
Earnings (loss) per share: diluted | $ | $ | $ | ( |
2022 | 2021 | |||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Restricted cash | ||||||||||||||
Marketable securities | ||||||||||||||
Trade accounts receivable, net | ||||||||||||||
Other current assets | ||||||||||||||
Related party receivables | ||||||||||||||
Derivative instruments receivables | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses | ||||||||||||||
Voyages in progress | ||||||||||||||
Total current assets | ||||||||||||||
Vessels and equipment, net | ||||||||||||||
Vessels held for sale | ||||||||||||||
Newbuildings | ||||||||||||||
Finance leases, right of use assets, net | ||||||||||||||
Operating leases, right of use assets, net | ||||||||||||||
Investments in associated companies | ||||||||||||||
Related party receivables | ||||||||||||||
Derivative instruments receivable | ||||||||||||||
Other long-term assets | ||||||||||||||
Total assets | ||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Current portion of long-term debt | ||||||||||||||
Current portion of finance lease obligations - related party | ||||||||||||||
Current portion of operating lease obligations (including related party balances of $ | ||||||||||||||
Derivative instruments payables | ||||||||||||||
Related party payables | ||||||||||||||
Trade accounts payables | ||||||||||||||
Accrued expenses | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Non-current portion of finance lease obligations - related party | ||||||||||||||
Non-current portion of operating lease obligations (including related party balances of $ | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies* | ||||||||||||||
Equity |
Share capital (Shares issued: 2022: | ||||||||||||||
Treasury shares | ( | ( | ||||||||||||
Additional paid in capital | ||||||||||||||
Contributed capital surplus | ||||||||||||||
Accumulated earnings | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity |
2022 | 2021 | 2020 | ||||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation | ||||||||||||||||||||
Amortization of deferred charges | ||||||||||||||||||||
Gain from sale of vessels | ( | ( | ||||||||||||||||||
Impairment loss on vessels | ||||||||||||||||||||
Impairment loss on right of use assets | ||||||||||||||||||||
Share option expenses | ||||||||||||||||||||
Share of results of associated companies | ( | ( | ||||||||||||||||||
Dividends received from associated companies | ||||||||||||||||||||
Gain from disposal of associated companies | ( | |||||||||||||||||||
Amortization of charter party-out contracts | ||||||||||||||||||||
Mark to market (gain) loss on derivatives | ( | ( | ||||||||||||||||||
Mark to market (gain) loss on marketable securities | ( | |||||||||||||||||||
Non-cash lease expense | ( | ( | ( | |||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||
Changes in operating assets and liabilities, net: | ||||||||||||||||||||
Trade accounts receivable | ( | |||||||||||||||||||
Related party payables and receivables balances | ( | |||||||||||||||||||
Other receivables | ( | ( | ||||||||||||||||||
Inventories | ( | ( | ||||||||||||||||||
Voyages in progress | ( | |||||||||||||||||||
Prepaid expenses | ( | ( | ||||||||||||||||||
Trade accounts payables | ( | |||||||||||||||||||
Accrued expenses | ( | |||||||||||||||||||
Other current liabilities | ( | ( | ||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
Investing activities | ||||||||||||||||||||
Dividends received from marketable equity securities | ||||||||||||||||||||
Proceeds from sale of shares in associated companies | ||||||||||||||||||||
Loan advance to related parties | ( | |||||||||||||||||||
Repayment of loans receivable from related parties | ||||||||||||||||||||
Additions to newbuildings (including related party amounts of $ | ( | ( | ||||||||||||||||||
Purchase of vessels and equipment (including related party amounts of | ( | ( | ( | |||||||||||||||||
Proceeds from sale of vessels | ||||||||||||||||||||
Net cash provided by (used in) investing activities | ( | ( | ||||||||||||||||||
Financing activities |
Proceeds from long-term debt (including related party amounts of | ||||||||||||||||||||
Repayment of long-term debt (including related party amounts of | ( | ( | ( | |||||||||||||||||
Repayment of finance leases (including related party amounts of $ | ( | ( | ( | |||||||||||||||||
Debt fees paid | ( | ( | ( | |||||||||||||||||
Net proceeds from share issuance | ||||||||||||||||||||
Share repurchases | ( | |||||||||||||||||||
Proceeds from exercise of share options | ||||||||||||||||||||
Lease incentives received | ||||||||||||||||||||
Distributions to shareholders | ( | ( | ( | |||||||||||||||||
Net cash used in financing activities | ( | ( | ( | |||||||||||||||||
Net change in cash, cash equivalents and restricted cash | ( | |||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | ||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of year | ||||||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Interest expenses paid | ||||||||||||||||||||
Income taxes paid |
2022 | 2021 | 2020 | ||||||||||||||||||
Number of shares outstanding | ||||||||||||||||||||
Balance at beginning of year | ||||||||||||||||||||
Shares issued | ||||||||||||||||||||
Repurchases of shares | ( | |||||||||||||||||||
Distribution of treasury shares | ||||||||||||||||||||
Balance at end of year | ||||||||||||||||||||
Share capital | ||||||||||||||||||||
Balance at beginning of year | ||||||||||||||||||||
Shares issued | ||||||||||||||||||||
Balance at end of year | ||||||||||||||||||||
Treasury shares | ||||||||||||||||||||
Balance at beginning of year | ( | ( | ( | |||||||||||||||||
Repurchases of shares | ( | |||||||||||||||||||
Distribution of treasury shares | ||||||||||||||||||||
Balance at end of year | ( | ( | ( | |||||||||||||||||
Additional paid in capital | ||||||||||||||||||||
Balance at beginning of year | ||||||||||||||||||||
Shares issued | ||||||||||||||||||||
Stock option expense | ||||||||||||||||||||
Other | ( | |||||||||||||||||||
Reclassified to contributed surplus | ( | |||||||||||||||||||
Balance at end of year | ||||||||||||||||||||
Contributed capital surplus | ||||||||||||||||||||
Balance at beginning of year | ||||||||||||||||||||
Distributions to shareholders | ( | ( | ( | |||||||||||||||||
Reclassified from additional paid in capital | ||||||||||||||||||||
Balance at end of year | ||||||||||||||||||||
Accumulated earnings (deficit) | ||||||||||||||||||||
Balance at beginning of year | ( | ( | ||||||||||||||||||
Distributions to shareholders | ( | |||||||||||||||||||
Loss on distributed treasury shares | ( | ( | ( | |||||||||||||||||
( | ||||||||||||||||||||
Net (loss) income | ( | |||||||||||||||||||
Balance at end of year | ( | |||||||||||||||||||
Total equity |
(in thousands of $) | 2022 | 2021 | 2020 | |||||||||||||||||
Net income (loss) | ( |
(in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||
Weighted average number of shares outstanding - basic | ||||||||||||||||||||
Dilutive impact of stock options | ||||||||||||||||||||
Weighted average number of shares outstanding - diluted |
(in thousands of $) | 2022 | 2021 | 2020 | |||||||||||||||||
Time charter revenues | ||||||||||||||||||||
Voyage charter revenues | ||||||||||||||||||||
Other revenues | ||||||||||||||||||||
Total operating revenues |
(in thousands of $) | Lease | Non-lease | Total | |||||||||||||||||
Time charter revenues | ||||||||||||||||||||
Voyage charter revenues | ||||||||||||||||||||
Other revenues | ||||||||||||||||||||
Total operating revenues |
(in thousands of $) | Lease | Non-lease | Total | |||||||||||||||||
Time charter revenues | ||||||||||||||||||||
Voyage charter revenues | ||||||||||||||||||||
Other revenues | ||||||||||||||||||||
Total operating revenues |
(in thousands of $) | Lease | Non-lease | Total | |||||||||||||||||
Time charter revenues | ||||||||||||||||||||
Voyage charter revenues | ||||||||||||||||||||
Other revenues | ||||||||||||||||||||
Total operating revenues |
(in thousands of $) | 2022 | 2021 | ||||||||||||
Voyages in progress (contract assets) | ||||||||||||||
Trade accounts receivable | ||||||||||||||
Other current assets (capitalized fulfillment costs) | ||||||||||||||
Total |
(in thousands of $) | SFL Leases | Golden Hawk Lease | Admiral Schmidt and Vitus Bering Leases | Office Leases | Total | |||||||||||||||||||||||||||
Balance as of December 31, 2020 | ||||||||||||||||||||||||||||||||
Additions and modification | ||||||||||||||||||||||||||||||||
Amortization | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Balance as of December 31, 2021 | ||||||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||||||
Amortization | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Modification | ( | ( | ||||||||||||||||||||||||||||||
Balance as of December 31, 2022 |
(in thousands of $) | SFL Leases | Golden Hawk Lease | Admiral Schmidt and Vitus Bering Leases | Office Leases | Total | |||||||||||||||||||||||||||
Balance as of December 31, 2020 | ||||||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||||||
Repayments | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Modification | ||||||||||||||||||||||||||||||||
Foreign exchange translation | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | ||||||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||||||
Repayments | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Modification | ( | ( | ||||||||||||||||||||||||||||||
Foreign exchange translation | ( | ( | ||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | ||||||||||||||||||||||||||||||||
Current portion | ||||||||||||||||||||||||||||||||
Non-current portion |
(in thousands of $) | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 and thereafter | ||||||||
Total minimum lease payments | ||||||||
Less: Imputed interest | ( | |||||||
Present value of operating lease liabilities |
(in thousands of $) | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 and thereafter | ||||||||
(in thousands of $) | 2022 | 2021 | 2020 | |||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Short-term restricted cash | ||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows |
(in thousands of $) | 2022 | 2021 | ||||||||||||
Balance at start of year | ||||||||||||||
Unrealized gain (loss), net | ( | |||||||||||||
Total marketable equity securities |
(in thousands of $) | 2022 | 2021 | 2020 | |||||||||||||||||
Trade accounts receivable | ||||||||||||||||||||
Provision for doubtful accounts | ( | ( | ( | |||||||||||||||||
Allowance for expected credit losses | ( | ( | ( | |||||||||||||||||
Total trade accounts receivable, net |
(in thousands of $) | ||||||||
Balance as of December 31, 2019 | ||||||||
Additions charged to income | ||||||||
Deductions credited to trade receivables | ( | |||||||
Balance as of December 31, 2020 | ||||||||
Additions charged to income | ||||||||
Deductions credited to trade receivables | ( | |||||||
Balance as of December 31, 2021 | ||||||||
Additions charged to income | ||||||||
Deductions credited to trade receivables | ( | |||||||
Balance as of December 31, 2022 |
(in thousands of $) | 2022 | 2021 | ||||||||||||
Capitalized fulfillment costs | ||||||||||||||
Agent receivables | ||||||||||||||
Advances | ||||||||||||||
Claims receivables | ||||||||||||||
Bunker receivables on time charter-out contracts | ||||||||||||||
Other receivables | ||||||||||||||
Total other current assets |
(in thousands of $) | 2022 | 2021 | 2020 | |||||||||||||||||
Opening balance | ||||||||||||||||||||
Amortization charge | ( | ( | ||||||||||||||||||
Total | ||||||||||||||||||||
Less: current portion | ( | |||||||||||||||||||
Non-current portion |
(in thousands of $) | Cost | Accumulated Depreciation | Net Book Value | |||||||||||||||||
Balance as of December 31, 2020 | ( | |||||||||||||||||||
Additions Vessel Acquisitions | — | |||||||||||||||||||
Additions BWTS | — | |||||||||||||||||||
Disposals | ( | ( | ||||||||||||||||||
Transfer from newbuildings | ||||||||||||||||||||
Transfer to held for sale | ( | ( | ||||||||||||||||||
Impairment loss | ( | — | ( | |||||||||||||||||
Depreciation | — | ( | ( | |||||||||||||||||
Balance as of December 31, 2021 | ( | |||||||||||||||||||
Additions BWTS | — | |||||||||||||||||||
Disposals and transfer to Vessels Held for Sale* | ( | ( | ||||||||||||||||||
Transfer to Vessels Held for Sale** | ( | ( | ||||||||||||||||||
Depreciation | — | ( | ( | |||||||||||||||||
Balance as of December 31, 2022 | ( |
(in thousands of $) | ||||||||
Balance as of January 1, 2021 | ||||||||
Additions | ||||||||
Depreciation | ( | |||||||
Impairment | ||||||||
Balance as of December 31, 2021 | ||||||||
Additions | ||||||||
Depreciation | ( | |||||||
Impairment | ||||||||
Balance as of December 31, 2022 |
(in thousands of $) | ||||||||
Balance as of January 1, 2021 | ||||||||
Additions | ||||||||
Repayments | ( | |||||||
Interest expense on obligations under finance lease | ||||||||
Balance as of January 1, 2022 | ||||||||
Additions | ||||||||
Repayments | ( | |||||||
Interest expense on obligations under finance lease | ||||||||
Balance as of December 31, 2022 | ||||||||
Current portion | ||||||||
Non-current portion |
(in thousands of $) | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Minimum lease payments | ||||||||
Less: imputed interest | ( | |||||||
Present value of obligations under finance leases |
(% of ownership) | 2022 | 2021 | ||||||||||||
TFG Marine Pte Ltd ("TFG Marine") | % | % | ||||||||||||
SwissMarine Pte. Ltd. ("SwissMarine")** | % | % | ||||||||||||
United Freight Carriers LLC. ("UFC") | % | % | ||||||||||||
Capesize Chartering Ltd. ("CCL")* | % |
(in thousands of $) | Swiss Marine | UFC | TFG Marine | Other | Total | |||||||||||||||||||||||||||
Balance as of December 31, 2020 | ||||||||||||||||||||||||||||||||
Share of income / (loss) | ( | |||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | ||||||||||||||||||||||||||||||||
Distributions received from associated companies | ( | ( | ( | |||||||||||||||||||||||||||||
Loss on disposal of equity method investments | ( | ( | ||||||||||||||||||||||||||||||
Share of income | ||||||||||||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | ( |
(in thousands of $) | 2022 | 2021 | ||||||||||||
$ | ||||||||||||||
$ | ||||||||||||||
$ | ||||||||||||||
$ | ||||||||||||||
$ | ||||||||||||||
$ | ||||||||||||||
$ | ||||||||||||||
$ | ||||||||||||||
$ | ||||||||||||||
Total U.S. dollar denominated floating rate debt | ||||||||||||||
Deferred charges | ( | ( | ||||||||||||
Total debt | ||||||||||||||
Current portion of debt | ( | ( | ||||||||||||
Long-term portion of debt |
(in thousands of $) | Floating rate debt | Deferred charges | Total | |||||||||||||||||
Balance as of December 31, 2019 | ( | |||||||||||||||||||
Loan repayments | ( | ( | ||||||||||||||||||
Loan draw downs | ||||||||||||||||||||
Capitalization of debt issuance cost, net of amortization | — | ( | ( | |||||||||||||||||
Balance as of December 31, 2020 | ( | |||||||||||||||||||
Loan repayments | ( | ( | ||||||||||||||||||
Loan draw downs | ||||||||||||||||||||
Capitalization of debt issuance cost, net of amortization | — | ( | ( | |||||||||||||||||
Balance as of December 31, 2021 | ( | |||||||||||||||||||
Loan repayments | ( | ( | ||||||||||||||||||
Loan draw downs | ||||||||||||||||||||
Capitalized financing fees and expenses | — | ( | ( | |||||||||||||||||
Amortization of debt issuance cost | — | |||||||||||||||||||
Balance as of December 31, 2022 | ( |
(in thousands of $) | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
Total U.S. dollar denominated floating rate debt | ||||||||
Deferred charges | ( | |||||||
Total debt |
(in thousands of $) | 2022 | 2021 | ||||||||||||
Voyage expenses | ||||||||||||||
Ship operating expenses | ||||||||||||||
Administrative expenses | ||||||||||||||
Tax expenses | ||||||||||||||
Interest expenses | ||||||||||||||
Total accrued expenses |
(in thousands of $) | 2022 | 2021 | ||||||||||||
Deferred charter revenue | ||||||||||||||
Payroll and employee tax | ||||||||||||||
Bunker obligations on time charter out contracts | ||||||||||||||
Other current liabilities | ||||||||||||||
Total other current liabilities |
(in thousands of $) | 2022 | 2021 | ||||||||||||
Interest rate swaps | ||||||||||||||
Foreign currency swaps | ||||||||||||||
Bunker derivatives | ||||||||||||||
Forward freight agreements | ||||||||||||||
Asset Derivatives - Fair Value |
(in thousands of $) | 2022 | 2021 | ||||||||||||
Interest rate swaps | ||||||||||||||
Foreign currency swaps | ||||||||||||||
Bunker derivatives | ||||||||||||||
Forward freight agreements | ||||||||||||||
Liability Derivatives - Fair Value |
(in thousands of $) | 2022 | 2021 | 2020 | ||||||||||||||||||||
Interest rate swaps | Interest income (expense) | ( | ( | ( | |||||||||||||||||||
Unrealized fair value gain (loss) | ( | ||||||||||||||||||||||
Foreign currency swaps | Realized gain (loss) | ( | |||||||||||||||||||||
Unrealized fair value gain (loss) | ( | ||||||||||||||||||||||
Forward freight agreements | Realized gain (loss) | ( | |||||||||||||||||||||
Options | ( | ||||||||||||||||||||||
Bunker derivatives | Realized gain (loss) | ( | |||||||||||||||||||||
Unrealized fair value gain (loss) | ( | ( | |||||||||||||||||||||
( |
Authorized share capital: | ||||||||||||||||||||
(in thousands of $ except per share amount) | 2022 | 2021 | 2020 | |||||||||||||||||
Issued and outstanding number of shares: | ||||||||||||||||||||
(number of shares of $ | 2022 | 2021 | 2020 | |||||||||||||||||
Issued shares: Balance at start of year | ||||||||||||||||||||
- Shares issued | ||||||||||||||||||||
- Issue of consideration shares to Hemen | ||||||||||||||||||||
- Settlement of options | ||||||||||||||||||||
Issued shares: Balance at the end of year | ||||||||||||||||||||
Outstanding number of shares: Balance at start of year | ||||||||||||||||||||
- Shares issued | ||||||||||||||||||||
- Repurchases of shares | ( | |||||||||||||||||||
- Distribution of treasury shares | ||||||||||||||||||||
Outstanding number of shares: Balance at end of year |
2020 Grant CEO | 2020 Grant CFO | 2020 Grant CCO | ||||||||||||||||||
Grant date | April 24, 2020 | September 14, 2020 | November 11, 2020 | |||||||||||||||||
Tranche 1 | ||||||||||||||||||||
Tranche 2 | ||||||||||||||||||||
Tranche 3 |
2016 Grant | 2020 Grant CEO | 2020 Grant CFO | 2020 Grant CCO | |||||||||||||||||||||||
Grant Date | November 10, 2016 | April 24, 2020 | September 14, 2020 | November 11, 2020 | ||||||||||||||||||||||
Expected Term (1) | ||||||||||||||||||||||||||
Expected Volatility (2) | ||||||||||||||||||||||||||
Expected Dividends (3) | Nil | Nil | Nil | Nil | ||||||||||||||||||||||
Dilution Adjustment (4) | No | No | No | No | ||||||||||||||||||||||
Risk-free Rate (5) | ||||||||||||||||||||||||||
Expected Forfeitures (6) | Nil | Nil | Nil | Nil |
•Expected Term (1) | Given that the exercise price is adjustable for any distribution of dividends made before the relevant options are exercised and that most of the grants is given to top management, we expect that it is reasonable for holders of the granted options to avoid early exercise of the options. As a result, we assumed that the expected term of the options is their contractual term. | ||||
•Expected Volatility (2) | We used the historical volatility of the common shares to estimate the volatility of the prices of the shares underlying the share options. | ||||
•Expected dividends (3) | For all share options granted the share options exercise price is adjustable for distribution of dividend before the share options are exercised. Therefore, dividend protection features are incorporated to option pricing model by using a zero-dividend yield assumption. | ||||
•Dilution Adjustment (4) | The number of share options is considered immaterial as compared to the number of shares outstanding and no dilution adjustment was incorporated in the valuation model. | ||||
•Risk-free Rate (5) | We used the five-year US Government bond risk-free yield-to-maturity rate of as of respective grant date as an estimate for the risk-free rate to match the expected contractual term of the share options. | ||||
•Expected Forfeitures (6) | We expect that there will be no or very limited forfeitures of non-vested shares options during the terms. This is in line with our historical experience. |
Number of options | Weighted Average Exercise Price* | Weighted Average Grant date Fair Value | |||||||||||||||||||||
Management | Total | ||||||||||||||||||||||
Total Outstanding as of December 31, 2020 | $ | $ | |||||||||||||||||||||
Granted during 2021 | |||||||||||||||||||||||
Exercised during 2021 | $ | $ | |||||||||||||||||||||
Forfeited during 2021 | |||||||||||||||||||||||
Exercisable as of December 31, 2021 | $ | $ | |||||||||||||||||||||
Outstanding as of December 31, 2021 - Unvested | $ | $ | |||||||||||||||||||||
Total Outstanding as of December 31, 2021 | $ | $ | |||||||||||||||||||||
Granted during 2022 | |||||||||||||||||||||||
Exercised during 2022 | $ | $ | |||||||||||||||||||||
Forfeited during 2022 | |||||||||||||||||||||||
Exercisable as of December 31, 2022 | $ | $ | |||||||||||||||||||||
Outstanding as of December 31, 2022 - Unvested | $ | $ | |||||||||||||||||||||
Total Outstanding as of December 31, 2022 | $ | $ |
Options Outstanding and Unvested, December 31, 2022 | Options Outstanding and Exercisable, December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Weighted Average Exercise Price of Outstanding Options | Number of options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Number of options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | ||||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||||||||
Options Outstanding and Unvested, December 31, 2021 | Options Outstanding and Exercisable, December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Weighted Average Exercise Price of Outstanding Options | Number of options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Number of options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | ||||||||||||||||||||||||||||||||
$ | $ | $ |
(in thousands of $) | 2022 | 2021 | 2020 | |||||||||||||||||
Frontline | ||||||||||||||||||||
SFL | ||||||||||||||||||||
Seateam | ||||||||||||||||||||
Seatankers | ||||||||||||||||||||
CCL | ||||||||||||||||||||
Front Ocean Management AS | ||||||||||||||||||||
(in thousands of $) | 2022 | 2021 | 2020 | |||||||||||||||||
Frontline | ||||||||||||||||||||
SFL | ||||||||||||||||||||
Seatankers | ||||||||||||||||||||
Northern Drilling | ||||||||||||||||||||
SwissMarine | ||||||||||||||||||||
CCL | ||||||||||||||||||||
(in thousands of $) | 2022 | 2021 | 2020 | |||||||||||||||||
Time charter revenues | ||||||||||||||||||||
Other revenues | ||||||||||||||||||||
Other operating income (expenses) | ( | ( | ||||||||||||||||||
Ship operating expenses1 | ( | ( | ( | |||||||||||||||||
Charter hire expenses2 | ( | ( | ( | |||||||||||||||||
Administrative expenses | ( | ( | ( | |||||||||||||||||
Interest on credit facilities | ( | |||||||||||||||||||
( | ( | ( |
(in thousands of $) | 2022 | 2021 | ||||||||||||
Frontline | ||||||||||||||
UFC | ||||||||||||||
SwissMarine | ||||||||||||||
Seatankers | ||||||||||||||
Credit loss allowance | ( | ( | ||||||||||||
(in thousands of $) | 2022 | 2021 | ||||||||||||
CCL | ||||||||||||||
TFG Marine | ||||||||||||||
Other | ||||||||||||||
(in thousands of $) | Notional Amount | Inception Date | Maturity Date | Fixed Interest Rate | ||||||||||||||||||||||
Receiving floating, pay fixed | August 2017 | August 2025 | % | |||||||||||||||||||||||
Receiving floating, pay fixed | August 2017 | August 2025 | % | |||||||||||||||||||||||
Receiving floating, pay fixed | August 2019 | August 2024 | % | |||||||||||||||||||||||
Receiving floating, pay fixed | September 2019 | September 2024 | % | |||||||||||||||||||||||
Receiving floating, pay fixed | October 2019 | October 2025 | % | |||||||||||||||||||||||
Receiving floating, pay fixed | March 2020 | March 2027 | % | |||||||||||||||||||||||
Receiving floating, pay fixed | March 2020 | March 2027 | % | |||||||||||||||||||||||
Receiving floating, pay fixed | April 2022* | December 2027 | % | |||||||||||||||||||||||
Receiving floating, pay fixed | July 2022* | September 2030 | % | |||||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | |||||||||||||||||||||||||||||
(in thousands of $) | Level | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | |||||||||||||||||||||||||||||||
Restricted cash | 1 | |||||||||||||||||||||||||||||||
Marketable securities | 1 | |||||||||||||||||||||||||||||||
Related party shareholder loans | 2 | |||||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Long-term debt - floating | 2 | |||||||||||||||||||||||||||||||
2 |
Significant unobservable input | Range (all vessels) | Weighted average | ||||||||||||
Forward freight market rates adjusted for scrubber earnings | $ | $ | ||||||||||||
Implied charter rates adjusted for scrubber earnings | $ | $ | ||||||||||||
Ship operating expenses per day, including drydocking costs | $ | $ | ||||||||||||
Offhire |
INTERPRETATION | 4 | ||||
REGISTERED OFFICE | 6 | ||||
SHARE RIGHTS | 6 | ||||
MODIFICATION OF RIGHTS | 7 | ||||
POWER TO PURCHASE OWN SHARES | 7 | ||||
SHARES | 8 | ||||
CERTIFICATES | 8 | ||||
LIEN | 9 | ||||
CALLS ON SHARES | 9 | ||||
FORFEITURE OF SHARES | 10 | ||||
REGISTER OF SHAREHOLDERS | 11 | ||||
REGISTER OF DIRECTORS AND OFFICERS | 11 | ||||
TRANSFER OF SHARES | 11 | ||||
TRANSMISSION OF SHARES | 14 | ||||
DISCLOSURE OF MATERIAL INTERESTS | 15 | ||||
INCREASE OF CAPITAL | 16 | ||||
ALTERATION OF CAPITAL | 16 | ||||
REDUCTION OF CAPITAL | 17 | ||||
GENERAL MEETINGS AND WRITTEN RESOLUTIONS | 17 | ||||
NOTICE OF GENERAL MEETINGS | 18 | ||||
PROCEEDINGS AT GENERAL MEETINGS | 19 | ||||
VOTING | 20 | ||||
PROXIES AND CORPORATE REPRESENTATIVES | 22 | ||||
APPOINTMENT AND REMOVAL OF DIRECTORS | 23 | ||||
RESIGNATION AND DISQUALIFICATION OF DIRECTORS | 23 | ||||
ALTERNATE DIRECTORS | 24 | ||||
DIRECTORS' FEES AND ADDITIONAL REMUNERATION AND EXPENSES | 24 | ||||
DIRECTORS' INTERESTS | 25 | ||||
POWERS AND DUTIES OF THE BOARD | 25 | ||||
DELEGATION OF THE BOARD'S POWERS | 27 | ||||
PROCEEDINGS OF THE BOARD | 27 | ||||
OFFICERS | 29 | ||||
MINUTES | 29 | ||||
SECRETARY AND RESIDENT REPRESENTATIVE | 29 | ||||
THE SEAL | 29 | ||||
DIVIDENDS AND OTHER PAYMENTS | 30 | ||||
RESERVES | 31 | ||||
CAPITALISATION OF PROFITS | 31 |
RECORD DATES | 32 | ||||
ACCOUNTING RECORDS | 32 | ||||
AUDIT | 32 | ||||
SERVICE OF NOTICES AND OTHER DOCUMENTS | 33 | ||||
WINDING UP | 33 | ||||
INDEMNITY | 33 | ||||
CONTINUATION | 35 | ||||
ALTERATION OF BYE-LAWS | 35 |
Name | Country of Incorporation | Ownership and Voting Percentage | ||||||
Golden Ocean Group Management (Bermuda) Ltd | Bermuda | 100% | ||||||
Golden Ocean Management AS | Norway | 100% | ||||||
Golden Ocean Trading Ltd | Bermuda | 100% | ||||||
Golden Ocean Shipping Co Pte Ltd | Singapore | 100% | ||||||
Golden Ocean Shipholding Ltd | Bermuda | 100% | ||||||
Golden Ocean Holdings Ltd | Bermuda | 100% | ||||||
Golden Arima Inc | Liberia | 100% | ||||||
Golden Beppu Inc | Liberia | 100% | ||||||
Golden Brilliant Inc | Liberia | 100% | ||||||
Golden Crystal Inc | Liberia | 100% | ||||||
Golden Daisy Inc | Liberia | 100% | ||||||
Golden Diamond Inc | Liberia | 100% | ||||||
Golden Eclipse Inc | Liberia | 100% | ||||||
Golden Empress Inc | Liberia | 100% | ||||||
Golden Endeavour Inc | Liberia | 100% | ||||||
Golden Endurer Inc | Liberia | 100% | ||||||
Golden Enterprise Inc | Liberia | 100% | ||||||
Golden Feng Inc | Liberia | 100% | ||||||
Golden Ginger Inc | Liberia | 100% | ||||||
Golden Ice Inc | Liberia | 100% | ||||||
Golden Opportunity Inc | Liberia | 100% | ||||||
Golden Pearl Inc | Liberia | 100% | ||||||
Golden Rose Inc | Liberia | 100% | ||||||
Golden Ruby Inc | Liberia | 100% | ||||||
Golden Saguenay Inc | Liberia | 100% | ||||||
Golden Sapphire Inc | Liberia | 100% | ||||||
Golden Shui Inc | Liberia | 100% | ||||||
Golden Strength Inc | Liberia | 100% | ||||||
Palila Inc | Liberia | 100% | ||||||
Parula Inc | Liberia | 100% | ||||||
Petrel Inc | Liberia | 100% | ||||||
Piper Inc | Liberia | 100% | ||||||
Front Singapore Inc | Liberia | 100% | ||||||
Front San Francisco Inc | Liberia | 100% | ||||||
Front Seoul Inc | Liberia | 100% | ||||||
Front Stockholm Inc | Liberia | 100% | ||||||
Front Santiago Inc | Liberia | 100% | ||||||
Front Santos Inc | Liberia | 100% | ||||||
Front Shanghai Inc | Liberia | 100% | ||||||
Front Savannah Inc | Liberia | 100% | ||||||
Front Sakura Inc | Liberia | 100% | ||||||
Front Seville Inc | Liberia | 100% | ||||||
Golden Finsbury Inc | Liberia | 100% |
Golden Fulham Inc | Liberia | 100% | ||||||
Golden Bexley Inc | Liberia | 100% | ||||||
Golden Barnet Inc | Liberia | 100% | ||||||
Golden Scape Inc | Liberia | 100% | ||||||
Golden Swift Inc | Liberia | 100% | ||||||
Front Fuji Inc | Liberia | 100% | ||||||
Front Aso Inc | Liberia | 100% | ||||||
Golden Cirrus Inc | Liberia | 100% | ||||||
Golden Cumulus Inc | Liberia | 100% | ||||||
Golden Nimbus Inc | Liberia | 100% | ||||||
Golden Arcus Inc | Liberia | 100% | ||||||
Golden Incus Inc | Liberia | 100% | ||||||
Golden Calvus Inc | Liberia | 100% | ||||||
Golden Gayle Inc | Liberia | 100% | ||||||
Golden Myrtalia Inc | Liberia | 100% | ||||||
Golden Sue Inc | Liberia | 100% | ||||||
Golden Deb Inc | Liberia | 100% | ||||||
Golden Jake Inc | Liberia | 100% | ||||||
Golden Arion Inc | Liberia | 100% | ||||||
Golden Ioanari Inc | Liberia | 100% | ||||||
Golden Keen Inc | Liberia | 100% | ||||||
Golden Shea Inc | Liberia | 100% | ||||||
Golden Kaki Inc | Liberia | 100% | ||||||
Golden Houston Inc | Liberia | 100% | ||||||
Golden Anastasia Inc | Liberia | 100% | ||||||
Golden Amreen Inc | Liberia | 100% | ||||||
Golden Kennedy Inc | Liberia | 100% | ||||||
Golden Amber Inc | Liberia | 100% | ||||||
Golden Opal Inc | Liberia | 100% | ||||||
Golden Behike Inc | Liberia | 100% | ||||||
Golden Monterrey Inc | Liberia | 100% | ||||||
Golden Champion Inc | Liberia | 100% | ||||||
Golden Comfort Inc | Liberia | 100% | ||||||
Golden Competence Inc | Liberia | 100% | ||||||
Golden Confidence Inc | Liberia | 100% | ||||||
Golden Coral Inc | Liberia | 100% | ||||||
Golden Courage Inc | Liberia | 100% | ||||||
Golden Fellow Inc | Liberia | 100% | ||||||
Golden Fortune Inc | Liberia | 100% | ||||||
Golden Forward Inc | Liberia | 100% | ||||||
Golden Freeze Inc | Liberia | 100% | ||||||
Golden Friend Inc | Liberia | 100% | ||||||
Golden Frost Inc | Liberia | 100% | ||||||
Golden Saint Inc | Liberia | 100% | ||||||
Golden Skies Inc | Liberia | 100% | ||||||
Golden Spirit Inc | Liberia | 100% | ||||||
Golden Lion Inc | Liberia | 100% |
Hope Shipowning Inc | Liberia | 100% | ||||||
Golden Light Inc | Liberia | 100% | ||||||
Golden Grace Inc | Liberia | 100% | ||||||
Golden Star Inc | Liberia | 100% | ||||||
Golden Soul Inc | Liberia | 100% | ||||||
Golden John Inc | Liberia | 100% | ||||||
Golden Wave Inc | Liberia | 100% | ||||||
Golden Tide Inc | Liberia | 100% | ||||||
Golden Faith Inc | Liberia | 100% | ||||||
Fast Shipowning Inc | Marshall Islands | 100% | ||||||
Furious Shipowning Inc | Marshall Islands | 100% | ||||||
Spray Shipowning Inc | Marshall Islands | 100% | ||||||
Golden Aquamarine Inc | Liberia | 100% | ||||||
Golden Earl Inc | Liberia | 100% | ||||||
Golden Duke Inc | Liberia | 100% | ||||||
Golden Walcott Inc | Liberia | 100% | ||||||
Sapphire Shipowning Inc | Liberia | 100% | ||||||
Golden Emerald Inc | Liberia | 100% |
/s/ Ulrik Uhrenfeldt Andersen | |||||
Ulrik Uhrenfeldt Andersen | |||||
Principal Executive Officer |
/s/ Peder Simonsen | |||||
Peder Simonsen | |||||
Principal Financial Officer |
/s/ Ulrik Uhrenfeldt Andersen | |||||
Ulrik Uhrenfeldt Andersen | |||||
Principal Executive Officer |
/s/ Peder Simonsen | |||||
Peder Simonsen | |||||
Principal Financial Officer |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 1318 |
Auditor Name | PricewaterhouseCoopers AS |
Auditor Location | Oslo, Norway |
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Revenue from related parties | $ 2,615 | $ 14,656 | $ 24,454 |
Ship operating expenses, related party amount | 4,916 | 9,313 | 11,574 |
Charter hire expenses, related party amount | 37,328 | 60,885 | 63,468 |
Interest expense, related party amount | 0 | 3,395 | 0 |
Time charter revenues | |||
Revenue from related parties | $ 2,033 | $ 13,281 | $ 19,528 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Current liabilities | ||
Current portion of operating lease obligations, related party amount | $ 2,010 | $ 2,537 |
Long-term liabilities | ||
Noncurrent portion of operation lease obligations, related party amount | $ 11,345 | $ 13,355 |
Equity | ||
Share capital, shares issued (in shares) | 201,190,621 | 201,190,621 |
Share capital, shares outstanding (in shares) | 200,485,621 | 200,435,621 |
Share capital, par value (in dollars per share) | $ 0.05 | $ 0.05 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement of Cash Flows [Abstract] | |||
Net income (loss) | $ 461,847 | $ 527,218 | $ (137,669) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 129,839 | 123,699 | 111,303 |
Amortization of deferred charges | 3,618 | 2,677 | 2,778 |
Gain from sale of vessels | (34,185) | (9,788) | 0 |
Impairment loss on vessels | 0 | 4,187 | 721 |
Impairment loss on right of use assets | 0 | 0 | 94,233 |
Share option expenses | 566 | 620 | 264 |
Share of results of associated companies | (40,793) | (24,482) | 3,710 |
Dividends received from associated companies | 16,273 | 0 | 450 |
Gain from disposal of associated companies | 0 | 0 | (2,570) |
Amortization of charter party-out contracts | 0 | 1,859 | 12,148 |
Mark to market (gain) loss on derivatives | (39,496) | (19,435) | 20,542 |
Mark to market (gain) loss on marketable securities | (503) | 2,000 | 10,177 |
Non-cash lease expense | (5,851) | (10,496) | (6,459) |
Other | (518) | (235) | (178) |
Changes in operating assets and liabilities, net: | |||
Trade accounts receivable | 13,889 | (6,134) | 22,896 |
Related party payables and receivables balances | 902 | (570) | 6,041 |
Other receivables | (19,043) | (6,407) | 3,991 |
Inventories | (2,051) | (18,219) | 3,070 |
Voyages in progress | 13,603 | (17,141) | 8,472 |
Prepaid expenses | (4,063) | 2,001 | (4,105) |
Trade accounts payables | 681 | (11,939) | 6,000 |
Accrued expenses | 11,981 | 12,256 | (1,126) |
Other current liabilities | (3,309) | 8,727 | (14,049) |
Net cash provided by operating activities | 503,387 | 560,398 | 140,640 |
Investing activities | |||
Dividends received from marketable equity securities | 8 | 26 | 76 |
Proceeds from sale of shares in associated companies | 937 | 937 | 1,694 |
Loan advance to related parties | 0 | 0 | (1,000) |
Repayment of loans receivable from related parties | 5,350 | 0 | 5,350 |
Additions to newbuildings (including related party amounts of $455, $116,445 and nil for the years ended December 31, 2022, 2021 and 2020 respectively) | (56,028) | (152,460) | 0 |
Purchase of vessels and equipment (including related party amounts of nil, $286,894 and nil for the years ended December 31, 2022, 2021 and 2020 respectively) | (5,003) | (292,539) | (25,271) |
Proceeds from sale of vessels | 127,552 | 54,012 | 0 |
Net cash provided by (used in) investing activities | 72,816 | (390,024) | (19,151) |
Financing activities | |||
Proceeds from long-term debt (including related party amounts of nil, $62,975 and nil for the years ended December 31, 2022, 2021 and 2020 respectively) | 275,000 | 497,975 | 322,014 |
Repayment of long-term debt (including related party amounts of nil, $413,600 and nil for the years ended December 31, 2022, 2021 and 2020 respectively) | (417,217) | (628,900) | (390,138) |
Repayment of finance leases (including related party amounts of $29,059, $32,237 and $47,181 for the years ended December 31, 2022, 2021 and 2020 respectively) | (29,059) | (32,237) | (48,972) |
Debt fees paid | (2,750) | (4,466) | (3,040) |
Net proceeds from share issuance | 0 | 352,225 | 0 |
Share repurchases | (3,273) | 0 | 0 |
Proceeds from exercise of share options | 828 | 636 | 169 |
Lease incentives received | 0 | 0 | 17,500 |
Distributions to shareholders | (471,676) | (320,692) | (7,164) |
Net cash used in financing activities | (648,147) | (135,459) | (109,631) |
Net change in cash, cash equivalents and restricted cash | (71,944) | 34,915 | 11,858 |
Cash, cash equivalents and restricted cash at beginning of year | 210,017 | 175,102 | 163,244 |
Cash, cash equivalents and restricted cash at end of year | 138,073 | 210,017 | 175,102 |
Supplemental disclosure of cash flow information: | |||
Interest expenses paid | 45,190 | 30,850 | 36,351 |
Income taxes paid | $ 240 | $ 153 | $ 77 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Investing activities | |||
Additions to newbuildings, related party amount | $ 455 | $ 116,445 | $ 0 |
Purchase of vessels and equipment, related party amount | 0 | 286,894 | 0 |
Financing activities | |||
Proceeds from long-term debt, related party amount | 0 | 62,975 | 0 |
Repayment of long-term debt, related party amount | 0 | 413,600 | 0 |
Repayment of finance leases, related party amount | $ 29,059 | $ 32,237 | $ 47,181 |
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands |
Total |
Share capital |
Treasury shares |
Additional paid in capital |
Contributed capital surplus |
Accumulated earnings (deficit) |
Accumulated earnings (deficit)
Revision of Prior Period, Accounting Standards Update, Adjustment
|
---|---|---|---|---|---|---|---|
Outstanding number of shares: Balance at beginning of year (in shares) at Dec. 31, 2019 | 143,277,697 | ||||||
Increase (decrease) in Equity [Roll Forward] | |||||||
Shares issued (in shares) | 0 | ||||||
Repurchases of shares (in shares) | 0 | ||||||
Distribution of treasury shares (in shares) | 50,000 | ||||||
Outstanding number of shares: Balance at end of year (in shares) at Dec. 31, 2020 | 143,327,697 | 143,327,697 | |||||
Balance at beginning of year at Dec. 31, 2019 | $ 7,215 | $ (5,669) | $ 715 | $ 1,739,834 | $ (228,704) | $ (234) | |
Increase (decrease) in Equity [Roll Forward] | |||||||
Shares issued | 0 | 0 | |||||
Repurchases of shares | 0 | ||||||
Distribution of treasury shares | 283 | (115) | |||||
Stock option expense | 264 | ||||||
Other | 0 | ||||||
Reclassified to contributed surplus | 0 | ||||||
Distributions to shareholders | (7,164) | 0 | |||||
Reclassified from additional paid in capital | 0 | ||||||
Net (loss) income | (137,669) | ||||||
Balance at end of year at Dec. 31, 2020 | $ 1,368,756 | $ 7,215 | (5,386) | 979 | 1,732,670 | (366,722) | 0 |
Increase (decrease) in Equity [Roll Forward] | |||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | ||||||
Shares issued (in shares) | 56,917,924 | ||||||
Repurchases of shares (in shares) | 0 | ||||||
Distribution of treasury shares (in shares) | 190,000 | ||||||
Outstanding number of shares: Balance at end of year (in shares) at Dec. 31, 2021 | 200,435,621 | 200,435,621 | |||||
Increase (decrease) in Equity [Roll Forward] | |||||||
Shares issued | $ 2,846 | 349,379 | |||||
Repurchases of shares | 0 | ||||||
Distribution of treasury shares | 1,077 | (441) | |||||
Stock option expense | 620 | ||||||
Other | (22) | ||||||
Reclassified to contributed surplus | (350,671) | ||||||
Distributions to shareholders | (320,692) | 0 | |||||
Reclassified from additional paid in capital | 350,671 | ||||||
Net (loss) income | 527,218 | ||||||
Balance at end of year at Dec. 31, 2021 | $ 1,928,741 | $ 10,061 | (4,309) | 285 | 1,762,649 | 160,055 | $ 0 |
Increase (decrease) in Equity [Roll Forward] | |||||||
Shares issued (in shares) | 0 | ||||||
Repurchases of shares (in shares) | (400,000) | ||||||
Distribution of treasury shares (in shares) | 450,000 | ||||||
Outstanding number of shares: Balance at end of year (in shares) at Dec. 31, 2022 | 200,485,621 | 200,485,621 | |||||
Increase (decrease) in Equity [Roll Forward] | |||||||
Shares issued | $ 0 | 0 | |||||
Repurchases of shares | (3,273) | ||||||
Distribution of treasury shares | 2,568 | (1,740) | |||||
Stock option expense | 566 | ||||||
Other | 0 | ||||||
Reclassified to contributed surplus | 0 | ||||||
Distributions to shareholders | (180,392) | (291,284) | |||||
Reclassified from additional paid in capital | 0 | ||||||
Net (loss) income | 461,847 | ||||||
Balance at end of year at Dec. 31, 2022 | $ 1,917,033 | $ 10,061 | $ (5,014) | $ 851 | $ 1,582,257 | $ 328,878 |
ORGANIZATION AND BUSINESS |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | ORGANIZATION AND BUSINESS Historical Structure and Business of the Company We were incorporated as Knightsbridge Tankers Limited in Bermuda as an exempted company under the Bermuda Companies Act of 1981 on September 18, 1996. We were originally established for the purpose of owning and operating five VLCCs. On October 7, 2014, we entered into the Merger Agreement, with the Former Golden Ocean, a dry bulk shipping company based in Bermuda and listed on the Oslo Stock Exchange ("OSE"), pursuant to which the two companies agreed to merge, with us as the surviving company. Following the completion of the Merger on March 31, 2015, we changed our name to Golden Ocean Group Limited. Our common shares commenced trading on the NASDAQ Global Select Market ("NASDAQ") in February 1997 and currently trade under the symbol "GOGL". We obtained a secondary listing on the OSE in April 2015. In 2021, we acquired 15 modern dry bulk vessels and three newbuildings for a total consideration of $752 million from affiliates of Hemen (the “Vessel Acquisitions”). The Vessel Acquisition was financed by $338 million in new equity capital and a $414 million debt facility provided by affiliates of Hemen. We own and operate dry bulk carriers of primarily four sizes: Newcastlemax vessels, which are between 200,000 and 210,000 dwt, Capesize vessels, which are between 105,000 and 200,000 dwt, Panamax vessels (including Kamsarmax), which are vessels between 65,000 and 105,000 dwt, and Ultramax vessels, which are between 55,000 and 65,000 dwt. We operate through subsidiaries located in Bermuda, Liberia, the Marshall Islands, Norway, Singapore and UK. We are also involved in the charter, purchase and sale of vessels. As of December 31, 2022, we owned 75 dry bulk vessels and had construction contracts for ten newbuildings. In addition, we had nine vessels chartered-in (of which seven and one are chartered in on finance leases and operating leases, respectively, from SFL Corporation Ltd. ("SFL") and one is chartered in on an operating lease from an unrelated third party). Our owned vessels are owned and operated by one of our subsidiaries and are flagged either in the Marshall Islands, Hong Kong or Panama.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the assets and liabilities of us and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Use of estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires us to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: judgements involved in identifying performance obligations in revenue contracts, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation, impairment of assets, the amount of uncollectible accounts and accounts receivable, the amount to be paid for certain liabilities, including contingent liabilities, the amount of costs to be capitalized in connection with the construction of newbuildings and the determination of useful life of our vessels. Actual results could differ from those estimates. Fair values We have determined the estimated fair value amounts presented in these consolidated financial statements using available market information and appropriate methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. The estimates presented in these consolidated financial statements are not necessarily indicative of the amounts that we could realize in a current market exchange. Estimating the fair value of assets and liabilities requires the use of estimates and significant judgments, among others, the following: the market assumptions used when valuing acquired time charter contracts, the expected revenues earned by vessels and the operating costs (including drydocking costs) of those vessels and the discount rate used in cash flow based valuations. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Reporting and functional currency Our functional currency is the United States dollar as all revenues are received in United States dollars and a majority of our expenditures are made in United States dollars. We and our subsidiaries report in United States dollars. Foreign currency Transactions in foreign currencies during the year are translated into United States dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction gains or losses are included in the consolidated statements of operations. Revenue and expense recognition Revenue Recognition Our shipping revenues are primarily generated from time charters and voyage charters. In a time charter, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such as that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, where we charter the ship out to a charterer, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are considered operating leases because (i) the vessel is an identifiable asset (ii) we do not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter contracts are generally accounted for under ASC 842 leases and revenues are recorded over the term of the charter. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period. Variable lease payments included into our time-charter agreements, such as positioning bonuses or profit sharing for fuel savings from scrubbers, that do not depend on an index or rate are excluded from the calculation of lease payments and recognized in the period in which the variability is resolved. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration for such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or "dead" freight. The voyage charter party generally has standard payment terms of 90 or 95% freight paid within to five days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as demurrage revenue. Conversely, the charterer may be given credit if the loading/discharging activities happen within a shorter period than the allowed laytime, which is despatch and results in a reduction in revenue. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. 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 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. Under this guidance 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. Voyage and other contracts not qualifying as leases are accounted for under the provisions of ASC 606. We have determined that our voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight line basis over the voyage days from the commencement of loading to completion of discharge. The voyage charters generally have variable consideration in the form of demurrage or despatch, which is recognized as we satisfy the performance obligations under the contract. We estimate demurrage or despatch at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. In a voyage contract, we bear all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs related to the voyage which are incurred during the period between loading and discharging the cargo, are expensed as incurred. Several of our Capesize vessels operated under a pool arrangement for Capesize vessels with Capesize Chartering Ltd. ("CCL") in 2021 and 2020. All vessels were redelivered to us in 2021. Revenues and expenses for our owned vessels generated through this pool arrangement were presented gross. We considered ourselves the principal under the charter parties with the customers for the vessels that operated under this pool arrangement, primarily because we considered ourselves to have control over the service to be transferred for the customer under the charter parties. CCL, as pool manager, calculated the total pool revenues, pool expenses and pool results based on each participant’s reported results. Based on the aggregated pool results as defined under the pool agreement and a pre-determined pool key, reflecting a vessel’s earning capacity, CCL calculated and allocated a pool result for each vessel. The difference between the calculated pool result for our owned vessels and the actual result from the charter party with the third party customer was a settlement amount with CCL in 2021 and 2020. This settlement amount allocated under the pool arrangement, is presented as other operating income (expenses), net, in our consolidated statements of operations. Our Ultramax vessels operated under a revenue sharing agreement ("RSA"), for Supramax vessels managed by C Transport Maritime S.A.M. ("CTM"), formerly known as C Transport Holding Ltd, in 2021 and 2020. All vessels were redelivered to us in 2021. Under this RSA, up to 2021 CTM performed both commercial and operational functions related to the contracts with the third party customers. CTM as manager, recorded all revenues and voyage expenses for all vessels under the arrangement which include vessels owned by third parties. The revenues and voyage expenses were pooled together, allocated and the net result were distributed to each participant under the arrangement in accordance with an agreed-upon formula. Under this RSA, CTM also operated and therefore controlled the use of our owned vessels included under the arrangement. As a result, the RSA for our vessels with CTM was considered to meet the definition of a lease. We accounted for the transactions with CTM as variable rate operating leases and recognized revenues for the applicable periods based on the net amount to be distributed by CTM. Other revenues primarily comprise revenues earned from the commercial management of related party vessels. Other revenues are recognized on an accruals basis as the services are provided and performance obligations are met. Gains and losses on the sale of vessels Gains and losses on the sale of vessels are recognized when the vessel has been delivered and all risks have been transferred and are determined by comparing the net proceeds received with the carrying value of the vessel. Charter hire expense Charter hire expense is charged to the consolidated statement of operations on a straight-line basis over the lease term. Contingent rental expense (income) Any contingent elements of rental expense (income), such as profit share or interest rate adjustments included in our leases, are recognized when the contingent conditions have materialized. Drydocking Normal vessel repair and maintenance costs are expensed when incurred. We recognize the cost of a drydocking at the time the drydocking takes place, applying the "expense as incurred" method. Impairment of vessels, newbuildings and right of use assets The carrying values of our vessels, newbuildings and right of use assets are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Indicators of impairment are identified based on a combination of factors which include amongst other, development of secondhand vessel values based on external appraisals of our ships, development of forward freight rates, spot rates and operating cash flow. If impairment indicators exist, we assess the recoverability of the carrying value of each asset on an individual basis. We assess recoverability of the carrying value of owned vessels and newbuildings on an individual basis by estimating the future undiscounted cash flows expected to result from the asset, including any remaining construction costs for newbuildings, and eventual disposal. Fair value for our owned vessels and newbuildings is estimated based on values achieved for the sale/purchase of similar vessels and external appraisals. In addition, owned vessels held for sale are reported at the lower of carrying amount and fair value less estimated costs to sell. Recoverability of right of use assets is assessed on an asset by asset basis by estimating the future undiscounted cash flows from the right of use assets earned over the remaining lease term of our operating and finance leases. For owned vessels, newbuildings and right of use assets, if the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's carrying value and estimated fair value derived from cash flow based valuations. Interest expense Interest costs are expensed as incurred except for interest costs that are capitalized. For any newbuildings that are constructed, we capitalize interest expenses during construction of newbuildings based on accumulated expenditures for the applicable project at our current rate of borrowing. The capitalization of interest expenses ceases when the newbuilding is considered substantially completed. The amount of interest expense capitalized in an accounting period shall be determined by applying an interest rate (the "capitalization rate") to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. We do not capitalize amounts beyond the actual interest expense incurred in the period. Earnings per share Basic earnings per share is computed based on the income available to common stockholders and the weighted average number of shares outstanding. Treasury shares are weighted for the portion of the period they are outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments. Cash and cash equivalents All demand and time deposits and highly liquid, low risk investments with original maturities of three months or less at the date of purchase are considered equivalent to cash. Cash includes cash on hand and in the Company's bank accounts. The Company is required to maintain a minimum cash balance in accordance with its debt facility agreements with various banks. Such amounts are included in Cash and cash equivalents. Restricted cash Restricted cash consists of cash, which may only be used for certain purposes under our contractual arrangements and primarily comprises collateral deposits for derivative trading. Marketable securities Our marketable securities are investments in equity securities with readily determinable fair values. These investments are measured at fair value and any resulting unrealized gains and losses are recorded in the consolidated statement of operations. Derivatives Our derivative instruments include interest-rate swaps, foreign currency swaps, forward freight agreements and bunker derivatives. These derivatives are considered to be economic hedges. However, none of these derivative instruments have been designated as hedges for accounting purposes. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without changes in the fair values are recognized as assets or liabilities. Changes in the fair value of these derivatives are recorded in Gain (loss) on derivatives in our consolidated statement of operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows. Financial instruments In determining the fair value of our financial instruments, we use a variety of methods and assumptions that are based on market conditions and risks, including determining the impact of nonperformance risks, existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. Receivables Trade receivables, other receivables and long-term receivables are presented net of allowances for doubtful balances and credit losses. The company creates the allowance for expected credit losses to reflect the risk of estimated loss during the lifetime of receivables. The Company makes significant judgements and assumptions to estimate its expected losses. The allowance for credit losses can be determined using various methods, such as loss-rate methods, probability-of-default method or methods that utilize an aging schedule. At each reporting date, the allowance for credit losses is recorded as a reduction of receivables. Net income is adjusted to reflect the change in estimate from prior period. On January 1, 2020, we adopted ASU No 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, using a modified retrospective approach. The Company recorded a net decrease to retained earnings of $0.22 million as of January 1, 2020 for the cumulative effect of adopting the standard. If trade accounts receivable become uncollectible, they are charged as an operating expense. Allowance for doubtful balances is deducted from the allowance for credit losses and recorded separately as a reduction of accounts receivable. Allowance for doubtful balances are recorded in the period in which the financial assets are deemed uncollectible. Interest income on interest bearing receivables is recognized on an accrual basis using prevailing contractual interest rates. Inventories Inventories, which are comprised principally of fuel and lubricating oils, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Vessels, newbuildings and depreciation Vessels are stated at cost less accumulated depreciation. Newbuildings represent the accumulated costs to the balance sheet date which we have paid by way of purchase installments and other capital expenditures together with capitalized interest and associated finance costs. Depreciation is calculated based on cost less estimated residual value, using the straight-line method, over the useful life of each vessel. For newbuildings no charge for depreciation is made until the vessel is available for use. The useful life of each vessel is deemed to be 25 years. The residual value is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per tonne. The market price of scrap per tonne is calculated as the 10-year historical average up to the date we take ownership of the vessel, across the two main recycling markets (Indian sub-continent and Bangladesh). Residual values are reviewed annually. Finance leases We charter in certain vessels and equipment under leasing agreements. Leases of vessels and equipment where we have substantially all the risks and rewards of ownership are classified as finance leases and we recognize on the balance sheet the right to use those assets and a corresponding liability. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We make significant judgments and assumptions to estimate our incremental borrowing rate that a lessee would have to pay to borrow on a 100% collateralized basis over a term similar to the lease term and in an amount equal to the lease payments in a similar economic environment. We perform the following steps in estimating our incremental borrowing rate: (i) gather observable debt yields of our recently issued debt facilities; and (ii) make adjustments to the yields of the actual debt facilities to reflect changes in collateral level, terms, the risk-free interest rate, and credit ratings. Each lease payment is allocated between liability and finance charges to achieve a constant rate on the finance balance outstanding. The interest element of the finance cost is expensed to the Consolidated Statement of Operations over the lease period. Variable lease payments that depend on an index or a rate are included in the calculation of lease payments and are measured using the prevailing index or rate at the measurement date. Future changes in an index or a rate are recognized as part of lease-related cost in each year. Depreciation of vessels and equipment under finance lease is included within "Depreciation" in the Consolidated Statement of Operations. Vessels and equipment under finance lease are depreciated on a straight-line basis over the vessels' remaining economic useful life or on a straight-line basis over the expected term of the lease if shorter. Upon termination of a finance lease, any remaining assets and obligations related to the vessel are written off to the Statement of Operations. The net position, including any termination payments, are presented in Other operating gains (losses). Operating leases Our operating leases relate to vessels, offices and equipment under leasing agreements that do not meet the criteria to be classified as finance leases. We recognize on the balance sheet the right to use those assets and a corresponding liability in respect of all material lease contracts with a duration, or lease term, of 12-months or above. Similar to our finance leases, the discount rate used for calculating the cost of the operating leases is the incremental cost of borrowing. The amortization of right of use assets relating to operating leased vessels is presented under charter hire expenses in the statement of operations. Impairment loss related to operating leases is presented in the income statement as a separate line within operating expense under Impairment loss on right of use assets. For our time charter-in contracts, a non-lease component, or service element has been determined which is reported under ship operating expenses. We make significant judgements and assumptions to separate the lease component from the non-lease component of our time chartered-in vessels. For purposes of determining the standalone selling price of the vessel lease and technical management service components of our time charters, we have concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters, and the age of the vessel. We believe that the standalone transaction price attributable to the technical management service component is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated and the residual transaction price is attributed to the vessel lease component. The amortization of right of use assets relating to office leases is reported under administrative expenses in the statement of operations. Upon termination of an operating lease, any remaining assets and obligations related to the vessel are written off to the Statement of Operations. Value of long-term charter contracts We account for the fair value of acquired long-term charter contracts, as either a separate asset or liability. The fair value is calculated as the net present value of the difference in cash flows arising over the period of the contract when the expected cash flows from the contract are compared to expected cash flows from comparable contracts at the acquisition date. An asset is recorded for contracts, which are favorable to us and a liability has been recorded for contracts, which are unfavorable to us. The amortization of time charter out contracts is recorded and presented under time charter revenues and the amortization of time charter-in contracts is amortized and presented under charter hire expenses in the consolidated statement of operations. Equity method investments Investments in companies over which we have the ability to exercise significant influence but do not control are accounted for using the equity method. We record our investments in equity-method investees in the consolidated balance sheets as "Investment in associated companies" and our share of the investees' earnings or losses in the consolidated statements of operations as "Share of results of associated companies". The excess, if any, of purchase price over book value of our investments in equity method investees is included in the accompanying consolidated balance sheets in "Investment in associated companies". The carrying values of equity method investments are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may no longer be recoverable. Such indicators may include depressed spot rates and depressed second-hand vessel values. We assess recoverability of the carrying value of each individual equity method investments by estimating the fair value of the net assets of the company. An impairment loss is recorded equal to the difference between the investments carrying value and fair value. Fair value of investment is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations of the investments underlying assets. Sales of shares of an investee is accounted for as gains or losses under non-operating items equal to the difference at the time of sale between selling price and carrying amount of the shares sold. Deferred charges Loan costs, including debt arrangement fees, are capitalized and amortized on a straight-line basis over the term of the relevant loan. The straight line basis of amortization approximates the effective interest method. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. Amortization of deferred charges is included in interest expense. Debt issuance costs are presented in the balance sheet as a direct deduction from the carrying amount of the related debt. Distributions to shareholders Distributions to shareholders are applied first to retained earnings. When retained earnings are not sufficient, distributions are applied to the contributed capital surplus account. Stock-based compensation Stock based compensation represents the cost of vested and non-vested shares and share options granted to employees and to directors, for their services, and is included in “General and administrative expenses” in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized as compensation expense over the requisite service period for all awards that vest based on the ’straight-line method’ which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period. Treasury shares When the Company repurchases its share capital, the amount of the consideration paid is recognized as a deduction from equity and classified as treasury shares, pending future use. Treasury shares are recognized and measured at historic costs. In the event of a future resale, any price above the repurchase price would be allocated to additional paid in capital. The weighted average treasury shares reduce the number of shares outstanding used in calculating earnings per share. Comprehensive income The statement of comprehensive income presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of other comprehensive income on the face of the statement in which the components of other comprehensive income are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income (loss), items of other comprehensive income (“OCI”) and total comprehensive income in two separate and consecutive statements.
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RECENTLY ISSUED ACCOUNTING STANDARDS |
12 Months Ended |
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Dec. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Standards Updates, recently adopted In March 2020, the FASB issued ASU 2020-04 (ASC 848 Reference Rate Reform), which provides optional expedients and exceptions for applying U.S. GAAP guidance to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update 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. Relief provided by ASU 2020-04, as amended by ASU 2022-06, Reference Rate Reform (ASC 848) – Deferral of the Sunset Date of Topic 848 – issued in December 2022, is optional and expires December 31, 2024. 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 U.S.GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. All new contracts we enter into are based on alternative reference rate, SOFR. For existing contracts, we are currently having discussions with our lending banks and the counterparties to our interest rate derivative contracts in advance of the June 30, 2023, to ensure that our contracts are renegotiated in time for LIBOR discontinuation date. It is our view, that we will transition to the alternative reference rate, SOFR, in accordance with the set LIBOR discontinuation date of June 30, 2023.
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INCOME TAXES |
12 Months Ended |
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Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Bermuda We are incorporated in Bermuda. Under current Bermuda law, we are not required to pay taxes in Bermuda on either income or capital gains. We have received written assurance from the Minister of Finance in Bermuda that, in the event of any such taxes being imposed, we will be exempted from taxation until March 31, 2035. United States We do not accrue U.S. income taxes as we are not engaged in a U.S. trade or business and are exempted from a gross basis tax under Section 883 of the U.S. Internal Revenue Code. A reconciliation between the income tax expense resulting from applying the U.S. Federal statutory income tax rate and the reported income tax expense has not been presented herein as it would not provide additional useful information to users of the financial statements as our net income is subject to neither Bermuda nor U.S. tax. Singapore We are eligible and participate under the Maritime Sector Incentive-Approved International Shipping Enterprise (MSI- AIS) award in Singapore. All qualified shipping income derived from the shipping activity in our Singapore subsidiary is exempt from taxation for the duration of our MSI-AIS approval. The MSI-AIS approval was in June 2015 for a period of ten years. Other Jurisdictions Our subsidiaries in Norway and United Kingdom are subject to income tax. The tax paid by subsidiaries of the Company that are subject to income tax is not material to our consolidated financial statements and related disclosures. We do not have any unrecognized tax benefits, material accrued interest or penalties relating to income taxes.
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SEGMENT INFORMATION |
12 Months Ended |
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Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our chief operating decision maker (the ''CODM''), measures performance based on our overall return to shareholders based on consolidated net income. The CODM does not review a measure of operating result at a lower level than the consolidated group and we only have one reportable segment. Our vessels operate worldwide and therefore management does not evaluate performance by geographical region as this information is not meaningful. For the year ended December 31, 2022, no customer accounted for 10% or more for our consolidated revenues. For the year ended December 31, 2021, one customer accounted for 10% or more of our consolidated revenues in the amount of $117.7 million. For the year ended December 31, 2020, no customer accounted for 10% or more of our consolidated revenues.
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EARNINGS PER SHARE |
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EARNINGS PER SHARE | EARNINGS PER SHARE The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows:
In May 2022, 450,000 share options held by the management were exercised and as of December 31, 2022 there are 650,000 outstanding options which are dilutive under the treasury stock method by 503,047 shares. In 2022, the Company acquired an aggregate of 400,000 of our own shares, in open market transactions under our 2022 share buy-back program, of which 150,000 shares were acquired on the OSE and 250,000 shares were acquired on NASDAQ. The Company did not acquire any of its own shares in 2021 and 2020. All of the Company's own shares and distributions have been weighted for the portion of the period they were outstanding. As a result, the treasury shares reduced the weighted average number of shares outstanding in 2022, 2021 and 2020 by 506,096, 786,425 and 990,765 shares, respectively.
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OPERATING REVENUES |
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OPERATING REVENUES | OPERATING REVENUES The following table shows the revenues earned from time charters, voyage charters and other revenues for the year ended December 31, 2022, 2021 and 2020:
In 2022, 2021 and 2020, we recognized a total of $29.3 million, $49.1 million and $16.6 million, respectively, in demurrage which is included under voyage charter revenues. Most of our voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we, as the shipowner, retain control over the operations of the vessel such as directing the routes taken or the vessel speed. However, some of our voyage charter contracts could be considered to contain a lease. A voyage charter contains 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. When a lessor, we have elected the practical expedient for our time charter contracts and voyage charter contracts that qualify as leases to not separate the non-lease component, or service element, from the lease. Furthermore, ASC 842 requires us 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. Under this guidance we have assessed that the lease components were the predominant component for all of our time charter contracts. Furthermore, for certain of our voyage charter contracts the lease components were the predominant components. For the year ended December 31, 2022 the split between lease and non-lease component was as follows:
Variable lease income included into our time-charter agreements amounted to $18.9 million, $21.0 million and $3.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. For the year ended December 31, 2021 the split between lease and non-lease component was as follows:
For the year ended December 31, 2020 the split between lease and non-lease component was as follows:
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. $29.5 million of contract assets were capitalized in the year ended December 31, 2022 under "Other current assets", of which $24.7 million was amortized up to December 31, 2022, leaving a remaining balance of $4.9 million. In 2022, $3.2 million of contract assets were amortized in relation to voyages in progress at the end of December 31, 2021. $20.2 million of contract assets were capitalized in the year ended December 31, 2021 under "Other current assets", of which $17.0 million was amortized up to December 31, 2021, leaving a remaining balance of $3.2 million. $3.2 million of contract assets were amortized in 2021 in relation to voyages in progress at the end of December 31, 2020. In 2020, we amortized an aggregate of $13.3 million of capitalized voyage expenses, or contract assets classified as other current assets. No impairment losses related to capitalized fulfillment costs were recognized in any of the periods. As of December 31 2022, we reported trade accounts receivable and the following contract assets in relation to our contracts with customers, including contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606:
As of December 31, 2022, we recorded $16.2 million (2021: $20.0 million) in total deferred charter revenue for consideration received or unearned revenue related to ongoing voyages at period end. In 2022, we recognized $20.0 million in revenue, which was deferred as at December 31, 2021, as the performance obligations were met. Credit loss allowance as of December 31, 2022 relating to the contract assets above amounted to $0.1 million. No impairment losses were recognized as of December 31, 2022. In 2021, we exited the CCL pool and, as such, no revenue was recognized relating to our vessels under the CCL RSA for the year ended December 31, 2022. Total revenues for 2021 and 2020 relating to our owned vessels that were under the CCL RSA or arrangements where we are considered the principal were $378.7 million and $264.1 million, respectively. In addition to these amounts, we retained or paid a net pro/contra amount based on a net settlement of our relative share of the pool results. The net pro/contra amounts relating to the pool arrangements where we were considered the principal were net negative $0.4 million and $2.0 million respectively, for 2022 and 2021 and positive $3.0 million in 2020.These amounts are presented under the line item “other operating income (expenses), net”. Total lease revenues for 2022, 2021 and 2020 relating to our owned Supramax vessels that were under the CTM RSA and which have been accounted for as operating leases were nil, $17.3 million and $8.6 million, respectively.
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GAIN ON SALE OF ASSETS |
12 Months Ended |
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Dec. 31, 2022 | |
Gain on Sale of Assets [Abstract] | |
GAIN ON SALE OF ASSETS | GAIN ON SALE OF ASSETS In November 2022, the Company entered into an agreement to sell a Panamax vessel, Golden Ice, to an unrelated third party for $14.6 million. Upon delivery of the vessel in December 2022, we recorded a gain of $2.8 million from the sale. In June 2022, we entered into an agreement to sell two Ultramax vessels, Golden Cecilie and Golden Cathrine, to an unrelated third party for $63.0 million en-bloc. Upon delivery of the vessels, we recorded a gain of $21.9 million from the sale in the third quarter of 2022. In February 2022, we entered into an agreement to sell three older Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour, to an unrelated third party for $52.0 million en-bloc. Upon delivery of the vessels, we recorded a gain of $9.5 million from the sale in the second quarter of 2022. In October 2021, we announced the sale of two older Panamax vessels, Golden Opportunity and Golden Endurer, to unrelated third parties for an aggregate sale price of $37.2 million. We recorded a gain from sale of $4.9 million and $4.9 million related to Golden Opportunity and Golden Endurer, respectively. Both vessels were delivered to their new owners in November 2021.
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IMPAIRMENT OF VESSELS |
12 Months Ended |
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Dec. 31, 2022 | |
Property, Plant and Equipment Impairment or Disposal [Abstract] | |
IMPAIRMENT OF VESSELS | IMPAIRMENT OF VESSELSNo impairment on vessels has been recorded in 2022. In January 2021, we entered into an agreement to sell Golden Saguenay, a Panamax vessel, to an unrelated third party for a total gross amount of $8.4 million. We recognized an impairment loss of $4.2 million from the sale in 2021. The vessel was delivered to its new owner in April 2021. |
OPERATING LEASES |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING LEASES | OPERATING LEASESAs of December 31, 2022, we leased in one vessel (2021: one vessel) from SFL and one vessel (2021: three vessels) from an unrelated third party, all of which are classified as operating leases. Additionally, as of December 31, 2022 and 2021, respectively, we had two operating leases for our offices in Oslo and Singapore. All of these leases had an initial duration above 12 months. In total we have leased in eight vessels from SFL, of which one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of December 31, 2022. With reference to Note 27, "Related Party Transactions", these contracts were a result of a sale and leaseback transaction with SFL for eight Capesize vessels agreed in 2015. These vessels were sold en-bloc for an aggregate price of $272.0 million. The vessels were delivered to SFL in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a period of ten years. The daily time charter rate for SFL operating lease is $17,600, of which $7,000 is for operating expenses (including drydocking costs) up until the third quarter of 2022 when the daily time charter rate was reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are calculated and paid on a quarterly basis to SFL. The daily hire payments will be adjusted if the actual three-month LIBOR should deviate from a base LIBOR of 0.4% per annum. For each 0.1% point increase/decrease in the interest rate level, the daily charter hire will increase or decrease by $50 per day in the first seven years and $25 per day in the remaining three years. This resulted in an average daily rate of $16,624 for SFL operating lease in 2022 and there was $3.0 million in total profit share for all eight SFL vessels in 2022 recorded as charter hire expense ($9.8 million and $37.9 thousand in 2021 and 2020, respectively). Contingent or variable lease expense for the eight SFL leases was recorded in 2022 as interest expense of $0.6 million. In 2021 and 2020 we recorded the variable lease expense of $2.0 million and $0.7 million, respectively. We have a purchase option of $112 million en-bloc after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years. For the Ultramax vessel, Golden Hawk, which is chartered in from an unrelated third party, the daily rate is $13,200 until the expiration of the fixed term of the contract in the first quarter of 2022. Based on an agreement, if the 6-T/C Baltic Exchange Supramax Index exceeds the daily rate of $13,200, any such excess will be paid to the lessor but limited to the agreed compensation of $1.75 million. In 2021, the 6-T/C Baltic Exchange Supramax Index exceeded the daily rate of $13,200 and as of December 31, 2021, index linked compensation of $1.75 million was paid in full. In 2021, we extended Golden Hawk lease for approximately one year by using the first extension option in the contract. The daily rate during the first extension period was $13,700. Further, in 2022, we extended Golden Hawk lease for approximately one year by using the second extension option in the contract. The daily rate during the second extension period is $14,200. Admiral Schmidt and Vitus Bering are 2019-built 104,550 dwt ice-class vessels, chartered in 2019 on time charter for a firm period of three years, with four annual options exercisable by us to extend the lease. The contracts have been determined to be operating leases with a lease term of three years, respectively. The gross hire is determined based on a weighted average of the Baltic Panamax Index (BPI 4TC) and the Baltic Capesize Index (BCI 5TC) with a floor of $9,000 per day. In February 2022, we exercised the option to extend Admiral Schmidt and Vitus Bering contracts for one year each. In May 2022, we suspended time charter agreements with respect to Admiral Schmidt and Vitus Bering and redelivered the vessels to their owners, after understanding that those vessels were financed by owners as part of a sale-leaseback arrangement with a Russian-state owned entity. Exercise of extension options and suspension of the charter contract resulted in reassessment of the lease liability which was recorded as additions to right of use assets and right of use liabilities in the amount of $9.5 million during the first six months of 2022. As suspension agreement expired in November 2022 and vessels were not redelivered back to us, we are relieved from any duties, obligations, liabilities or commitments under the current contracts. Right of use assets, right of use liabilities and other contract related assets were written off and credited to charter hire expense in the total net positive amount of $2.0 million. Based on the charterparty contracts for Admiral Schmidt and Vitus Bering, for certain trades, a profit-sharing scheme between charterers and the owners comes into force. Up until May 2022, when vessels were redelivered, we did not incur any expenses due to profit sharing schemes (2021: $0.2 million) for these vessels. For operating leases mentioned above and vessels chartered in on short-term time charters, we have allocated the consideration due between the lease and non-lease components based upon the estimated stand-alone price of the services provided by the owner of the vessels. We have presented a total of $17.3 million, $19.3 million and $19.2 million of the non-lease component, or service element, under ship operating expenses for 2022, 2021 and 2020, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.6 million, $0.5 million and $0.5 million is recorded in Administrative expenses in the Consolidated Statement of Operations for 2022, 2021 and 2020, respectively. Our right of use assets for long-term operating leases were as follows:
The amortization of right of use assets relating to leased vessels is presented under charter hire expenses in the statement of operations. The amortization of right of use assets relating to office leases is presented under administrative expenses in the statement of operations. In 2022 and 2021, we recorded no impairment of right of use assets for operating leases. In 2020, we recorded a total of $24.2 million in impairment of right of use assets for operating leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by impairment indicators identified in the first quarter of 2020. Our lease obligations for long-term operating leases were as follows:
Charter hire and office rent expense The future minimum operating lease expense payments (including lease and non-lease components) under our non-cancelable fixed rate operating leases as of December 31, 2022 are as follows:
The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis. As of December 31, 2022, the future rental payments include $1.7 million (2021: $2.2 million, 2020: $2.6 million) in relation to office rent costs and $19.9 million (2021: $30.4 million, 2020: $45.3 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases reflected as charter hire expense was $57.2 million in 2022 (2021: $81.7 million, 2020: $29.0 million), which included $50.1 million for short-term leases (2021: $62.4 million, 2020: $23.5 million). Total cash paid in respect of operating leases was $66.7 million in 2022 (2021: $88.4 million, 2020: $35.7 million). The weighted average discount rate in relation to our operating leases was 5.02%, 5.36% and 5.20% for 2022, 2021 and 2020, respectively. The weighted average lease term was 4.7, 4.5 and 4.4 years in 2022, 2021 and 2020, respectively. Rental income As of December 31, 2022, we leased out five vessels on fixed time charter rates (2021: eight vessels) and 30 vessels (2021: 26 vessels) on index-linked time charter rates to third parties with initial periods ranging between one year and ten years. All of these leases are classified as operating leases. The future operating lease receipts under our operating leases as of December 31, 2022 are as follows:
An index-linked rate in time charter operating leases usually refers to freight rate indices issued by the Baltic Exchange, such as the Baltic Capesize Index and the Baltic Panamax Index, and as such essentially these contracts are operating in the spot market. Index-linked time charter rate operating leases in the table above are included at the minimum rate level of zero. As of December 31, 2022, the cost and accumulated depreciation of the 35 vessels which were leased out to third parties, were $1,826.7 million and $404.1 million, respectively. As of December 31, 2021, the cost and accumulated depreciation of the 34 vessels which were leased out to third parties, were $1,637.3 million and $308.1 million, respectively.
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OPERATING LEASES | OPERATING LEASESAs of December 31, 2022, we leased in one vessel (2021: one vessel) from SFL and one vessel (2021: three vessels) from an unrelated third party, all of which are classified as operating leases. Additionally, as of December 31, 2022 and 2021, respectively, we had two operating leases for our offices in Oslo and Singapore. All of these leases had an initial duration above 12 months. In total we have leased in eight vessels from SFL, of which one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of December 31, 2022. With reference to Note 27, "Related Party Transactions", these contracts were a result of a sale and leaseback transaction with SFL for eight Capesize vessels agreed in 2015. These vessels were sold en-bloc for an aggregate price of $272.0 million. The vessels were delivered to SFL in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a period of ten years. The daily time charter rate for SFL operating lease is $17,600, of which $7,000 is for operating expenses (including drydocking costs) up until the third quarter of 2022 when the daily time charter rate was reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are calculated and paid on a quarterly basis to SFL. The daily hire payments will be adjusted if the actual three-month LIBOR should deviate from a base LIBOR of 0.4% per annum. For each 0.1% point increase/decrease in the interest rate level, the daily charter hire will increase or decrease by $50 per day in the first seven years and $25 per day in the remaining three years. This resulted in an average daily rate of $16,624 for SFL operating lease in 2022 and there was $3.0 million in total profit share for all eight SFL vessels in 2022 recorded as charter hire expense ($9.8 million and $37.9 thousand in 2021 and 2020, respectively). Contingent or variable lease expense for the eight SFL leases was recorded in 2022 as interest expense of $0.6 million. In 2021 and 2020 we recorded the variable lease expense of $2.0 million and $0.7 million, respectively. We have a purchase option of $112 million en-bloc after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years. For the Ultramax vessel, Golden Hawk, which is chartered in from an unrelated third party, the daily rate is $13,200 until the expiration of the fixed term of the contract in the first quarter of 2022. Based on an agreement, if the 6-T/C Baltic Exchange Supramax Index exceeds the daily rate of $13,200, any such excess will be paid to the lessor but limited to the agreed compensation of $1.75 million. In 2021, the 6-T/C Baltic Exchange Supramax Index exceeded the daily rate of $13,200 and as of December 31, 2021, index linked compensation of $1.75 million was paid in full. In 2021, we extended Golden Hawk lease for approximately one year by using the first extension option in the contract. The daily rate during the first extension period was $13,700. Further, in 2022, we extended Golden Hawk lease for approximately one year by using the second extension option in the contract. The daily rate during the second extension period is $14,200. Admiral Schmidt and Vitus Bering are 2019-built 104,550 dwt ice-class vessels, chartered in 2019 on time charter for a firm period of three years, with four annual options exercisable by us to extend the lease. The contracts have been determined to be operating leases with a lease term of three years, respectively. The gross hire is determined based on a weighted average of the Baltic Panamax Index (BPI 4TC) and the Baltic Capesize Index (BCI 5TC) with a floor of $9,000 per day. In February 2022, we exercised the option to extend Admiral Schmidt and Vitus Bering contracts for one year each. In May 2022, we suspended time charter agreements with respect to Admiral Schmidt and Vitus Bering and redelivered the vessels to their owners, after understanding that those vessels were financed by owners as part of a sale-leaseback arrangement with a Russian-state owned entity. Exercise of extension options and suspension of the charter contract resulted in reassessment of the lease liability which was recorded as additions to right of use assets and right of use liabilities in the amount of $9.5 million during the first six months of 2022. As suspension agreement expired in November 2022 and vessels were not redelivered back to us, we are relieved from any duties, obligations, liabilities or commitments under the current contracts. Right of use assets, right of use liabilities and other contract related assets were written off and credited to charter hire expense in the total net positive amount of $2.0 million. Based on the charterparty contracts for Admiral Schmidt and Vitus Bering, for certain trades, a profit-sharing scheme between charterers and the owners comes into force. Up until May 2022, when vessels were redelivered, we did not incur any expenses due to profit sharing schemes (2021: $0.2 million) for these vessels. For operating leases mentioned above and vessels chartered in on short-term time charters, we have allocated the consideration due between the lease and non-lease components based upon the estimated stand-alone price of the services provided by the owner of the vessels. We have presented a total of $17.3 million, $19.3 million and $19.2 million of the non-lease component, or service element, under ship operating expenses for 2022, 2021 and 2020, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.6 million, $0.5 million and $0.5 million is recorded in Administrative expenses in the Consolidated Statement of Operations for 2022, 2021 and 2020, respectively. Our right of use assets for long-term operating leases were as follows:
The amortization of right of use assets relating to leased vessels is presented under charter hire expenses in the statement of operations. The amortization of right of use assets relating to office leases is presented under administrative expenses in the statement of operations. In 2022 and 2021, we recorded no impairment of right of use assets for operating leases. In 2020, we recorded a total of $24.2 million in impairment of right of use assets for operating leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by impairment indicators identified in the first quarter of 2020. Our lease obligations for long-term operating leases were as follows:
Charter hire and office rent expense The future minimum operating lease expense payments (including lease and non-lease components) under our non-cancelable fixed rate operating leases as of December 31, 2022 are as follows:
The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis. As of December 31, 2022, the future rental payments include $1.7 million (2021: $2.2 million, 2020: $2.6 million) in relation to office rent costs and $19.9 million (2021: $30.4 million, 2020: $45.3 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases reflected as charter hire expense was $57.2 million in 2022 (2021: $81.7 million, 2020: $29.0 million), which included $50.1 million for short-term leases (2021: $62.4 million, 2020: $23.5 million). Total cash paid in respect of operating leases was $66.7 million in 2022 (2021: $88.4 million, 2020: $35.7 million). The weighted average discount rate in relation to our operating leases was 5.02%, 5.36% and 5.20% for 2022, 2021 and 2020, respectively. The weighted average lease term was 4.7, 4.5 and 4.4 years in 2022, 2021 and 2020, respectively. Rental income As of December 31, 2022, we leased out five vessels on fixed time charter rates (2021: eight vessels) and 30 vessels (2021: 26 vessels) on index-linked time charter rates to third parties with initial periods ranging between one year and ten years. All of these leases are classified as operating leases. The future operating lease receipts under our operating leases as of December 31, 2022 are as follows:
An index-linked rate in time charter operating leases usually refers to freight rate indices issued by the Baltic Exchange, such as the Baltic Capesize Index and the Baltic Panamax Index, and as such essentially these contracts are operating in the spot market. Index-linked time charter rate operating leases in the table above are included at the minimum rate level of zero. As of December 31, 2022, the cost and accumulated depreciation of the 35 vessels which were leased out to third parties, were $1,826.7 million and $404.1 million, respectively. As of December 31, 2021, the cost and accumulated depreciation of the 34 vessels which were leased out to third parties, were $1,637.3 million and $308.1 million, respectively.
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CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
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Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASHAs of December 31, 2022, 2021 and 2020, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.
According to our accounting policy, amounts included in cash and cash equivalents include cash balances that are required to be maintained by the financial covenants in our loan facilities. Under our debt facilities, we need to maintain free cash of the higher of $20 million or 5% of total interest bearing debt. We have covenanted to retain at least $61.3 million of cash and cash equivalents as of December 31, 2022 (as of December 31, 2021: $69.5 million and as of December 31, 2020: $59.8 million). Restricted cash consists of cash, which may only be used for certain purposes under our contractual arrangements and primarily comprises collateral deposits for derivative trading.
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MARKETABLE EQUITY SECURITIES |
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARKETABLE EQUITY SECURITIES | MARKETABLE EQUITY SECURITIES Our marketable securities consist of equity securities in Eneti Inc, a company engaged in marine based renewable energy. Eneti Inc was until February 2021 named Scorpio Bulkers Inc., engaged in dry bulk shipping. Eneti Inc is listed on the New York Stock Exchange.
In 2022, we have received approximately $8.7 thousand in dividends from our investment in Eneti Inc.
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TRADE ACCOUNTS RECEIVABLE, NET |
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TRADE ACCOUNTS RECEIVABLE, NET [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRADE ACCOUNTS RECEIVABLE, NET | TRADE ACCOUNTS RECEIVABLE, NET Trade accounts receivables are stated net of a provision for doubtful accounts and credit loss allowance.
Allowance for credit losses for trade accounts receivable amounted to $44 thousand as of December 31, 2022 and $44 thousand as of December 31, 2021. Movements in the provision for doubtful accounts in the three years ended December 31, 2022 are summarized as follows:
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OTHER CURRENT ASSETS |
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS
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VALUE OF CHARTER PARTY CONTRACTS |
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VALUE OF CHARTER PARTY CONTRACTS | VALUE OF CHARTER PARTY CONTRACTS The value of favorable charter-out contracts is summarized as follows:
Value of the favorable charter party contracts relates primarily to contracts acquired as part of the Merger. Time charter revenues in 2022, 2021 and 2020 have been reduced by nil, $4.1 million and $12.1 million, respectively, as a result of the amortization of these favorable charter-out contracts. As of December 31, 2022, the remaining value of these favorable charter-out contracts is nil. With reference to Note 16, "Vessels and Equipment, Net'', in connection with the acquisition of vessels from Hemen, we acquired certain unfavorable time charter-out contracts, which were valued to net $2.2 million and recorded as a liability on acquisition. As of December 31, 2022, the remaining value of these charter-out contracts is nil.
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VESSELS AND EQUIPMENT, NET |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VESSELS AND EQUIPMENT, NET | VESSELS AND EQUIPMENT, NET
*this line includes vessels sold and delivered to new owners during 2022 **this line includes transfer to Vessels held for sale which are reflected on the balance sheet as of December 31, 2022 As of December 31, 2022, we owned 13 Newcastlemaxes, 35 Capesizes and 27 Panamaxes (as of December 31, 2021: 13 Newcastlemaxes, 35 Capesizes, 31 Panamaxes and two Ultramaxes). In November 2022, we entered into an agreement to sell two Panamax vessels, Golden Ice and Golden Strength, to an unrelated third party for an aggregate sales price of $30.3 million. Golden Ice was delivered to its new owner in December 2022, at which time we recorded a gain of $2.8 million. Golden Strength was delivered to its new owner in January 2023, and classified as held for sale as of December 31, 2022. We expect to record a gain of approximately $2.7 million in the first quarter of 2023. In June 2022, we entered into an agreement to sell en-bloc two Ultramax vessels, Golden Cecilie and Golden Cathrine to an unrelated third party for $63.0 million. The vessels were delivered to their new owner in the third quarter of 2022, upon which we recorded a gain of $21.9 million from the sale. In February 2022, we entered into an agreement to sell en-bloc three older Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour to an unrelated third party for $52 million. The vessels were delivered to their new owner in the second quarter of 2022 upon which we recorded a gain of $9.5 million from the sale. In February 2021, we entered into an agreement to acquire 15 modern dry bulk vessels and three newbuildings for a total consideration of $752 million from affiliates of Hemen, our largest shareholder, whereas $637.5 million related to vessels and $114.5 million related to newbuildings. The Vessel Acquisitions have been accounted for as an asset acquisition rather than a business combination as substantially all the fair value of the gross assets acquired on closing of the Vessel Acquisitions is concentrated in the value of the vessels, being a group of similar identifiable assets. We took delivery of all vessels and newbuildings in the first six months of 2021. In aggregate we capitalized $757.4 million under vessel and equipment related to the 15 vessels and three newbuildings, which includes $752 million consideration, $2.2 million relating to unfavorable contracts (reference to Note 15, "Value of Charter Party Contracts"), $2.1 million for newbuildings predelivery and technical supervision costs (reference to Note 17, "Newbuildings") and various other costs of $1.1 million. In 2021, we sold a total of three vessels, Golden Endurer, Golden Opportunity and Golden Saguenay. For Golden Endurer and Golden Opportunity, we recorded a total gain of $9.8 million, while for Golden Saguenay we recorded an impairment loss of $4.2 million. In 2020, we sold one vessel, Golden Shea, and recorded an impairment loss of $0.7 million. In 2022, we capitalized a total of $6.0 million in relation to the installation of ballast water treatment systems ("BWTS"). In 2021, we capitalized a total of $2.9 million in relation to the installation of BWTS. In 2020, we capitalized in total $1.2 million in relation to the installation of ballast water treatment system and $30.4 million in relation to the completed installation of scrubbers. Total depreciation expense for own vessels was $114.9 million, $108.8 million and $94.4 million in 2022, 2021 and 2020, respectively. For depreciation expense for finance leases, please refer to Note 18, "Finance Leases." VESSELS HELD FOR SALEIn November 2022, we entered into an agreement to sell a Panamax vessel, Golden Strength, to an unrelated third party for $15.6 million. The vessel was delivered to its new owner in January 2023 and was classified as held for sale as of December 31, 2022. There were no vessels held for sale as of December 31, 2021.
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NEWBUILDINGS |
12 Months Ended |
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Dec. 31, 2022 | |
Newbuildings [Abstract] | |
NEWBUILDINGS | NEWBUILDINGS The carrying value of our newbuildings at December 31, 2022 of $91.9 million. In June 2022, we entered into agreements to construct a total of three Kamsarmax vessels. The vessels are expected to be delivered to us during 2024. In the second half of 2021, we entered into an agreement for the construction of seven high-specification latest generation 85,000 dwt ECO-type Kamsarmax vessels. The contract price is payable in several installments between the fourth quarter of 2021 and the first quarter of 2024. Four out of these seven newbuildings are expected to be delivered in the first half of 2023, two are expected to be delivered to us by the end of 2023 and the last one expected to be delivered in 2024. In 2022, we paid installments, net of commissions, in total of $53.4 million. In 2021, we paid installments, net of commissions, of $35.6 million. In 2022 we capitalized interest expense of $2.4 million for our ten Kamsarmax newbuildings. Remaining Kamsarmax newbuildings commitments of $255.6 million will be partially financed with the proceeds from the sales of older vessels, including the sale of Golden Strength (refer to Note 30, ''Subsequent Events''), cash on hand, operating cash flows and debt financing to be established closer to the delivery of the newbuildings. As part of the Vessel Acquisitions in 2021 we acquired three newbuildings through acquisition of shares of three special purpose companies ("SPCs") with shipbuilding contracts (Golden Spray, Golden Fast and Golden Furious). Total consideration transferred for the shares in the SPCs amounted to $44.2 million, representing the purchase price, less remaining capital expenditure commitments, and in addition included $0.6 million working capital payment which was recorded as ‘Other assets’. Further, final payments to the shipyards for all three of these newbuildings amounted to $68.4 million, which was paid in 2021 net of $2.5 million penalty received from shipyards for late delivery of newbuildings (liquidated damages). In order to make a final settlement with the shipyards, we made a cash draw down on $413.6 million Sterna facility of $63.0 million. Out of total $2.5 million in liquidated damages received from the shipyards by us, $2.2 million were reimbursed to Hemen (for the period when newbuildings belonged to Hemen). In addition, we paid $2.1 million predelivery and technical supervision costs. Total newbuilding balance of $116.4 million was transferred to Vessel and Equipment upon delivery of newbuildings. Golden Spray, Golden Fast and Golden Furious were delivered in 2021 and there is no remaining newbuildings balance for Golden Spray, Golden Fast and Golden Furious as of December 31, 2022 or December 31, 2021.
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FINANCE LEASES |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCE LEASES | FINANCE LEASES As of December 31, 2022, we held seven vessels under finance lease (December 31, 2021: seven vessels). With reference to Note 10, ''Operating Leases'', we have leased in eight vessels from SFL,a related party, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of December 31, 2022. The daily time charter rate for vessels classified as finance lease was $19,135, of which $7,000 is for operating expenses (including drydocking costs) up until the third quarter of 2022 when the daily time charter rate was reduced to $16,435 up until June 30, 2025. Subsequently, the daily time charter rate will be reduced to $14,900 until the expiration of the contracts. For the finance leases, the profit share mechanism is calculated based on a base rate of $14,900 adjusted for LIBOR based variable lease consideration. For further description of the calculation of the profit share element and payment structure, refer to Note 10, "Operating Leases". The average daily rate was calculated to be $18,159 for finance leases in 2022 and there was $3.0 million in profit share for all eight SFL vessels in 2022 ($9.8 million and $37.9 thousand in 2021 and 2020, respectively). Contingent or variable lease expense for the eight SFL leases was recorded in 2022 as interest expense of $0.6 million. In 2021 and 2020 we recorded the variable lease expense of $2.0 million and $0.7 million, respectively. For a description of purchase options, refer to Note 10, "Operating Leases". The lease term for these vessels has been determined to be 13 years. Our right of use asset for our finance leases were as follows:
In 2020, we recorded a total of $70.0 million in impairment of right of use assets for vessels under finance leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by the negative market developments in the start of 2020. Our lease obligations for our finance leases were as follows:
The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 5.6 years as of December 31, 2022. The weighted average discount rate was 6.3% and the weighted average lease term was 6.6 years as of December 31, 2021. The outstanding obligations under finance leases as of December 31, 2022 are payable as follows:
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VESSELS HELD FOR SALE |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VESSELS HELD FOR SALE | VESSELS AND EQUIPMENT, NET
*this line includes vessels sold and delivered to new owners during 2022 **this line includes transfer to Vessels held for sale which are reflected on the balance sheet as of December 31, 2022 As of December 31, 2022, we owned 13 Newcastlemaxes, 35 Capesizes and 27 Panamaxes (as of December 31, 2021: 13 Newcastlemaxes, 35 Capesizes, 31 Panamaxes and two Ultramaxes). In November 2022, we entered into an agreement to sell two Panamax vessels, Golden Ice and Golden Strength, to an unrelated third party for an aggregate sales price of $30.3 million. Golden Ice was delivered to its new owner in December 2022, at which time we recorded a gain of $2.8 million. Golden Strength was delivered to its new owner in January 2023, and classified as held for sale as of December 31, 2022. We expect to record a gain of approximately $2.7 million in the first quarter of 2023. In June 2022, we entered into an agreement to sell en-bloc two Ultramax vessels, Golden Cecilie and Golden Cathrine to an unrelated third party for $63.0 million. The vessels were delivered to their new owner in the third quarter of 2022, upon which we recorded a gain of $21.9 million from the sale. In February 2022, we entered into an agreement to sell en-bloc three older Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour to an unrelated third party for $52 million. The vessels were delivered to their new owner in the second quarter of 2022 upon which we recorded a gain of $9.5 million from the sale. In February 2021, we entered into an agreement to acquire 15 modern dry bulk vessels and three newbuildings for a total consideration of $752 million from affiliates of Hemen, our largest shareholder, whereas $637.5 million related to vessels and $114.5 million related to newbuildings. The Vessel Acquisitions have been accounted for as an asset acquisition rather than a business combination as substantially all the fair value of the gross assets acquired on closing of the Vessel Acquisitions is concentrated in the value of the vessels, being a group of similar identifiable assets. We took delivery of all vessels and newbuildings in the first six months of 2021. In aggregate we capitalized $757.4 million under vessel and equipment related to the 15 vessels and three newbuildings, which includes $752 million consideration, $2.2 million relating to unfavorable contracts (reference to Note 15, "Value of Charter Party Contracts"), $2.1 million for newbuildings predelivery and technical supervision costs (reference to Note 17, "Newbuildings") and various other costs of $1.1 million. In 2021, we sold a total of three vessels, Golden Endurer, Golden Opportunity and Golden Saguenay. For Golden Endurer and Golden Opportunity, we recorded a total gain of $9.8 million, while for Golden Saguenay we recorded an impairment loss of $4.2 million. In 2020, we sold one vessel, Golden Shea, and recorded an impairment loss of $0.7 million. In 2022, we capitalized a total of $6.0 million in relation to the installation of ballast water treatment systems ("BWTS"). In 2021, we capitalized a total of $2.9 million in relation to the installation of BWTS. In 2020, we capitalized in total $1.2 million in relation to the installation of ballast water treatment system and $30.4 million in relation to the completed installation of scrubbers. Total depreciation expense for own vessels was $114.9 million, $108.8 million and $94.4 million in 2022, 2021 and 2020, respectively. For depreciation expense for finance leases, please refer to Note 18, "Finance Leases." VESSELS HELD FOR SALEIn November 2022, we entered into an agreement to sell a Panamax vessel, Golden Strength, to an unrelated third party for $15.6 million. The vessel was delivered to its new owner in January 2023 and was classified as held for sale as of December 31, 2022. There were no vessels held for sale as of December 31, 2021.
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EQUITY METHOD INVESTMENTS |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS As of December 31, 2022, the Company had the following participation in investments that are recorded using the equity method:
*Following the termination of the pool agreement, in February 2022 our 25% share in CCL was sold for $17.5 thousands. ** In March 2023, our ownership in SwissMarine was diluted from 16.4% to 15.9%. Movements in equity method investments for the years ended December 31, 2022 and 2021 are summarized as follows:
We have an equity investment of 16.4% in SwissMarine, a dry bulk freight operator. Our ownership in SwissMarine was diluted in March 2022 from 17.5% to 16.4% as a result of issuance of additional shares by SwissMarine to its employees. We have also provided a $10.7 million subordinated shareholder loan with a five-year term to SwissMarine, which was partially repaid by SwissMarine in 2020 and remaining balance of subordinated shareholder loan of $5.35 million was fully repaid by SwissMarine in 2022. We account for this investment under the equity method as we determined that we have a significant influence over the investee. In January 2020, we entered into a joint venture agreement with Frontline and its subsidiary Bandama Investments Ltd and Trafigura Pte Ltd to establish TFG Marine, a leading global supplier of marine fuels. As a result, we acquired a 10% interest in TFG Marine. We also provided a shareholder loan of $1.0 million to TFG Marine, with outstanding amount of $0.9 million as of December 31, 2022. The loan has a five-year term and bears interest of LIBOR plus a margin of 7%. With reference to Note 30, "Subsequent Events", the loan was fully repaid in February 2023. We account for this investment under the equity method as we determined that we have a significant influence over the investee. We also have an equity investment of 50% of the shares in UFC, a dry cargo vessel operator and logistics service provider. We account for this investment under the equity method, and the book value of the investment amounted to $4.2 million as of December 31, 2022. Further, in 2022, we received dividends from UFC in total of $6.4 million. In 2022, cash dividends received from equity method investees amounted to $16.3 million (2021: nil, 2020: $0.5 million).
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT
Movements in 2022, 2021 and 2020 are summarized as follows:
$275.0 million term loan facility In May 2022, we signed a loan agreement for a $275.0 million term loan and revolving facility to refinance our obligations under the $420.0 million loan facility described below. The $420 million loan facility was secured by 14 Capesize vessels was scheduled to mature in June 2023. The facility bears an interest of Secured Overnight Financing Rate ("SOFR") plus 190 basis points. All tranches under the $225.0 million term loan facility and revolving credit tranche of $50.0 million mature in May 2027, with a balloon payment of $170.0 million. Repayments are made on a quarterly basis from third quarter of 2022 onward. During 2022, $11.1 million was repaid and there was no available undrawn amount. $175.0 million term loan facility In August 2021, we entered into the $175.0 million loan facility refinancing six Newcastlemax vessels acquired from Hemen, previously financed under the $413.6 million loan agreement with Sterna Finance Ltd., a related party (the "Sterna Facility"). The $175 million loan facility has a five-year tenor and 19-year age adjusted repayment profile. The facility bears interest of LIBOR plus a margin of 190 basis points. It also includes a $50 million non-amortizing revolving credit tranche. All tranches under the term loan facility mature in August 2026, with a balloon payment of $77.1 million. Repayments of term loan are made on a quarterly basis from fourth quarter of 2021 onward. During 2022, $10.1 million (2021: $2.5 million) was repaid in regular repayments. In 2021, we repaid the full $50 million revolving credit tranche, consequently leaving an available undrawn amount of $50 million. $260.0 million lease financing In August 2021, we signed a sale-and-leaseback agreement for an amount of $260.0 million, refinancing the remaining nine vessels and three newbuildings financed by the Sterna Facility. The lease financing has a seven-year tenor, carries an interest rate of LIBOR plus a margin of 200 basis points, has a straight line amortization profile of 21 years and has purchase options throughout the term, with a purchase obligation at maturity. Repayments are made on a quarterly basis from fourth quarter of 2021 onward. During 2022, $12.4 million (2021: $3.1 million) was repaid and there was no available undrawn amount. $304.0 million term loan facility In November 2020, we entered into the $304.0 million term loan and revolving credit facility to refinance our obligations under $425.0 million credit facility that was scheduled to mature in March 2021. This loan facility has been entered into with six reputable shipping banks, five of which were part of the group of banks that financed the $425.0 million credit facility and is secured by 14 Capesize vessels. The term loan facility of $254.0 million has a tenor of five years and a 20-year age adjusted repayment profile, carrying an interest cost of LIBOR plus a margin of 235 basis points. All tranches under the term loan facility mature in November 2025, with a balloon payment of $165.2 million. Repayments of term loan are made on a quarterly basis from first quarter of 2021 onward. The facility includes a non-amortizing revolving credit tranche of $50.0 million with maturity date in November 2025. During 2022, $18.7 million (2021: $18.7 million) was repaid in regular repayments. In 2021, we repaid the full $50.0 million revolving credit tranche, consequently leaving an available undrawn amount of $50.0 million. $93.75 million loan facility This facility has a five-year tenor and a 19-year age adjusted amortization profile. The facility bears interest of LIBOR plus a margin of 215 basis points. Repayments are made on a quarterly basis from third quarter of 2019 onward. All tranches under the facility mature in second quarter of 2024, with a balloon payment of in total $62.5 million. During 2022, $6.6 million (2021: $6.6 million) was repaid and there was no available undrawn amount. The facility was refinanced in 2023 with the new $250.0 million credit facility (please see Note 30, "Subsequent Events" for more information about the new facility). $131.79 million loan facility This facility has a five-year tenor and a 19-year age adjusted amortization profile. The facility bears interest of LIBOR plus a margin of 210 basis points. Repayments are made on a quarterly basis from third quarter of 2019 onward. All tranches under the facility mature in second quarter of 2024, with a balloon payment of in total $76.6 million. During 2022, $9.8 million (2021: $15.4 million) was repaid and there was no available undrawn amount. The facility was refinanced in 2023 with the new $250.0 million credit facility (please see Note 30, "Subsequent Events" for more information about the new facility). $155.3 million loan facility In November 2019, we refinanced our $284.0 million loan facility that financed 15 vessels and was scheduled to mature in December 2019. A $155.3 million term loan facility was entered into with six reputable shipping banks, five of which were part of the group of banks that financed the $284.0 million facility. In connection with this refinancing, we prepaid the outstanding debt under the $284.0 million facility of $155.4 million. This facility bears interest of LIBOR plus a margin of 210 basis points. Repayments are made on a quarterly basis from first quarter of 2020 onward. All tranches under the facility mature in fourth quarter of 2024, with a balloon payment of in total $56.5 million. During 2022, $50.7 million (2021: $20.8 million) was repaid, which included repayment of debt in connection to the sale of Golden Endeavour, Golden Empress, Golden Enterprise, Golden Cecilie and Golden Cathrine, amounting to $41.1 million. There was no available undrawn amount. The facility was refinanced in 2023 with the new $250.0 million credit facility (please see Note 30, "Subsequent Events" for more information about the new facility). $120.0 million term loan facility In May 2018, we entered into a $120.0 million term loan facility to refinance 10 vessels and repay $58.3 million due under the $34.0 million term loan facility and the $82.5 million term loan facilities with maturity in 2018 and prepay the full outstanding amounts under our related party seller credit loans of $65.5 million. This facility bears interest of LIBOR plus a margin of 225 basis points. Repayments are made on a quarterly basis from third quarter of 2018 onward. All tranches under the facility mature in April 2025, with a balloon payment of in total $52.4 million. During 2022, $17.5 million (2021: $18.6 million) was repaid, which included repayment of debt in connection to the sale of Golden Ice and Golden Strength, amounting to $11.4 million. There was no available undrawn amount. $420.0 million term loan facility In June 2014, we entered into a term loan facility of up to $420.0 million, dependent on the market values of the vessels at the time of draw down, consisting of 14 tranches of up to $30.0 million to finance, in part, 14 newbuilding vessels. Each tranche is repayable by quarterly installments based on a 20-years profile from the delivery date of each vessel and all amounts outstanding shall be repaid on June 30, 2020. The facility has an interest rate of LIBOR plus a margin of 250 basis points. In January 2016, following an accelerated repayment to comply with the minimum value covenant as of December 31, 2015, the quarterly repayment schedule was amended to $5.2 million, in total, for all 14 tranches. In February 2019, we extended our $420 million term loan facility for 14 vessels by three years from June 2020 to June 2023 at LIBOR plus a margin of 250 basis points and upsized the facility to partially finance the installation of scrubbers on up to 11 vessels. Each scrubber installation was financed with up to $3 million in a separate tranche to be repaid over three years, commencing January 1, 2020. In May 2022, we fully repaid the outstanding amounts under the $420.0 million term loan facility and drew down on the new $275.0 million term loan and revolving credit facility described above. In total, during 2022, $280.4 million was repaid (2021: $29.6 million). $425.0 million senior secured post-delivery term loan facility In February 2015, we entered into a senior secured post-delivery term loan facility of up to $425.0 million, depending on the market values of the vessels at the time of draw down, to partially finance 14 newbuilding vessels. The loan bore interest at LIBOR plus a margin of 220 basis points. In November 2020, we fully repaid the outstanding amounts under the $425.0 million credit facility and drew down on the $304.0 million term loan and revolving credit facility. In total, during 2020, $322.5 million was repaid. Financial covenants Our loan agreements contain loan-to-value clauses, which could require us to post additional collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings under each of such agreements decrease below required levels. In addition, the loan agreements contain certain financial covenants, including the requirement to maintain a certain level of free cash, positive working capital as defined in the loan agreement and a value adjusted equity covenant. Under most of our debt facilities the aggregate value of the collateral vessels shall not fall below 135% of the loan outstanding, depending on the facility (for $175 million and $275 million loan facilities, the value should not fall below 130%. For $260 million lease financing, the value should not fall below 115%). We need to maintain free cash of at least $20 million or 5% of total interest bearing debt, maintain positive working capital and maintain a value adjusted equity of at least 25% of value adjusted total assets. With regards to free cash, we have covenanted to retain at least $61.3 million of cash and cash equivalents as of December 31, 2022 (December 31, 2021: $69.5 million) and in accordance with our accounting policy this is classified under cash and cash equivalents. In addition, none of our vessel owning subsidiaries may sell, transfer or otherwise dispose of their interests in the vessels they own without the prior written consent of the applicable lenders unless, in the case of a vessel sale, the outstanding borrowings under the credit facility applicable to that vessel are repaid in full. Failure to comply with any of the covenants in the loan agreements could result in a default, which would permit the lender to accelerate the maturity of the debt and to foreclose upon any collateral securing the debt. Under those circumstances, we might not have sufficient funds or other resources to satisfy our obligations. As of December 31, 2022 and December 31, 2021, we were in compliance with our covenants. Deferred charges Debt issuance costs of $10.7 million as of December 31, 2022 (2021: $11.4 million) are presented as a deduction from the carrying value of our debt. The outstanding debt as of December 31, 2022 is repayable as follows:
Assets pledged As of December 31, 2022, 74 vessels (2021: 81 vessels) with an aggregate carrying value of $2,665.8 million (2021: $2,880.3 million) were pledged as security for our floating rate debt. Weighted average interest The weighted average interest rate related to our floating rate debt (LIBOR credit margin or LIBOR adjusted credit margin for SOFR facility) as of December 31, 2022 and 2021 was 2.01% and 2.21%, respectively.
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ACCRUED EXPENSES |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED EXPENSES | ACCRUED EXPENSES
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OTHER CURRENT LIABILITIES |
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Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES
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DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE | DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE Our derivative instruments are not designated as hedging instruments and are summarized as follows:
During 2022, 2021 and 2020, the following were recognized and presented under “Gain (loss) on derivatives” in the consolidated statement of comprehensive income:
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SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS | SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS
In March 2021, at our annual general meeting ("AGM"), the shareholders approved to increase our authorized share capital from $10,000,000 divided into 200,000,000 common shares of $0.05 par value to $15,000,000 divided into 300,000,000 common shares of $0.05 par value. In May 2021, at our AGM, our shareholders approved a reduction of the Additional Paid in Capital account,. As a result, $350.7 million in additional paid in capital was reclassified to contributed surplus in 2021.
In 2022, we acquired an aggregate of 400,000 of our own shares, in open market transactions under our 2022 share buy-back program. The shares were acquired on the OSE and on NASDAQ at an aggregate purchase price of $3.3 million. The Company did not acquire any of its own shares in 2021 and 2020. As of December 31, 2022 the Company held 705,000 treasury shares out of which 400,000 were repurchased under the 2022 share buy-back program and 305,000 were repurchased under the 2019 share buy-back program (December 31, 2021: 755,000 treasury shares, December 31, 2020: 945,000 treasury shares). In 2022, 450,000 share options held by the management were exercised. We settled the options by distributing the same amount of treasury shares acquired as part of 2019 share buy-back program, and recorded a loss of $1.7 million in the equity statement. In the year ended December 31, 2021, we issued 190,000 shares in connection with our 2016 share option plan (the "2016 Plan"). We settled the applicable options using the equal amount of treasury shares and recorded a loss of $0.4 million in the equity statement. In February 2021, we completed a private placement, which raised gross proceeds of NOK 2,873 million, or approximately $338 million through the placing of 54,207,547 new shares at a subscription price of NOK 53.00 per offer share. Net proceeds from the private placement after deduction of legal and other placement related costs amounted to $335.3 million. Hemen subscribed for 27,103,773 new shares, equivalent to approximately $169 million. In May 2021, we completed a subsequent offering following the private placement and issued 2,710,377 new shares at NOK 53.00 per share, raising gross proceeds of NOK 143.6 million (or approximately $16.9 million). Net proceeds from the subsequent offering after deduction of legal and other placement related costs amounted to $16.9 million. All shares were acquired by third parties. In 2022, 2021 and 2020, we paid $471.7 million, $320.7 million and $7.2 million in dividends to our shareholders, respectively, corresponding to a dividend per share of $2.35, $1.60 and $0.05. Refer to Note 30, "Subsequent Events", for any subsequent dividend declarations. As of December 31, 2022, 200,485,621 common shares were outstanding (December 31, 2021: 200,435,621 common shares, December 31, 2020: 143,327,697 common shares), which includes an adjustment for treasury shares in 2022, 2021 and 2020 of 705,000, 755,000 and 945,000, respectively.
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SHARE OPTIONS |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE OPTIONS | SHARE OPTIONS 2016 Share Option Plan: In November 2016, the Board approved the adoption of the 2016 Plan. The 2016 Plan permits share options to be granted to directors, officers and employees (the "Option holders"), of the Company and its subsidiaries. The plan has a 10-year term effective November 2016, unless otherwise determined by the Board. The share options entitle the Option holders to subscribe for common shares at a price per share equal to the exercise price as determined by the Board on the date the share options are granted. The share options have no voting or other shareholder rights. On April 24, 2020, 550,000 share options were granted to the Chief Executive Officer of Golden Ocean Management AS in accordance with the terms of the 2016 Plan. The share options will have a five-year term and vest equally over three years with a subscription price per share as specified below. The total fair value for share option award is estimated to be $0.8 million. On September 14, 2020, 275,000 share options were granted to the Chief Financial Officer of Golden Ocean Management AS in accordance with the terms of the 2016 Plan. The share options will have a five-year term and vest equally over three years with a subscription price per share as specified below. The total fair value for share option award is estimated to be $0.4 million. On November 11, 2020, 275,000 share options were granted to the Chief Commercial Officer of Golden Ocean Management AS in accordance with the terms of the 2016 Plan. The share options will have a five-year term and vest equally over three years with a subscription price per share as specified below. The total fair value for share option award is estimated to be $0.4 million.
On November 10, 2016, the Board approved the issue of 700,000 share options to senior management in accordance with the terms of the 2016 Plan at an exercise price of $4.20, adjusted for any distribution of dividends made before the relevant options are exercised. The share options have a five years term and vest over a three years period equally at a rate of 1/3 of the number of share options granted on each annual anniversary of the date of grant, subject to the option holder continuing to provide services to the Company from the grant date through the applicable vesting date. As of December 31, 2022, there were no options vested and outstanding for this grant. Summary of assumptions for share options given in accordance with the terms of the Company's share option scheme from 2016:
The fair value of all share options listed above was calculated based on the Black-Scholes method. The significant assumptions used to estimate the fair value of the share options are set out below:
The following table summarizes the option activity for the year ended December 31, 2022 and 2021:
•not adjusted for dividends As of December 31, 2022 and 2021, outstanding vested options amounted to 150,000 and 300,000, respectively. The following table summarizes certain information about the options outstanding as of December 31, 2022 and 2021:
For the year ended December 31, 2022 and 2021 the share based compensation was $0.6 million and $0.6 million, respectively, and are included in "Administrative expenses" in the consolidated statement of operations. In 2022 and 2021, we settled the exercise of 450,000 and 190,000 share options, respectively, by distributing the same amount of treasury shares. As of December 31, 2022 and 2021, the estimated cost relating to non-vested share options not yet recognized was $0.3 million and $0.9 million respectively.
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RELATED PARTY TRANSACTIONS |
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RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS We transact business with the following related parties, consisting of companies in which Hemen and companies associated with Hemen have a significant interest: Frontline plc and its subsidiaries (referred to as "Frontline"), SFL, Seatankers Management Co. Ltd and companies affiliated with it (referred to as "Seatankers") and Front Ocean Management AS. We may also transact business with our associated companies. SFL In April 2015, we agreed to a sale and leaseback transaction with SFL for eight Capesize vessels. These vessels were sold en-bloc for an aggregate price of $272.0 million. The vessels were delivered to SFL in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a period of ten years. We have a purchase option of $112 million en-bloc after ten years and, if such option is not exercised, SFL will have the option to extend the charters by three years at $14,900 per day. Refer to Note 10, "Operating Leases", and Note 18, "Finance Leases", for additional information related to these contracts. The management agreement with SFL was terminated in July 2021 and we are no longer the commercial manager for SFL vessels as of December 31, 2022. In the first six months of 2021, we were the commercial manager for eight (full 2020: 9) dry bulk and 16 (full 2020: 16) container vessels owned and operated by SFL. Pursuant to the management agreements in 2021, we received $125 per day per vessel for managing four of the eight dry bulk vessels, $75 per day per vessel for managing three of the eight dry bulk vessels and $37.5 per day per vessel for managing the remaining one dry bulk vessels (2020: $125 per day for four, $75 per day for three and $37.5 per day for the remaining two) and $75 per day per vessel for managing the 16 container vessels (2020: $75 per day per vessel for managing the 16 container vessels, 2019: $75 per day per vessel for managing the 14 container vessels). Seatankers We are the commercial manager of 10 (2021: 12) dry bulk vessel owned and operated by Seatankers. Pursuant to the management agreements, we receive $125 (2021: $125, 2020: $125) per day per vessel for managing the dry bulk vessels. From time to time we may also charter in dry bulk vessel owned by Seatankers on short-term time charters. Capesize Chartering With reference to Note 2, "Summary of Significant Accounting Policies", several of our Capesize vessels operated under a pool arrangement for Capesize vessels with CCL in 2021 and 2020. In August 2021 we announced termination of our relationship with CCL and all vessels exited the CCL pool in 2021. During 2021, 34 of our Capesize and Newcastlemax vessels that traded in the CCL pool contributed with an average of 256 days per vessel. United Freight Carriers With reference to Note 20, "Equity Method Investments", we also have an equity investment of 50% of the shares in UFC, a dry cargo vessel operator and logistics service provider that primarily focuses its activity around smaller bulk carriers with deadweight of up to 50,000 tonnes. SwissMarine With reference to Note 20, "Equity Method Investments", in 2019 we made an equity investment in SwissMarine, a dry bulk freight operator of which we have determined to have significant influence. In 2019, we provided SwissMarine with a $10.7 million subordinated shareholder loan, non-amortizing, with a five-year term. The loan bears interests equivalent to the 12-month LIBOR plus a margin of 2%. In May 2020, the subordinated shareholder loan was partially repaid by SwissMarine. Total repayment amounted to $5.7 million, which included principal loan amount of $5.35 million and interest of $0.3 million. Remaining subordinated shareholder loan of $5.35 million was fully repaid by SwissMarine in the first quarter of 2022 and there is no outstanding balance as of December 31, 2022. Total repayment amounted to $5.6 million, which included principal amount of $5.35 million and interest of $0.2 million. In addition, we have entered into several time charter agreements with SwissMarine and total time charter revenues from SwissMarine amounted to $2.0 million in the year ended December 31, 2022 (December 31, 2021: $13.3 million). TFG Marine With reference to Note 20, "Equity Method Investments", in 2020 we made an equity investment in TFG Marine, in which we have determined to have significant influence. We provided a shareholder loan of $1.0 million to TFG Marine. In 2020, the shareholder loan in the total amount of $75,000 was converted to equity of TFG Marine, reducing the balance of the loan to $0.9 million. The loan has a five-year term and bears interest of LIBOR plus a margin of 7%. We also entered into a bunker supply arrangement with TFG Marine, under which we have paid $202.0 million to TFG Marine in relation to bunker procurement in 2022 (2021: $174.3 million) and $9.2 million remains due as of December 31, 2022 (December 31, 2021: $6.6 million). Upon purchase, bunkers were recorded as assets on the Consolidated Balance Sheet and, once consumed during voyage charter, were expensed using first-in, first-out basis. Practically it is not possible to accurately split out P&L related party voyage expense, and a such we have not summarized voyage expenses charged by related party in the table below. In 2020, we issued a $20.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with the joint venture. In May 2022, we increased this guarantee under a bunker supply agreement with TFG Marine from $20.0 million to $30.0 million. As of December 31, 2022, there are no exposures under this guarantee and liability recorded relating to the exposure. 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 Trafigura and becomes payable, we shall pay an amount equal to our equity proportion of that amount payable. The maximum liability under this guarantee is $4.0 million. There are no amounts payable under this guarantee as of December 31, 2022. Management Agreements Technical Supervision Services We receive technical supervision services from Frontline Management (Bermuda) Limited ("Frontline Management"). Pursuant to the terms of the agreement, Frontline Management receives an annual management fee of $26,714 per vessel (2021: $27,375 per vessel). This fee is subject to annual review. Frontline Management is also our newbuilding supervisor and charges us for costs incurred in relation to the supervision. Ship Management The Ship management of our vessels is provided by external ship managers. Seateam Management Pte. Ltd. ("Seateam"), which provides ship management services to us, was a related party up to October 2020 when we sold our 22.19% ownership interest. Other Management Services We aim to operate efficiently through utilizing Frontline or other companies with the same main shareholder and these costs are allocated based on a cost plus mark-up model. We receive services in relation to sales and purchase activities, bunker procurement and administrative services in relation to the corporate headquarter. We may also provide certain financial management services to companies with the same main shareholder. Acquisition of vessels from affiliates of Hemen In connection with the Vessel Acquisitions in February 2021, we drew down an aggregate of $413.6 million in debt under loan agreement with Sterna Finance Ltd. The loan had an 18-month tenor, bears an interest rate of LIBOR plus a margin of 2.35% in the first year, LIBOR plus a margin of 4.7% from 13th to 18th month and shall be repaid in accordance with a 17-year linear repayment profile. $63.0 million was drawn in cash for the three acquired newbuildings, and was used for payment of a final installments to the shipyards. $350.6 million related to 15 acquired vessels was drawn non-cash. The loan was fully refinanced in 2021. A summary of net amounts charged by related parties in 2022, 2021 and 2020 is as follows:
Net amounts charged by related parties comprise general management and commercial management fees, charter hire, settlement with CCL, interest costs and technical supervision fees. A summary of net amounts charged to related parties in 2022, 2021 and 2020 is as follows:
Net amounts charged to related parties mainly comprise commercial management and general management fees and settlement with CCL. A summary of related parties income (expense) amounts included into Consolidated Statements of Operations is as follows:
(1) Excluding newbuilding supervision fee of $0.5 million, which was capitalized as part of newbuildings (2) Including charter hire expenses for SFL leases which is subsequently credited to Depreciation and Interest expense A summary of balances due from related parties as of December 31, 2022 and 2021 is as follows:
A summary of short-term balances owed to related parties as of December 31, 2022 and 2021 is as follows:
As of December 31, 2022 and December 31, 2021, receivables and payables with related parties mainly comprise unpaid fees for services rendered from and to related parties. In addition to the balances stated above, we have recorded operating lease liabilities and finance lease liabilities related to the eight vessels chartered from SFL. Refer to Note 10, "Operating Leases", and Note 18, "Finance Leases", for additional information. We have periodically issued share options as disclosed in Note 26, "Share Options", of these consolidated financial statements.
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL ASSETS AND LIABILITIES | FINANCIAL ASSETS AND LIABILITIES Interest rate risk management Our interest rate swaps are intended to reduce the risk associated with fluctuations in interest rates payments. As of December 31, 2022, we have interest rate swaps whereby the floating rate (3-months LIBOR) on a notional principal amount of $500 million (December 31, 2021: $500 million) are swapped to fixed rate. Credit risk exists to the extent that the counterparties are unable to perform under the swap contracts but this risk is considered remote as the counterparties are well established banks, which may also participate in loan facilities to which the interest rate swaps are related. Our interest rate swap contracts as of December 31, 2022 of which none are designated as hedging instruments are summarized as follows:
*SOFR-based forward-looking swaps: first payment date for the interest rate swaps is September 2024. Forward freight agreements We take positions from time to time in the freight forward market, either as a hedge to a physical contract or as a speculative position. All such contracts are fully settled in cash through what we consider reputable clearing houses on a daily basis, as such there are no balances relating to FFAs on the Consolidated Balance Sheets. Credit risk exists to the extent that our counterparties are unable to perform under the FFA contracts but this risk is considered remote as well as participants post collateral security for their positions. As of December 31, 2022, we had long positions through FFA of net 735 days with maturity in 2023. Bunker derivatives We enter into cargo contracts from time to time. We are therefore exposed to fluctuations in bunker prices, as the cargo contract price is based on an assumed bunker price for the trade. To hedge the risk of fluctuating bunker prices, we sometimes enter into bunker swap agreements. There is no guarantee that the hedge removes all the risk from the bunker exposure, due to possible differences in location and timing of the bunkering between the physical and financial position. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the bunker contracts but this risk is considered remote as the counterparties are usually what we consider well established banks or other well-known institutions in the market. As of December 31, 2022, we had outstanding bunker swap agreements for about 26.8 thousand metric tonnes. As of December 31, 2021, we had no outstanding bunker swap agreements. Foreign currency risk The majority of our transactions, assets and liabilities are denominated in United States dollars, our functional currency. However, we incur expenditure in currencies other than the functional currency, mainly in Norwegian Kroner and Singapore Dollars for personnel costs and administrative expenses, and Euro for some of our scrubber equipment investments. There is a risk that currency fluctuations in transactions incurred in currencies other than the functional currency will have a negative effect of the value of our cash flows. Due to the exposure of currency fluctuations we may enter into foreign currency swaps to mitigate such risk exposures. The counterparties to such contracts are what we consider major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts but this risk is considered remote as the counterparties are what we consider well established banks. As of December 31, 2022, we had contracts to swap USD to NOK for a notional amount of $0.2 million. As of December 31, 2021, we had contracts to swap USD to NOK for a notional amount of $2.4 million. Fair values The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. In addition, ASC 815, “Derivatives and Hedging” requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The carrying value and estimated fair value of our financial instruments as of December 31, 2022 and December 31, 2021 are as follows:
There have been no transfers between different levels in the fair value hierarchy in 2022 and 2021. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: •The carrying value of cash and cash equivalents, which are highly liquid, approximate fair value. •Restricted cash and investments – the balances relate entirely to restricted cash and the carrying values in the balance sheet approximate their fair value. •Floating rate debt - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis. •Shareholder loans - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on an annual basis. •Marketable securities - are listed equity securities for which the fair value is based on quoted market prices. •Derivatives - are based on the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date. Assets Measured at Fair Value on a Nonrecurring Basis During the year ended December 31, 2022, the value of Golden Ice, Golden Cecilie, Golden Cathrine, Golden Empress, Golden Enterprise and Golden Endeavour, two Ultramax vessels and four Panamax vessels sold to unrelated third parties in 2022, were measured at fair value. The fair values were based on level three inputs and the expected market values based on sales agreements. In June 2021, we closed the Vessel Acquisitions with Hemen and recorded the cost of vessels and newbuildings acquired based on the fair value of the total consideration paid. During the year ended December 31, 2021, fair value of unfavorable time charter contracts acquired as part of the Vessel Acquisitions, was measured at fair value. The fair value was based on level three inputs and calculated as the net present value of the difference in cash flows arising over the period of the contracts between the expected cash flows from the contracts and expected cash flows from comparable contracts at the acquisition date. During the year ended December 31, 2021, the values of Golden Saguenay, Golden Opportunity and Golden Endurer, all Panamax vessels sold in 2021 to unrelated parties, were measured at fair value. The fair values were based on level three inputs and the expected market values based on sales agreements. During the year ended December 31, 2020, our right of use assets were impaired and accordingly measured at fair value on a nonrecurring basis. The fair value was based on level three inputs. As at March 31, 2020, at the time when impairment tests were performed, operating lease right of use assets were measured at a combined fair value of $119.3 million and finance lease right of use assets were measured at a combined fair value of $25.0 million. The fair value of right of use assets is derived on an asset by asset basis by estimating the future undiscounted cash flows from the right of use assets earned over the remaining lease term of our operating and finance leases. In calculating discounted cash flows, we must make significant assumptions related to future charter rates, additional earnings due to scrubber installations, ship operating expenses, utilization and drydocking requirements. All of these assumptions are significant unobservable inputs based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the number of days over the remaining lease term. The estimated daily time charter equivalent rates used are based on a combination of (i) forward freight market rates and (ii) an estimate of implied charter rates based on the broker values received from third party brokers. The implied rate is a calculated rate for each vessel based on the charter rate the vessel would need to achieve, given our estimated future operating costs and discount factors that once discounted would equate to the average broker values. Benefits from scrubber installations are calculated based on expected bunker fuel cost savings and estimated consumption per year. We then use the resultant undiscounted cash flows in our model. Recognizing that the transportation of dry bulk cargoes is cyclical and subject to significant volatility based on factors beyond our control, management believes the use of estimates based on the combination of internally forecasted rates and calculated average rates as of the reporting date to be reasonable. Estimated outflows for operating expenses and drydocking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved. As of March 31, 2020, at the date of impairment tests, significant unobservable inputs were as follows:
The weighted average was calculated by weighting the data based on fair value of vessels. Assets Measured at Fair Value on a Recurring Basis Marketable securities are equity securities in Eneti Inc. and for which the fair value as of the balance sheet date is the aggregate market value based on quoted market prices (level 1). The fair value (level 2) of interest rate swap, currency swap, bunker and freight derivative agreements is the present value of the estimated future cash flows that we 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 us 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 SEB and DNB. However, we believe this risk is remote, as these financial institutions are established and reputable establishments with no prior history of default. We do not require collateral or other security to support financial instruments subject to credit risk.
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COMMITMENTS AND CONTINGENCIES |
12 Months Ended |
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Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We insure the legal liability risks for our shipping activities with Assuranceforeningen SKULD and Assuranceforeningen Gard Gjensidig, both mutual protection and indemnity associations. We are subject to calls payable to the associations based on our 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. To the best of our knowledge, there are no legal or arbitration proceedings existing or pending which have had or may have significant effects on our financial position or profitability and no such proceedings are pending or known to be contemplated. As of December 31, 2022, we have seven vessels held under finance lease and two vessels held under operating lease. Refer to Note 10, "Operating Leases", and Note 18, "Finance Leases", for additional information. We sold eight vessels to SFL in 2015 and leased them back on charters for an initial period of ten years. We have a purchase option of $112 million en-bloc after ten years and, if such option is not exercised, SFL will have the option to extend the charters by three years at $14,900 per day. As of December 31, 2022, we had ten Kamsarmax vessels under construction. Total outstanding contractual commitments of $255.6 million are due by the fourth quarter of 2024, out of which $159.0 million are due in 2023. As of December 31, 2022, the Company had committed to install scrubbers on three vessels with an estimated remaining financial commitment of $1.2 million, excluding installation costs. As of December 31, 2022, we had firm commitments to install ballast water treatment systems with an estimated financial commitment, excluding installation costs, of $1.0 million. With reference to Note 20, "Equity Method Investments", we issued a $20 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with TFG Marine. In May 2022, we increased this guarantee under the bunker supply arrangement with TFG Marine from $20 million to $30 million. As of December 31, 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 Trafigura and becomes payable, we shall pay an amount equal to its equity proportion of that amount payable. The maximum liability under this guarantee is $4.0 million. There are no amounts payable under this guarantee as of December 31, 2022.
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SUBSEQUENT EVENTS |
12 Months Ended |
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Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In January 2023, the Panamax vessel Golden Strength was delivered to its new owner and we expect to record a gain of approximately $2.7 million in the first quarter of 2023. In January 2023, we signed a loan agreement for a $250.0 million credit facility with a group of leading shipping banks to refinance a $93.75 million credit facility, $131.79 million credit facility and $155.3 million credit facility with total outstanding debt balance of $230.4 million as of December 31, 2022. The new financing has an interest rate of SOFR plus 185 basis points. In February 2023, TFG Marine fully repaid the outstanding loan of $0.9 million, in addition to dividends of $4.9 million related to 2022. On February 16, 2023, we announced a cash dividend of $0.20 per share in respect of the fourth quarter of 2022, which was paid on or about March 9, 2023, to shareholders of record on February 28, 2023. Shareholders holding the Company’s shares through Euronext VPS received this cash dividend later, on or about March 13, 2023. In February 2023, we signed agreements for the acquisition of six scrubber fitted Newcastlemax vessels from an unrelated third party for a total consideration of $291.0 million. The transaction is expected to be closed by June 2023. The vessels have an average age of around 2.5 years and will be chartered back to the seller for a period of approximately 36 months at an average fixed net TCE rate of $21,000 per day. In March 2023, we entered into a $233.0 million two-year credit facility to part finance the transaction. The facility has an interest of SOFR plus a margin of 190 basis points per annum. The remaining part of acquisition price will be financed with cash on hand.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
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Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the assets and liabilities of us and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
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Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires us to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: judgements involved in identifying performance obligations in revenue contracts, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation, impairment of assets, the amount of uncollectible accounts and accounts receivable, the amount to be paid for certain liabilities, including contingent liabilities, the amount of costs to be capitalized in connection with the construction of newbuildings and the determination of useful life of our vessels. Actual results could differ from those estimates.
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Fair values | Fair values We have determined the estimated fair value amounts presented in these consolidated financial statements using available market information and appropriate methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. The estimates presented in these consolidated financial statements are not necessarily indicative of the amounts that we could realize in a current market exchange. Estimating the fair value of assets and liabilities requires the use of estimates and significant judgments, among others, the following: the market assumptions used when valuing acquired time charter contracts, the expected revenues earned by vessels and the operating costs (including drydocking costs) of those vessels and the discount rate used in cash flow based valuations. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
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Reporting and functional currency and Foreign currency | Reporting and functional currency Our functional currency is the United States dollar as all revenues are received in United States dollars and a majority of our expenditures are made in United States dollars. We and our subsidiaries report in United States dollars. Foreign currency Transactions in foreign currencies during the year are translated into United States dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction gains or losses are included in the consolidated statements of operations.
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Revenue and expense recognition, Gains and losses on the sale of vessels, Charter hire expense and Contingent rental expense (income) | Revenue and expense recognition Revenue Recognition Our shipping revenues are primarily generated from time charters and voyage charters. In a time charter, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such as that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, where we charter the ship out to a charterer, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are considered operating leases because (i) the vessel is an identifiable asset (ii) we do not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter contracts are generally accounted for under ASC 842 leases and revenues are recorded over the term of the charter. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period. Variable lease payments included into our time-charter agreements, such as positioning bonuses or profit sharing for fuel savings from scrubbers, that do not depend on an index or rate are excluded from the calculation of lease payments and recognized in the period in which the variability is resolved. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration for such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or "dead" freight. The voyage charter party generally has standard payment terms of 90 or 95% freight paid within to five days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as demurrage revenue. Conversely, the charterer may be given credit if the loading/discharging activities happen within a shorter period than the allowed laytime, which is despatch and results in a reduction in revenue. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. 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 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. Under this guidance 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. Voyage and other contracts not qualifying as leases are accounted for under the provisions of ASC 606. We have determined that our voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight line basis over the voyage days from the commencement of loading to completion of discharge. The voyage charters generally have variable consideration in the form of demurrage or despatch, which is recognized as we satisfy the performance obligations under the contract. We estimate demurrage or despatch at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. In a voyage contract, we bear all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs related to the voyage which are incurred during the period between loading and discharging the cargo, are expensed as incurred. Several of our Capesize vessels operated under a pool arrangement for Capesize vessels with Capesize Chartering Ltd. ("CCL") in 2021 and 2020. All vessels were redelivered to us in 2021. Revenues and expenses for our owned vessels generated through this pool arrangement were presented gross. We considered ourselves the principal under the charter parties with the customers for the vessels that operated under this pool arrangement, primarily because we considered ourselves to have control over the service to be transferred for the customer under the charter parties. CCL, as pool manager, calculated the total pool revenues, pool expenses and pool results based on each participant’s reported results. Based on the aggregated pool results as defined under the pool agreement and a pre-determined pool key, reflecting a vessel’s earning capacity, CCL calculated and allocated a pool result for each vessel. The difference between the calculated pool result for our owned vessels and the actual result from the charter party with the third party customer was a settlement amount with CCL in 2021 and 2020. This settlement amount allocated under the pool arrangement, is presented as other operating income (expenses), net, in our consolidated statements of operations. Our Ultramax vessels operated under a revenue sharing agreement ("RSA"), for Supramax vessels managed by C Transport Maritime S.A.M. ("CTM"), formerly known as C Transport Holding Ltd, in 2021 and 2020. All vessels were redelivered to us in 2021. Under this RSA, up to 2021 CTM performed both commercial and operational functions related to the contracts with the third party customers. CTM as manager, recorded all revenues and voyage expenses for all vessels under the arrangement which include vessels owned by third parties. The revenues and voyage expenses were pooled together, allocated and the net result were distributed to each participant under the arrangement in accordance with an agreed-upon formula. Under this RSA, CTM also operated and therefore controlled the use of our owned vessels included under the arrangement. As a result, the RSA for our vessels with CTM was considered to meet the definition of a lease. We accounted for the transactions with CTM as variable rate operating leases and recognized revenues for the applicable periods based on the net amount to be distributed by CTM. Other revenues primarily comprise revenues earned from the commercial management of related party vessels. Other revenues are recognized on an accruals basis as the services are provided and performance obligations are met. Gains and losses on the sale of vessels Gains and losses on the sale of vessels are recognized when the vessel has been delivered and all risks have been transferred and are determined by comparing the net proceeds received with the carrying value of the vessel. Charter hire expense Charter hire expense is charged to the consolidated statement of operations on a straight-line basis over the lease term. Contingent rental expense (income) Any contingent elements of rental expense (income), such as profit share or interest rate adjustments included in our leases, are recognized when the contingent conditions have materialized.
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Drydocking | Drydocking Normal vessel repair and maintenance costs are expensed when incurred. We recognize the cost of a drydocking at the time the drydocking takes place, applying the "expense as incurred" method.
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Impairment of vessels, newbuildings and right of use assets | Impairment of vessels, newbuildings and right of use assets The carrying values of our vessels, newbuildings and right of use assets are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Indicators of impairment are identified based on a combination of factors which include amongst other, development of secondhand vessel values based on external appraisals of our ships, development of forward freight rates, spot rates and operating cash flow. If impairment indicators exist, we assess the recoverability of the carrying value of each asset on an individual basis. We assess recoverability of the carrying value of owned vessels and newbuildings on an individual basis by estimating the future undiscounted cash flows expected to result from the asset, including any remaining construction costs for newbuildings, and eventual disposal. Fair value for our owned vessels and newbuildings is estimated based on values achieved for the sale/purchase of similar vessels and external appraisals. In addition, owned vessels held for sale are reported at the lower of carrying amount and fair value less estimated costs to sell. Recoverability of right of use assets is assessed on an asset by asset basis by estimating the future undiscounted cash flows from the right of use assets earned over the remaining lease term of our operating and finance leases. For owned vessels, newbuildings and right of use assets, if the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's carrying value and estimated fair value derived from cash flow based valuations.
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Interest expense | Interest expenseInterest costs are expensed as incurred except for interest costs that are capitalized. For any newbuildings that are constructed, we capitalize interest expenses during construction of newbuildings based on accumulated expenditures for the applicable project at our current rate of borrowing. The capitalization of interest expenses ceases when the newbuilding is considered substantially completed. The amount of interest expense capitalized in an accounting period shall be determined by applying an interest rate (the "capitalization rate") to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. We do not capitalize amounts beyond the actual interest expense incurred in the period. |
Earnings per share | Earnings per share Basic earnings per share is computed based on the income available to common stockholders and the weighted average number of shares outstanding. Treasury shares are weighted for the portion of the period they are outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments.
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Cash and cash equivalents | Cash and cash equivalents All demand and time deposits and highly liquid, low risk investments with original maturities of three months or less at the date of purchase are considered equivalent to cash. Cash includes cash on hand and in the Company's bank accounts. The Company is required to maintain a minimum cash balance in accordance with its debt facility agreements with various banks. Such amounts are included in Cash and cash equivalents.
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Restricted cash | Restricted cash Restricted cash consists of cash, which may only be used for certain purposes under our contractual arrangements and primarily comprises collateral deposits for derivative trading. |
Marketable securities | Marketable securitiesOur marketable securities are investments in equity securities with readily determinable fair values. These investments are measured at fair value and any resulting unrealized gains and losses are recorded in the consolidated statement of operations. |
Derivatives | Derivatives Our derivative instruments include interest-rate swaps, foreign currency swaps, forward freight agreements and bunker derivatives. These derivatives are considered to be economic hedges. However, none of these derivative instruments have been designated as hedges for accounting purposes. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without changes in the fair values are recognized as assets or liabilities. Changes in the fair value of these derivatives are recorded in Gain (loss) on derivatives in our consolidated statement of operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows.
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Financial instruments | Financial instruments In determining the fair value of our financial instruments, we use a variety of methods and assumptions that are based on market conditions and risks, including determining the impact of nonperformance risks, existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.
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Receivables | Receivables Trade receivables, other receivables and long-term receivables are presented net of allowances for doubtful balances and credit losses. The company creates the allowance for expected credit losses to reflect the risk of estimated loss during the lifetime of receivables. The Company makes significant judgements and assumptions to estimate its expected losses. The allowance for credit losses can be determined using various methods, such as loss-rate methods, probability-of-default method or methods that utilize an aging schedule. At each reporting date, the allowance for credit losses is recorded as a reduction of receivables. Net income is adjusted to reflect the change in estimate from prior period. On January 1, 2020, we adopted ASU No 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, using a modified retrospective approach. The Company recorded a net decrease to retained earnings of $0.22 million as of January 1, 2020 for the cumulative effect of adopting the standard. If trade accounts receivable become uncollectible, they are charged as an operating expense. Allowance for doubtful balances is deducted from the allowance for credit losses and recorded separately as a reduction of accounts receivable. Allowance for doubtful balances are recorded in the period in which the financial assets are deemed uncollectible. Interest income on interest bearing receivables is recognized on an accrual basis using prevailing contractual interest rates.
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Inventories | Inventories Inventories, which are comprised principally of fuel and lubricating oils, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis.
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Vessels, newbuildings and depreciation | Vessels, newbuildings and depreciation Vessels are stated at cost less accumulated depreciation. Newbuildings represent the accumulated costs to the balance sheet date which we have paid by way of purchase installments and other capital expenditures together with capitalized interest and associated finance costs. Depreciation is calculated based on cost less estimated residual value, using the straight-line method, over the useful life of each vessel. For newbuildings no charge for depreciation is made until the vessel is available for use. The useful life of each vessel is deemed to be 25 years. The residual value is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per tonne. The market price of scrap per tonne is calculated as the 10-year historical average up to the date we take ownership of the vessel, across the two main recycling markets (Indian sub-continent and Bangladesh). Residual values are reviewed annually.
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Finance leases and Operating leases | Finance leases We charter in certain vessels and equipment under leasing agreements. Leases of vessels and equipment where we have substantially all the risks and rewards of ownership are classified as finance leases and we recognize on the balance sheet the right to use those assets and a corresponding liability. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We make significant judgments and assumptions to estimate our incremental borrowing rate that a lessee would have to pay to borrow on a 100% collateralized basis over a term similar to the lease term and in an amount equal to the lease payments in a similar economic environment. We perform the following steps in estimating our incremental borrowing rate: (i) gather observable debt yields of our recently issued debt facilities; and (ii) make adjustments to the yields of the actual debt facilities to reflect changes in collateral level, terms, the risk-free interest rate, and credit ratings. Each lease payment is allocated between liability and finance charges to achieve a constant rate on the finance balance outstanding. The interest element of the finance cost is expensed to the Consolidated Statement of Operations over the lease period. Variable lease payments that depend on an index or a rate are included in the calculation of lease payments and are measured using the prevailing index or rate at the measurement date. Future changes in an index or a rate are recognized as part of lease-related cost in each year. Depreciation of vessels and equipment under finance lease is included within "Depreciation" in the Consolidated Statement of Operations. Vessels and equipment under finance lease are depreciated on a straight-line basis over the vessels' remaining economic useful life or on a straight-line basis over the expected term of the lease if shorter. Upon termination of a finance lease, any remaining assets and obligations related to the vessel are written off to the Statement of Operations. The net position, including any termination payments, are presented in Other operating gains (losses). Operating leases Our operating leases relate to vessels, offices and equipment under leasing agreements that do not meet the criteria to be classified as finance leases. We recognize on the balance sheet the right to use those assets and a corresponding liability in respect of all material lease contracts with a duration, or lease term, of 12-months or above. Similar to our finance leases, the discount rate used for calculating the cost of the operating leases is the incremental cost of borrowing. The amortization of right of use assets relating to operating leased vessels is presented under charter hire expenses in the statement of operations. Impairment loss related to operating leases is presented in the income statement as a separate line within operating expense under Impairment loss on right of use assets. For our time charter-in contracts, a non-lease component, or service element has been determined which is reported under ship operating expenses. We make significant judgements and assumptions to separate the lease component from the non-lease component of our time chartered-in vessels. For purposes of determining the standalone selling price of the vessel lease and technical management service components of our time charters, we have concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters, and the age of the vessel. We believe that the standalone transaction price attributable to the technical management service component is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated and the residual transaction price is attributed to the vessel lease component. The amortization of right of use assets relating to office leases is reported under administrative expenses in the statement of operations. Upon termination of an operating lease, any remaining assets and obligations related to the vessel are written off to the Statement of Operations.
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Value of long-term charter contracts | Value of long-term charter contracts We account for the fair value of acquired long-term charter contracts, as either a separate asset or liability. The fair value is calculated as the net present value of the difference in cash flows arising over the period of the contract when the expected cash flows from the contract are compared to expected cash flows from comparable contracts at the acquisition date. An asset is recorded for contracts, which are favorable to us and a liability has been recorded for contracts, which are unfavorable to us. The amortization of time charter out contracts is recorded and presented under time charter revenues and the amortization of time charter-in contracts is amortized and presented under charter hire expenses in the consolidated statement of operations.
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Equity method investments | Equity method investments Investments in companies over which we have the ability to exercise significant influence but do not control are accounted for using the equity method. We record our investments in equity-method investees in the consolidated balance sheets as "Investment in associated companies" and our share of the investees' earnings or losses in the consolidated statements of operations as "Share of results of associated companies". The excess, if any, of purchase price over book value of our investments in equity method investees is included in the accompanying consolidated balance sheets in "Investment in associated companies". The carrying values of equity method investments are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may no longer be recoverable. Such indicators may include depressed spot rates and depressed second-hand vessel values. We assess recoverability of the carrying value of each individual equity method investments by estimating the fair value of the net assets of the company. An impairment loss is recorded equal to the difference between the investments carrying value and fair value. Fair value of investment is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations of the investments underlying assets. Sales of shares of an investee is accounted for as gains or losses under non-operating items equal to the difference at the time of sale between selling price and carrying amount of the shares sold.
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Deferred charges | Deferred chargesLoan costs, including debt arrangement fees, are capitalized and amortized on a straight-line basis over the term of the relevant loan. The straight line basis of amortization approximates the effective interest method. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. Amortization of deferred charges is included in interest expense. Debt issuance costs are presented in the balance sheet as a direct deduction from the carrying amount of the related debt. |
Distributions to shareholders | Distributions to shareholdersDistributions to shareholders are applied first to retained earnings. When retained earnings are not sufficient, distributions are applied to the contributed capital surplus account. |
Stock-based compensation | Stock-based compensation Stock based compensation represents the cost of vested and non-vested shares and share options granted to employees and to directors, for their services, and is included in “General and administrative expenses” in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized as compensation expense over the requisite service period for all awards that vest based on the ’straight-line method’ which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period.
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Treasury shares | Treasury shares When the Company repurchases its share capital, the amount of the consideration paid is recognized as a deduction from equity and classified as treasury shares, pending future use. Treasury shares are recognized and measured at historic costs. In the event of a future resale, any price above the repurchase price would be allocated to additional paid in capital. The weighted average treasury shares reduce the number of shares outstanding used in calculating earnings per share.
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Comprehensive income | Comprehensive income The statement of comprehensive income presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of other comprehensive income on the face of the statement in which the components of other comprehensive income are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income (loss), items of other comprehensive income (“OCI”) and total comprehensive income in two separate and consecutive statements.
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Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Standards Updates, recently adopted In March 2020, the FASB issued ASU 2020-04 (ASC 848 Reference Rate Reform), which provides optional expedients and exceptions for applying U.S. GAAP guidance to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update 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. Relief provided by ASU 2020-04, as amended by ASU 2022-06, Reference Rate Reform (ASC 848) – Deferral of the Sunset Date of Topic 848 – issued in December 2022, is optional and expires December 31, 2024. 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 U.S.GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. All new contracts we enter into are based on alternative reference rate, SOFR. For existing contracts, we are currently having discussions with our lending banks and the counterparties to our interest rate derivative contracts in advance of the June 30, 2023, to ensure that our contracts are renegotiated in time for LIBOR discontinuation date. It is our view, that we will transition to the alternative reference rate, SOFR, in accordance with the set LIBOR discontinuation date of June 30, 2023.
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EARNING PER SHARE (Tables) |
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Schedule of Earnings Per Share, Basic and Diluted | The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows:
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OPERATING REVENUES (Tables) |
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Disaggregation of Revenue | The following table shows the revenues earned from time charters, voyage charters and other revenues for the year ended December 31, 2022, 2021 and 2020:
For the year ended December 31, 2022 the split between lease and non-lease component was as follows:
Variable lease income included into our time-charter agreements amounted to $18.9 million, $21.0 million and $3.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. For the year ended December 31, 2021 the split between lease and non-lease component was as follows:
For the year ended December 31, 2020 the split between lease and non-lease component was as follows:
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Contract with Customer, Asset and Liability | As of December 31 2022, we reported trade accounts receivable and the following contract assets in relation to our contracts with customers, including contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606:
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OPERATING LEASES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization of Finance Lease Assets and Obligations | Our right of use assets for long-term operating leases were as follows:
Our lease obligations for long-term operating leases were as follows:
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Summary of Future Minimum Rental Payments Under Non-Cancelable Operating Leases | The future minimum operating lease expense payments (including lease and non-lease components) under our non-cancelable fixed rate operating leases as of December 31, 2022 are as follows:
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Schedule of Future Minimum Operating Lease Revenue Receipts Under Non-Cancelable Operating Leases | The future operating lease receipts under our operating leases as of December 31, 2022 are as follows:
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CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash, Cash Equivalents and Restricted Cash | As of December 31, 2022, 2021 and 2020, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.
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MARKETABLE EQUITY SECURITIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation |
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TRADE ACCOUNTS RECEIVABLE, NET (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRADE ACCOUNTS RECEIVABLE, NET [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trade Receivables | Trade accounts receivables are stated net of a provision for doubtful accounts and credit loss allowance.
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Schedule of Changes in Allowance For Doubtful Accounts | Movements in the provision for doubtful accounts in the three years ended December 31, 2022 are summarized as follows:
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OTHER CURRENT ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets |
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VALUE OF CHARTER PARTY CONTRACTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of Favorable Charter Party Contracts | The value of favorable charter-out contracts is summarized as follows:
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VESSELS AND EQUIPMENT, NET (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Rollforward of Vessels and Equipment |
*this line includes vessels sold and delivered to new owners during 2022 **this line includes transfer to Vessels held for sale which are reflected on the balance sheet as of December 31, 2022
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FINANCE LEASES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Right-of-Use Assets and Lease Liabilities | Our right of use asset for our finance leases were as follows:
In 2020, we recorded a total of $70.0 million in impairment of right of use assets for vessels under finance leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by the negative market developments in the start of 2020. Our lease obligations for our finance leases were as follows:
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Schedule of Outstanding Obligations Under Finance Leases | The outstanding obligations under finance leases as of December 31, 2022 are payable as follows:
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EQUITY METHOD INVESTMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments | As of December 31, 2022, the Company had the following participation in investments that are recorded using the equity method:
*Following the termination of the pool agreement, in February 2022 our 25% share in CCL was sold for $17.5 thousands. ** In March 2023, our ownership in SwissMarine was diluted from 16.4% to 15.9%. Movements in equity method investments for the years ended December 31, 2022 and 2021 are summarized as follows:
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DEBT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments |
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Schedule of Debt | Movements in 2022, 2021 and 2020 are summarized as follows:
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Schedule of Maturities of Long-term Debt | The outstanding debt as of December 31, 2022 is repayable as follows:
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ACCRUED EXPENSES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses |
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OTHER CURRENT LIABILITIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities |
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DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Our derivative instruments are not designated as hedging instruments and are summarized as follows:
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Derivative Instruments, Gain (Loss) | During 2022, 2021 and 2020, the following were recognized and presented under “Gain (loss) on derivatives” in the consolidated statement of comprehensive income:
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SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class |
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SHARE OPTIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Number of Share Options Outstanding and Share Option Transactions |
Summary of assumptions for share options given in accordance with the terms of the Company's share option scheme from 2016:
The following table summarizes the option activity for the year ended December 31, 2022 and 2021:
•not adjusted for dividends The following table summarizes certain information about the options outstanding as of December 31, 2022 and 2021:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of all share options listed above was calculated based on the Black-Scholes method. The significant assumptions used to estimate the fair value of the share options are set out below:
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RELATED PARTY TRANSACTIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | A summary of net amounts charged by related parties in 2022, 2021 and 2020 is as follows:
Net amounts charged by related parties comprise general management and commercial management fees, charter hire, settlement with CCL, interest costs and technical supervision fees. A summary of net amounts charged to related parties in 2022, 2021 and 2020 is as follows:
Net amounts charged to related parties mainly comprise commercial management and general management fees and settlement with CCL. A summary of related parties income (expense) amounts included into Consolidated Statements of Operations is as follows:
(1) Excluding newbuilding supervision fee of $0.5 million, which was capitalized as part of newbuildings (2) Including charter hire expenses for SFL leases which is subsequently credited to Depreciation and Interest expense A summary of balances due from related parties as of December 31, 2022 and 2021 is as follows:
A summary of short-term balances owed to related parties as of December 31, 2022 and 2021 is as follows:
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FINANCIAL ASSETS AND LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Swaps Designated as Hedging Instruments | Our interest rate swap contracts as of December 31, 2022 of which none are designated as hedging instruments are summarized as follows:
*SOFR-based forward-looking swaps: first payment date for the interest rate swaps is September 2024.
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Carrying Value and Fair Value of Financial Instruments | The carrying value and estimated fair value of our financial instruments as of December 31, 2022 and December 31, 2021 are as follows:
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Schedule of Significant Unobservable Inputs | As of March 31, 2020, at the date of impairment tests, significant unobservable inputs were as follows:
|
ORGANIZATION AND BUSINESS (Details) $ in Millions |
1 Months Ended | 12 Months Ended | 37 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 18, 1996
crude_oil_carrier
|
Feb. 28, 2021
USD ($)
|
Dec. 31, 2022
vessel
dwt
subsidiary
newbuilding
|
Dec. 31, 2021
USD ($)
vessel
newbuilding
|
Feb. 28, 2021
USD ($)
|
Oct. 07, 2014
company
|
|
Business background [Line Items] | ||||||
Number of crude oil carriers | crude_oil_carrier | 5 | |||||
Number of companies involved in the merger | company | 2 | |||||
Number of vessel types | vessel | 4 | |||||
Number of owned vessels | vessel | 75 | |||||
Number of newbuildings under constructuion | newbuilding | 10 | |||||
Number of vessels chartered-In | vessel | 9 | |||||
Number of vessels under operating lease from third parties | vessel | 2 | |||||
Number of subsidiaries | subsidiary | 1 | |||||
Newcastlemax Vessels | Minimum | ||||||
Business background [Line Items] | ||||||
Vessel tonnage | dwt | 200,000 | |||||
Newcastlemax Vessels | Maximum | ||||||
Business background [Line Items] | ||||||
Vessel tonnage | dwt | 210,000 | |||||
Capesize Vessels | Minimum | ||||||
Business background [Line Items] | ||||||
Vessel tonnage | dwt | 105,000 | |||||
Capesize Vessels | Maximum | ||||||
Business background [Line Items] | ||||||
Vessel tonnage | dwt | 200,000 | |||||
Panamax Vessels | Minimum | ||||||
Business background [Line Items] | ||||||
Vessel tonnage | dwt | 65,000 | |||||
Panamax Vessels | Maximum | ||||||
Business background [Line Items] | ||||||
Vessel tonnage | dwt | 105,000 | |||||
Ultramax Vessel | Minimum | ||||||
Business background [Line Items] | ||||||
Vessel tonnage | dwt | 55,000 | |||||
Ultramax Vessel | Maximum | ||||||
Business background [Line Items] | ||||||
Vessel tonnage | dwt | 65,000 | |||||
Unrelated Third Parties | ||||||
Business background [Line Items] | ||||||
Number of vessels under operating lease from third parties | vessel | 1 | |||||
Hemen Holdings Ltd | ||||||
Business background [Line Items] | ||||||
Number of newbuildings acquired | newbuilding | 3 | |||||
Hemen Holdings Ltd | Dry Bulk Carriers | ||||||
Business background [Line Items] | ||||||
Number of vessels acquired | vessel | 15 | |||||
Consideration | $ | $ 637.5 | |||||
Debt assumed | $ | $ 413.6 | $ 413.6 | ||||
Hemen Holdings Ltd | Dry Bulk Carriers And Newbuildings | ||||||
Business background [Line Items] | ||||||
Consideration | $ | $ 752.0 | 752.0 | $ 752.0 | |||
Equity capital | $ | 338.0 | |||||
Debt assumed | $ | $ 414.0 | |||||
SFL | ||||||
Business background [Line Items] | ||||||
Number of vessels under operating lease from third parties | vessel | 7 | |||||
Number of vessels leased out under capital leases to third parties | vessel | 1 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022
USD ($)
market
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Property, Plant and Equipment [Line Items] | ||||
Decrease to retained earnings | $ (1,917,033) | $ (1,928,741) | $ (1,368,756) | |
Useful life | 25 years | |||
Average years used in market price scrap per ton calculation | 10 years | |||
Number of recycling markets | market | 2 | |||
Accumulated earnings (deficit) | ||||
Property, Plant and Equipment [Line Items] | ||||
Decrease to retained earnings | $ (328,878) | $ (160,055) | 366,722 | $ 228,704 |
Cumulative Effect, Period of Adoption, Adjustment | Accumulated earnings (deficit) | ||||
Property, Plant and Equipment [Line Items] | ||||
Decrease to retained earnings | $ 220 | |||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Standard payment terms, percent | 90.00% | |||
Days freight paid after completion of loading | 3 days | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Standard payment terms, percent | 95.00% | |||
Days freight paid after completion of loading | 5 days |
SEGMENT INFORMATION (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022
USD ($)
segment
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Revenue from External Customer [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Total operating revenues | $ 1,113,456 | $ 1,203,181 | $ 607,943 |
Customer One | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues | $ 117,700 |
EARNINGS PER SHARE (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
May 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) | $ 461,847 | $ 527,218 | $ (137,669) | |
Weighted average number of shares outstanding - basic (in shares) | 200,685,000 | 192,355,000 | 143,282,000 | |
Dilutive impact of stock options (in shares) | 503,047 | 615,000 | 0 | |
Weighted average number of shares outstanding - diluted (in shares) | 201,188,000 | 192,970,000 | 143,282,000 | |
Options outstanding (in shares) | 650,000 | 1,100,000 | 1,290,000 | |
Exercised (in shares) | 450,000 | 450,000 | 190,000 | |
Treasury shares acquired (in shares) | 400,000 | 0 | 0 | |
Reduction to weighted average number of shares outstanding (in shares) | 506,096 | 786,425 | 990,765 | |
Oslo Stock Exchange | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Treasury shares acquired (in shares) | 150,000 | |||
Nasdaq | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Treasury shares acquired (in shares) | 250,000 |
OPERATING REVENUES - Schedule of Revenues Earned From Time Charters, Voyage Charters and Other Revenues (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | |||
Lease | $ 629,419 | $ 796,854 | $ 261,784 |
Non-lease | 484,037 | 406,327 | 346,159 |
Total | 1,113,456 | 1,203,181 | 607,943 |
Time charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Lease | 579,673 | 603,959 | 235,673 |
Non-lease | 14,122 | 0 | 0 |
Total | 593,795 | 603,959 | 235,673 |
Operating lease, variable lease income | 18,900 | 21,000 | 3,000 |
Voyage charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Lease | 49,746 | 192,895 | 26,111 |
Non-lease | 468,652 | 404,917 | 344,019 |
Total | 518,398 | 597,812 | 370,130 |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Lease | 0 | 0 | 0 |
Non-lease | 1,263 | 1,410 | 2,140 |
Total | $ 1,263 | $ 1,410 | $ 2,140 |
OPERATING REVENUES - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 484,037,000 | $ 406,327,000 | $ 346,159,000 |
Capitalized voyage expense during the period | 29,500,000 | 20,200,000 | |
Capitalized contract cost, accumulated amortization | 24,700,000 | 17,000,000.0 | |
Capitalized fulfillment costs | 4,900,000 | 3,200,000 | |
Capitalized contract cost, amortization | 3,200,000 | 3,200,000 | 13,300,000 |
Capitalized contract cost, impairment loss | 0 | 0 | 0 |
Deferred charter revenue | 29,153,000 | 34,626,000 | |
Contract with customer, liability, revenue recognized | 20,000,000 | ||
Allowance for credit loss | 100,000 | ||
Total operating revenues | 1,113,456,000 | 1,203,181,000 | 607,943,000 |
Other operating income (expenses), net - related party | $ (413,000) | (2,008,000) | 2,965,000 |
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag | operating leases | ||
CCL | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ 378,700,000 | 264,100,000 | |
Supramax Vessels | |||
Disaggregation of Revenue [Line Items] | |||
Lease revenue | 0 | 17,300,000 | 8,600,000 |
Demurrage | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 29,300,000 | 49,100,000 | $ 16,600,000 |
Ongoing Voyages | |||
Disaggregation of Revenue [Line Items] | |||
Deferred charter revenue | $ 16,200,000 | $ 20,000,000 |
OPERATING REVENUES - Schedule of Contract Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Voyages in progress (contract assets) | $ 14,690 | $ 14,476 |
Trade accounts receivable | 4,468 | 15,916 |
Other current assets (capitalized fulfillment costs) | 4,894 | 3,249 |
Total | $ 24,052 | $ 33,641 |
GAIN ON SALE OF ASSETS (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022
USD ($)
|
Nov. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
vessel
|
Feb. 28, 2022
USD ($)
vessel
|
Oct. 31, 2021
USD ($)
vessel
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
vessel
|
Dec. 31, 2020
USD ($)
vessel
|
|
Property, Plant and Equipment [Line Items] | ||||||||||
Number of vessels sold | vessel | 3 | 1 | ||||||||
Cash consideration | $ 37,200 | |||||||||
Gain from sale of vessels | $ 34,185 | $ 9,788 | $ 0 | |||||||
Panamax Vessel | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of vessels sold | vessel | 3 | 2 | ||||||||
Cash consideration | $ 14,600 | $ 52,000 | ||||||||
Gain from sale of vessels | $ 2,800 | $ 9,500 | ||||||||
Ultramax Vessel | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of vessels sold | vessel | 2 | |||||||||
Cash consideration | $ 63,000 | |||||||||
Gain from sale of vessels | $ 21,900 | |||||||||
Golden Opportunity | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain from sale of vessels | $ 4,900 | |||||||||
Golden Endurer | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain from sale of vessels | $ 4,900 |
IMPAIRMENT OF VESSELS (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Oct. 31, 2021 |
Jan. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Property, Plant and Equipment [Line Items] | |||||
Cash consideration | $ 37,200 | ||||
Impairment loss on vessels | $ 0 | $ 4,187 | $ 721 | ||
Golden Saguenay | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash consideration | $ 8,400 | ||||
Impairment loss on vessels | $ 4,200 |
OPERATING LEASES - Narrative (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2021
vessel
|
Apr. 30, 2015
USD ($)
vessel
|
Sep. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
vessel
|
Dec. 31, 2022
USD ($)
vessel
|
Dec. 31, 2022
USD ($)
vessel
contract
|
Dec. 31, 2021
USD ($)
vessel
contract
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
vessel
T
|
Dec. 31, 2015
USD ($)
vessel
|
|
Lessee, Lease, Description [Line Items] | ||||||||||||
Number of vessels sold and leased back | vessel | 9 | |||||||||||
Additions and modification | $ 12,565,000 | $ 3,469,000 | ||||||||||
Right-of-use liabilities, additions and modifications | 9,500,000 | |||||||||||
Charter hire expense | 57,406,000 | 89,559,000 | $ 66,812,000 | |||||||||
Service element under ship operating expense | 17,300,000 | 19,300,000 | 19,200,000 | |||||||||
Operating lease, expense | 57,200,000 | 81,700,000 | 29,000,000 | |||||||||
Impairment loss on right of use assets | 0 | 0 | 24,200,000 | |||||||||
Total minimum lease payments | 21,616,000 | $ 21,616,000 | $ 21,616,000 | |||||||||
Short-term lease cost | 50,100,000 | 62,400,000 | 23,500,000 | |||||||||
Operating lease, payments | $ 66,700,000 | $ 88,400,000 | $ 35,700,000 | |||||||||
Operating lease, weighted average discount rate, percent | 5.02% | 5.02% | 5.02% | 5.36% | 5.20% | |||||||
Operating lease, weighted average remaining lease term | 4 years 8 months 12 days | 4 years 8 months 12 days | 4 years 8 months 12 days | 4 years 6 months | 4 years 4 months 24 days | |||||||
Number of vessels chartered-out on fixed rate time charters | vessel | 5 | 5 | 5 | 8 | ||||||||
Number of vessels leased out index linked time charters | vessel | 30 | 30 | 30 | 26 | ||||||||
Number of owned vessels | vessel | 35 | 35 | 35 | 34 | ||||||||
General and Administrative Expense | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Operating lease, expense | $ 600,000 | $ 500,000 | $ 500,000 | |||||||||
Minimum | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Lease term | 1 year | 1 year | 1 year | |||||||||
Maximum | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Lease term | 10 years | |||||||||||
MV Admiral Schmidt And Vitus Bering | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Daily time charter rate | $ 9,000 | |||||||||||
Profit share expense | $ 0 | $ 200,000 | ||||||||||
Charter contract term | 3 years | |||||||||||
Number of annual options to extend charter period | vessel | 4 | |||||||||||
Lease term | 3 years | |||||||||||
Charter hire expense | 2,000,000 | |||||||||||
Golden Hawk Lease | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Daily time charter rate | $ 13,200 | 13,200 | ||||||||||
Daily time charter rate extension | 14,200 | 13,700 | ||||||||||
Maximum amount of reimbursement payable | 1,750,000 | $ 1,750,000 | $ 1,750,000 | |||||||||
Amount of reimbursement paid | 1,750,000 | |||||||||||
Additions and modification | 3,081,000 | 3,240,000 | ||||||||||
MV Admiral Schmidt And Vitus Bering | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Vessels deadweight capacity | T | 104,550 | |||||||||||
Office Leases | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Additions and modification | 0 | 229,000 | ||||||||||
Total minimum lease payments | 1,700,000 | 1,700,000 | 1,700,000 | 2,200,000 | 2,600,000 | |||||||
Charter Hire Expenses | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Total minimum lease payments | 19,900,000 | $ 19,900,000 | 19,900,000 | 30,400,000 | 45,300,000 | |||||||
Admiral Schmidt and Vitus Bering Leases | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Additions and modification | 9,484,000 | $ 0 | ||||||||||
Vessels leased to third parties | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Number of vessels sold and leased back | vessel | 1 | 3 | ||||||||||
Property, plant and equipment, gross | 1,826,700,000 | $ 1,826,700,000 | 1,826,700,000 | $ 1,637,300,000 | ||||||||
Accumulated depreciation | 404,100,000 | $ 404,100,000 | $ 404,100,000 | $ 308,100,000 | ||||||||
SFL | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Number of vessels sold and leased back | vessel | 1 | 1 | ||||||||||
Number of finance leases | vessel | 7 | |||||||||||
Daily time charter rate | 19,135 | |||||||||||
Variable interest rate level | 0.10% | |||||||||||
Number of vessels sold and leased back | vessel | 8 | |||||||||||
Variable lease expense | 600,000 | $ 2,000,000 | 700,000 | |||||||||
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Number of vessels sold and leased back | vessel | 8 | 8 | 8 | |||||||||
Number of operating leases | 1 | 2 | 2 | |||||||||
Aggregate price sold en-bloc | $ 272,000,000 | |||||||||||
Duration of time charter | 10 years | |||||||||||
Daily time charter rate | 16,624 | $ 17,600 | ||||||||||
Daily operating expense rate | $ 7,000 | 7,000 | ||||||||||
Daily time charter rate | $ 14,900 | $ 14,900 | ||||||||||
Profit share percentage | 33.00% | |||||||||||
Daily time charter rate, adjusted | $ 50 | |||||||||||
Charter term, contractual | 7 years | |||||||||||
Daily time charter rate, adjusted | $ 25 | |||||||||||
Charter term, contractual | 3 years | |||||||||||
Profit share expense | $ 3,000,000 | $ 9,800,000 | $ 37,900 | |||||||||
Number of vessels sold and leased back | vessel | 8 | |||||||||||
Purchase option net of sellers credit | $ 112,000,000 | $ 112,000,000 | ||||||||||
Charter contract term | 10 years | |||||||||||
Charter term extension | 3 years | 3 years | ||||||||||
Daily time charter rate extension | $ 14,900 | $ 14,900 | ||||||||||
Total minimum lease period | 13 years | |||||||||||
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | London Interbank Offered Rate (LIBOR) | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Basis spread on variable rate | 0.40% |
OPERATING LEASES - Schedule of Operating Lease, Right of Use Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Schedule Of Right Of Use Assets [Roll Forward] | ||
Operating lease, right-of-use asset, beginning balance | $ 19,965 | $ 22,739 |
Additions and modification | 12,565 | 3,469 |
Amortization | (6,548) | (6,243) |
Modification | (10,336) | |
Operating lease, right-of-use asset, beginning balance | 15,646 | 19,965 |
SFL | ||
Schedule Of Right Of Use Assets [Roll Forward] | ||
Operating lease, right-of-use asset, beginning balance | 12,181 | 14,001 |
Additions and modification | 0 | 0 |
Amortization | (1,820) | (1,820) |
Modification | 0 | |
Operating lease, right-of-use asset, beginning balance | 10,361 | 12,181 |
Golden Hawk Lease | ||
Schedule Of Right Of Use Assets [Roll Forward] | ||
Operating lease, right-of-use asset, beginning balance | 3,381 | 1,154 |
Additions and modification | 3,081 | 3,240 |
Amortization | (2,698) | (1,013) |
Modification | 0 | |
Operating lease, right-of-use asset, beginning balance | 3,764 | 3,381 |
Admiral Schmidt and Vitus Bering Leases | ||
Schedule Of Right Of Use Assets [Roll Forward] | ||
Operating lease, right-of-use asset, beginning balance | 2,308 | 5,361 |
Additions and modification | 9,484 | 0 |
Amortization | (1,456) | (3,053) |
Modification | (10,336) | |
Operating lease, right-of-use asset, beginning balance | 0 | 2,308 |
Office Leases | ||
Schedule Of Right Of Use Assets [Roll Forward] | ||
Operating lease, right-of-use asset, beginning balance | 2,095 | 2,223 |
Additions and modification | 0 | 229 |
Amortization | (574) | (357) |
Modification | 0 | |
Operating lease, right-of-use asset, beginning balance | $ 1,521 | $ 2,095 |
OPERATING LEASES - Schedule of Operating Lease Obligations (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | $ 28,767 | $ 42,037 |
Additions | 12,565 | 0 |
Repayments | (8,231) | (16,519) |
Modification | (14,446) | 3,240 |
Foreign exchange translation | (58) | 9 |
Operating lease obligation, ending balance | 18,597 | 28,767 |
Current portion | 5,546 | 13,860 |
Non-current portion | 13,051 | 14,907 |
SFL | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 15,892 | 18,559 |
Additions | 0 | 0 |
Repayments | (2,537) | (2,667) |
Modification | 0 | 0 |
Foreign exchange translation | 0 | 0 |
Operating lease obligation, ending balance | 13,355 | 15,892 |
Current portion | 2,010 | |
Non-current portion | 11,345 | |
Golden Hawk Lease | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 3,630 | 4,747 |
Additions | 3,081 | 0 |
Repayments | (2,874) | (4,357) |
Modification | 0 | 3,240 |
Foreign exchange translation | 0 | 0 |
Operating lease obligation, ending balance | 3,837 | 3,630 |
Current portion | 3,050 | |
Non-current portion | 787 | |
Admiral Schmidt and Vitus Bering Leases | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 7,176 | 16,470 |
Additions | 9,484 | 0 |
Repayments | (2,214) | (9,294) |
Modification | (14,446) | 0 |
Foreign exchange translation | 0 | 0 |
Operating lease obligation, ending balance | 0 | 7,176 |
Current portion | 0 | |
Non-current portion | 0 | |
Office Leases | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 2,069 | 2,261 |
Additions | 0 | 0 |
Repayments | (606) | (201) |
Modification | 0 | 0 |
Foreign exchange translation | (58) | 9 |
Operating lease obligation, ending balance | 1,405 | $ 2,069 |
Current portion | 486 | |
Non-current portion | $ 919 |
OPERATING LEASES - Charterhire and Office Rent Expense (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2023 | $ 6,500 | ||
2024 | 4,169 | ||
2025 | 3,369 | ||
2026 | 2,809 | ||
2027 and thereafter | 4,769 | ||
Total minimum lease payments | 21,616 | ||
Less: Imputed interest | (3,019) | ||
Present value of operating lease liabilities | $ 18,597 | $ 28,767 | $ 42,037 |
OPERATING LEASES - Schedule of Future Minimum Operating Lease Revenue Receipts (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
2023 | $ 21,514 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 and thereafter | 0 |
Total | $ 21,514 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 134,784 | $ 197,032 | $ 153,093 | |
Short-term restricted cash | 3,289 | 12,985 | 22,009 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 138,073 | 210,017 | 175,102 | $ 163,244 |
Minimum cash requirement | $ 20,000 | |||
Minimum cash requirement percentage | 5.00% | |||
Cash and cash equivalents covenanted to be retained | $ 61,300 | $ 69,500 | $ 59,800 | |
Recourse Debt | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Minimum cash requirement | $ 20,000 | |||
Minimum cash requirement percentage | 5.00% |
MARKETABLE EQUITY SECURITIES - Summary of Available-For-Sale Securities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Available-for-sale Securities [Roll Forward] | |||
Balance at start of year | $ 1,684 | $ 3,684 | |
Unrealized gain (loss), net | 503 | (2,000) | $ (10,177) |
Total marketable equity securities | $ 2,187 | $ 1,684 | $ 3,684 |
MARKETABLE EQUITY SECURITIES - Additional Information (Details) |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Marketable Securities [Abstract] | |
Dividends received | $ 8,700 |
TRADE ACCOUNTS RECEIVABLE, NET - Summary of Trade Receivables (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
TRADE ACCOUNTS RECEIVABLE, NET [Abstract] | |||
Trade accounts receivable | $ 15,397 | $ 29,135 | $ 22,904 |
Provision for doubtful accounts | (403) | (253) | (165) |
Allowance for expected credit losses | (44) | (44) | (35) |
Trade accounts receivable, net | $ 14,950 | $ 28,838 | $ 22,704 |
TRADE ACCOUNTS RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Receivables [Abstract] | |||
Allowance for expected credit losses | $ 44 | $ 44 | $ 35 |
TRADE ACCOUNTS RECEIVABLE, NET - Summary of Changes in Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts balance, beginning balance | $ 253 | $ 165 | $ 594 |
Additions charged to income | 403 | 253 | 165 |
Deductions credited to trade receivables | (253) | (165) | (594) |
Allowance for doubtful accounts balance, ending balance | $ 403 | $ 253 | $ 165 |
OTHER CURRENT ASSETS (Details) - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Capitalized fulfillment costs | $ 4,894,000 | $ 3,541,000 |
Agent receivables | 2,207,000 | 1,227,000 |
Advances | 2,023,000 | 1,644,000 |
Claims receivables | 5,967,000 | 4,342,000 |
Bunker receivables on time charter-out contracts | 28,555,000 | 16,312,000 |
Other receivables | 10,784,000 | 8,092,000 |
Total other current assets | 54,430,000 | 35,158,000 |
Allowance for credit losses | 46,300 | 46,300 |
Allowance for doubtful accounts | $ 0 | $ 0 |
VALUE OF CHARTER PARTY CONTRACTS - Movement in Favorable Charter Party Contracts (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Increase (Decrease) In Favorable Charter Party Contracts [Roll Forward] | |||
Opening balance | $ 0 | $ 4,073,000 | $ 16,221,000 |
Amortization charge | 0 | (4,073,000) | (12,148,000) |
Total | 0 | 0 | 4,073,000 |
Less: current portion | 0 | 0 | (4,073,000) |
Non-current portion | $ 0 | $ 0 | $ 0 |
VALUE OF CHARTER PARTY CONTRACTS - Additional Information (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Property, Plant and Equipment [Line Items] | ||||
Amortization of charter party-out contracts | $ 0 | $ 4,073,000 | $ 12,148,000 | |
Charter-out contracts | 0 | $ 0 | $ 4,073,000 | $ 16,221,000 |
Hemen Holdings Ltd | ||||
Property, Plant and Equipment [Line Items] | ||||
Unfavorable time charter-out contracts | 2,200,000 | |||
Charter-out contracts | $ 0 |
VESSELS AND EQUIPMENT, NET - Summary of Changes in Vessels and Equipment, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Vessels and equipment [Roll Forward] | |||
Impairment loss | $ 0 | $ (4,187) | $ (721) |
Depreciation | (129,839) | (123,699) | (111,303) |
Vessels and Equipment | |||
Vessels and equipment [Roll Forward] | |||
Cost, beginning of period | 3,435,885 | 2,726,105 | |
Accumulated depreciation beginning balance | (555,564) | (458,419) | |
Vessels and equipment, net, beginning period | 2,880,321 | 2,267,686 | |
Disposals | (123,524) | (18,746) | |
Disposals, accumulated depreciation | 30,358 | 4,103 | |
Vessels and equipment, disposals, net | (93,166) | (14,643) | |
Transfer from newbuildings | 116,446 | ||
Transfers from newbuildings, accumulated depreciation | 0 | ||
Transfers from newbuildings, net | 116,446 | ||
Transfer to held for sale | (17,627) | (27,635) | |
Transfers to held for sale, accumulated depreciation | 5,085 | 7,506 | |
Transfers to held for sale, net | (12,542) | (20,129) | |
Impairment loss | (4,187) | ||
Depreciation | (114,872) | (108,754) | |
Balance, end of period | 3,300,778 | 3,435,885 | 2,726,105 |
Accumulated depreciation ending balance | (634,993) | (555,564) | (458,419) |
Vessels and equipment, net, ending period | 2,665,785 | 2,880,321 | $ 2,267,686 |
Vessels and Equipment | Hemen | |||
Vessels and equipment [Roll Forward] | |||
Additions | 640,991 | ||
Vessels and Equipment | BWTS | |||
Vessels and equipment [Roll Forward] | |||
Additions | $ 6,044 | $ 2,911 |
VESSELS AND EQUIPMENT, NET - Additional Information (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | 37 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022
USD ($)
vessel
|
Nov. 30, 2022
USD ($)
vessel
|
Jun. 30, 2022
USD ($)
vessel
|
Feb. 28, 2022
USD ($)
vessel
|
Oct. 31, 2021
USD ($)
|
Feb. 28, 2021
USD ($)
vessel
|
Jan. 31, 2021
USD ($)
|
Mar. 31, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
vessel
|
Dec. 31, 2021
USD ($)
vessel
newbuilding
|
Dec. 31, 2020
USD ($)
vessel
|
Feb. 28, 2021
USD ($)
vessel
|
|
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels sold | vessel | 3 | 1 | ||||||||||||
Proceeds from sale of vessels | $ 37,200 | |||||||||||||
Gain (loss) on sale of vessels | $ 34,185 | $ 9,788 | $ 0 | |||||||||||
Technical supervision and other costs | 500 | |||||||||||||
Depreciation | $ 114,900 | $ 108,800 | 94,400 | |||||||||||
Hemen Holdings Ltd | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of newbuildings acquired | newbuilding | 3 | |||||||||||||
Unfavorable time charter-out contracts cost | $ 2,200 | |||||||||||||
Additional capitalized cost, unfavorable time charter-out contracts | 2,100 | |||||||||||||
Technical supervision and other costs | $ 1,100 | |||||||||||||
Dry Bulk Carriers | Hemen Holdings Ltd | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels acquired under heads of agreement | vessel | 15 | 15 | ||||||||||||
Consideration for vessels and newbuildings acquired | $ 637,500 | |||||||||||||
Dry Bulk Carriers And Newbuildings | Hemen Holdings Ltd | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Consideration for vessels and newbuildings acquired | $ 752,000 | $ 752,000 | 752,000 | |||||||||||
Newbuildings | Hemen Holdings Ltd | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Consideration for vessels and newbuildings acquired | $ 114,500 | |||||||||||||
Newcastlemax Vessels | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels at year end | vessel | 13 | 13 | 13 | |||||||||||
Capesize Vessels | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels at year end | vessel | 35 | 35 | 35 | |||||||||||
Panamax Vessels | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels at year end | vessel | 27 | 27 | 31 | |||||||||||
Ultramax Vessel | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels at year end | vessel | 2 | |||||||||||||
Number of vessels sold | vessel | 2 | |||||||||||||
Proceeds from sale of vessels | $ 63,000 | |||||||||||||
Gain (loss) on sale of vessels | $ 21,900 | |||||||||||||
Golden Ice and Golden Strength | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels sold | vessel | 2 | |||||||||||||
Proceeds from sale of vessels | $ 30,300 | |||||||||||||
Golden Cecilie and Golden Cathrine | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels sold | vessel | 2 | |||||||||||||
Proceeds from sale of vessels | $ 63,000 | |||||||||||||
Gain (loss) on sale of vessels | $ 21,900 | |||||||||||||
Golden Empress, Golden Enterprise, and Golden Endeavor | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels sold | vessel | 3 | |||||||||||||
Proceeds from sale of vessels | $ 52,000 | |||||||||||||
Gain (loss) on sale of vessels | $ 9,500 | |||||||||||||
Golden Spray, Golden Fast and Golden Furious | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of newbuildings acquired | vessel | 3 | |||||||||||||
Technical supervision and other costs | $ 2,100 | |||||||||||||
Golden Spray, Golden Fast and Golden Furious | Hemen Holdings Ltd | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of newbuildings acquired | vessel | 3 | 3 | ||||||||||||
Vessels and Equipment | Hemen Holdings Ltd | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Aggregate capitalized costs | $ 757,400 | |||||||||||||
Ballast Water Treatment System | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Aggregate capitalized costs | $ 6,000 | 2,900 | 1,200 | |||||||||||
Scrubbers | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Aggregate capitalized costs | 30,400 | |||||||||||||
Golden Endurer and Golden Opportunity | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Gain (loss) on sale of vessels | 9,800 | |||||||||||||
Golden Saguenay | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Proceeds from sale of vessels | $ 8,400 | |||||||||||||
Gain (loss) on sale of vessels | $ (4,200) | |||||||||||||
Golden Shea | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Gain (loss) on sale of vessels | $ (700) | |||||||||||||
Golden Ice | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Gain (loss) on sale of vessels | $ 2,800 | |||||||||||||
Golden Strength | Forecast | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Gain (loss) on sale of vessels | $ 2,700 |
NEWBUILDINGS (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | 37 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2021
USD ($)
vessel
|
Dec. 31, 2022
USD ($)
dwt
newbuilding
|
Dec. 31, 2021
USD ($)
vessel
newbuilding
|
Dec. 31, 2020
USD ($)
|
Feb. 28, 2021
vessel
|
Dec. 31, 2024
vessel
|
Dec. 31, 2023
vessel
|
Jun. 30, 2023
vessel
|
Jun. 30, 2022
vessel
|
|
Property, Plant and Equipment [Line Items] | |||||||||
Newbuildings | $ 91,898 | $ 35,678 | |||||||
Number of newbuildings under constructuion | newbuilding | 10 | ||||||||
Additions to newbuildings | $ 56,028 | 152,460 | $ 0 | ||||||
Reduction of cost due to late delivery | $ 2,500 | ||||||||
Technical supervision and other costs | 500 | ||||||||
Hemen Holdings Ltd | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of newbuildings acquired | newbuilding | 3 | ||||||||
Technical supervision and other costs | $ 1,100 | ||||||||
Kamsarmax | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Newbuildings | $ 91,900 | ||||||||
Number of newbuildings under constructuion | vessel | 7 | 3 | |||||||
Vessel tonnage | dwt | 85,000 | ||||||||
Additions to newbuildings | $ 53,400 | $ 35,600 | |||||||
Capitalized interest | 2,400 | ||||||||
Number of newbuildings | vessel | 10 | ||||||||
Committed amount | $ 255,600 | ||||||||
Kamsarmax | Forecast | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of newbuildings under constructuion | vessel | 1 | 2 | 4 | ||||||
Dry Bulk Carriers | Hemen Holdings Ltd | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Debt assumed | 413,600 | $ 413,600 | |||||||
Debt assumed, in cash | $ 63,000 | 63,000 | |||||||
Golden Spray, Golden Fast and Golden Furious | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Additions to newbuildings | $ 68,400 | ||||||||
Number of newbuildings acquired | vessel | 3 | ||||||||
Number of SPCs acquired | vessel | 3 | ||||||||
Value of share consideration paid in connection with purchase of vessel | $ 44,200 | ||||||||
Working capital payment | 600 | ||||||||
Liquidated damages | 2,500 | ||||||||
Technical supervision and other costs | 2,100 | ||||||||
Transfers to vessels and equipment | 116,400 | ||||||||
Golden Spray, Golden Fast and Golden Furious | Hemen Holdings Ltd | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of newbuildings acquired | vessel | 3 | 3 | |||||||
Liquidated damages reimbursed | $ 2,200 |
FINANCE LEASES - Narrative (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 33 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025
USD ($)
|
Apr. 30, 2015
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
vessel
|
Dec. 31, 2022
USD ($)
vessel
contract
|
Dec. 31, 2022
USD ($)
vessel
|
Dec. 31, 2022
USD ($)
vessel
|
Dec. 31, 2021
USD ($)
contract
vessel
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2015
USD ($)
vessel
|
Jun. 30, 2025
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||||||||||||
Number of vessels under finance lease | vessel | 7 | 7 | 7 | 7 | 7 | 8 | ||||||
Finance lease ROU impairment | $ 0 | $ 0 | $ 70,000,000 | |||||||||
Weighted average discount rate (percent) | 6.30% | 6.30% | 6.30% | 6.30% | 6.30% | |||||||
Weighted average lease term | 5 years 7 months 6 days | 5 years 7 months 6 days | 5 years 7 months 6 days | 5 years 7 months 6 days | 6 years 7 months 6 days | |||||||
SFL | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Number of finance leases | vessel | 7 | |||||||||||
Daily time charter rate | $ 19,135 | |||||||||||
Number of vessels sold and leased back | vessel | 8 | |||||||||||
Variable lease expense | 600,000 | $ 2,000,000 | 700,000 | |||||||||
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Number of operating leases | 2 | 1 | 2 | |||||||||
Daily time charter rate | $ 14,900 | $ 14,900 | ||||||||||
Daily operating expense rate | $ 7,000 | 7,000 | ||||||||||
Profit share | 3,000,000 | $ 9,800,000 | $ 37,900 | |||||||||
Number of vessels sold and leased back | vessel | 8 | |||||||||||
Total minimum lease period | 13 years | |||||||||||
Purchase option net of sellers credit | $ 112,000,000 | 112,000,000 | ||||||||||
Daily time charter rate extension | $ 14,900 | $ 14,900 | ||||||||||
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | Charter Hire Expenses | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Finance leases average daily rate | 18,159 | |||||||||||
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | Forecast | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Daily time charter rate | $ 14,900 | $ 16,435 | ||||||||||
Ship Finance International Ltd | ||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||
Purchase option net of sellers credit | $ 112,000,000 | $ 112,000,000 | $ 112,000,000 | 112,000,000 | ||||||||
Charter term, extension | 3 years | |||||||||||
Daily time charter rate extension | $ 14,900 |
FINANCE LEASES - Right-of-Use Finance Lease Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Change In Right-Of-Use Finance Lease Assets [Roll Forward] | |||
Vessel under capital leases, beginning balance | $ 98,535 | $ 113,480 | |
Additions | 0 | 0 | |
Depreciation | (14,946) | (14,945) | |
Impairment | 0 | 0 | $ (70,000) |
Vessel under capital leases, ending balance | $ 83,589 | $ 98,535 | $ 113,480 |
FINANCE LEASES - Changes in Lease Obligations (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Changes In Finance Lease Liability [Roll Forward] | ||
Beginning balance | $ 127,730 | $ 151,205 |
Additions | 0 | 0 |
Repayments | (29,059) | (32,237) |
Interest expense on obligations under finance lease | 7,304 | 8,762 |
Ending balance | 105,975 | 127,730 |
Current portion | 18,387 | 21,755 |
Non-current portion | $ 87,588 | $ 105,975 |
FINANCE LEASES - Outstanding Obligations Finance Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Finance Lease, Liability, Payment, Due [Abstract] | |||
2023 | $ 24,484 | ||
2024 | 24,553 | ||
2025 | 22,551 | ||
2026 | 20,617 | ||
2027 | 20,617 | ||
Thereafter | 12,320 | ||
Minimum lease payments | 125,142 | ||
Less: imputed interest | (19,167) | ||
Present value of obligations under finance leases | $ 105,975 | $ 127,730 | $ 151,205 |
VESSELS HELD FOR SALE (Details) $ in Millions |
1 Months Ended | 12 Months Ended |
---|---|---|
Nov. 30, 2022
USD ($)
|
Dec. 31, 2022
vessel
|
|
Property, Plant and Equipment [Abstract] | ||
Proceeds from sale of vessels | $ | $ 15.6 | |
Number of vessels held for sale | vessel | 0 |
EQUITY METHOD INVESTMENTS - Movement in Equity Method Investments (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Feb. 28, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Jan. 31, 2020 |
|
Equity Method Investment [Roll Forward] | |||||||
Beginning balance | $ 41,343,000 | ||||||
Distributions received from associated companies | (16,273,000) | $ 0 | $ (450,000) | ||||
Ending balance | $ 65,400,000 | $ 41,343,000 | |||||
TFG Marine | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 10.00% | 10.00% | 10.00% | ||||
Equity Method Investment [Roll Forward] | |||||||
Beginning balance | $ 0 | $ 483,000 | |||||
Share of income / (loss) | 10,211,000 | (483,000) | |||||
Distributions received from associated companies | 0 | ||||||
Loss on disposal of equity method investments | 0 | ||||||
Other | 0 | ||||||
Ending balance | $ 10,211,000 | $ 0 | 483,000 | ||||
SwissMarine | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 17.50% | 16.40% | 17.50% | 16.40% | |||
Equity Method Investment [Roll Forward] | |||||||
Beginning balance | $ 39,722,000 | $ 15,371,000 | |||||
Share of income / (loss) | 22,434,000 | 24,351,000 | |||||
Distributions received from associated companies | (9,828,000) | ||||||
Loss on disposal of equity method investments | (891,000) | ||||||
Other | 0 | ||||||
Ending balance | $ 51,437,000 | $ 39,722,000 | 15,371,000 | ||||
SwissMarine | Subsequent Event | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 15.90% | ||||||
UFC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 50.00% | 50.00% | |||||
Equity Method Investment [Roll Forward] | |||||||
Beginning balance | $ 1,618,000 | $ 545,000 | |||||
Share of income / (loss) | 9,039,000 | 1,073,000 | |||||
Distributions received from associated companies | (6,445,000) | ||||||
Loss on disposal of equity method investments | 0 | ||||||
Other | 0 | ||||||
Ending balance | $ 4,212,000 | $ 1,618,000 | 545,000 | ||||
CCL | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 0.00% | 25.00% | |||||
Ownership percentage sold | 25.00% | ||||||
Proceeds from sale of equity method investments | $ 17,500 | ||||||
Other Investments | |||||||
Equity Method Investment [Roll Forward] | |||||||
Beginning balance | $ 3,000 | $ 0 | |||||
Share of income / (loss) | 0 | 3,000 | |||||
Distributions received from associated companies | 0 | ||||||
Loss on disposal of equity method investments | 0 | ||||||
Other | (463,000) | ||||||
Ending balance | (460,000) | 3,000 | 0 | ||||
Total | |||||||
Equity Method Investment [Roll Forward] | |||||||
Beginning balance | 41,343,000 | 16,399,000 | |||||
Share of income / (loss) | 41,684,000 | 24,944,000 | |||||
Distributions received from associated companies | (16,273,000) | ||||||
Loss on disposal of equity method investments | (891,000) | ||||||
Other | (463,000) | ||||||
Ending balance | $ 65,400,000 | $ 41,343,000 | $ 16,399,000 |
EQUITY METHOD INVESTMENTS - Additional Information (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
May 31, 2020 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Feb. 28, 2022 |
Jan. 31, 2020 |
|
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in associated companies | $ 65,400 | $ 41,343 | |||||
Dividends received from associated companies | 16,273 | 0 | $ 450 | ||||
Cash dividends received from equity method investees | $ 16,300 | $ 0 | 500 | ||||
SwissMarine | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 16.40% | 16.40% | 17.50% | 17.50% | |||
Subordinated shareholder loan | $ 10,700 | ||||||
Debt term | 5 years | ||||||
Repayments of loans receivable from related party | $ 5,700 | $ 5,600 | $ 5,350 | ||||
Investments in associated companies | 51,437 | $ 39,722 | 15,371 | ||||
Dividends received from associated companies | $ 9,828 | ||||||
TFG Marine | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 10.00% | 10.00% | 10.00% | ||||
Subordinated shareholder loan | $ 1,000 | ||||||
Debt term | 5 years | ||||||
Balance outstanding of shareholders loan | $ 900 | ||||||
Investments in associated companies | 10,211 | $ 0 | 483 | ||||
Dividends received from associated companies | $ 0 | ||||||
TFG Marine | London Interbank Offered Rate (LIBOR) | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Variable interest rate | 7.00% | ||||||
UFC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 50.00% | 50.00% | |||||
Investments in associated companies | $ 4,212 | $ 1,618 | $ 545 | ||||
Dividends received from associated companies | $ 6,445 |
DEBT - Summary of Debt (Details) - USD ($) |
Dec. 31, 2022 |
May 31, 2022 |
Dec. 31, 2021 |
Aug. 31, 2021 |
Dec. 31, 2020 |
Nov. 30, 2020 |
Dec. 31, 2019 |
Nov. 30, 2019 |
May 31, 2019 |
Feb. 28, 2019 |
May 31, 2018 |
Jun. 30, 2014 |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 230,400,000 | |||||||||||
Long-term debt | 1,131,506,000 | $ 1,273,723,000 | ||||||||||
Deferred charges | (10,650,000) | (11,378,000) | $ (8,539,000) | $ (8,278,000) | ||||||||
Long-term Debt, Total | 1,120,856,000 | 1,262,345,000 | $ 1,045,483,000 | $ 1,113,870,000 | ||||||||
Current portion of long-term debt | (92,865,000) | (105,864,000) | ||||||||||
Noncurrent portion | 1,027,991,000 | 1,156,481,000 | ||||||||||
$275.0 million term loan and revolving facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 275,000,000 | $ 275,000,000 | ||||||||||
Long-term debt | 263,943,000 | 0 | ||||||||||
$304.0 million term loan and revolving facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 304,000,000 | $ 304,000,000 | ||||||||||
Long-term debt | 216,622,000 | 235,315,000 | ||||||||||
$93.75 million term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 93,750,000 | $ 93,750,000 | ||||||||||
Long-term debt | 70,739,000 | 77,314,000 | ||||||||||
$131.79 million term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 131,790,000 | $ 131,790,000 | ||||||||||
Long-term debt | 88,856,000 | 98,681,000 | ||||||||||
$155.3 million term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 155,300,000 | $ 155,300,000 | ||||||||||
Long-term debt | 70,890,000 | 121,573,000 | ||||||||||
$120.0 million term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 120,000,000 | $ 120,000,000 | ||||||||||
Long-term debt | 63,545,000 | 81,071,000 | ||||||||||
$420.0 million term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 420,000,000 | $ 420,000,000 | $ 420,000,000 | $ 420,000,000 | ||||||||
Long-term debt | 0 | 280,387,000 | ||||||||||
$260.0 million lease financing | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 260,000,000 | $ 260,000,000 | ||||||||||
Long-term debt | 244,524,000 | 256,905,000 | ||||||||||
$175.0 million term loan and revolving facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | 175,000,000 | $ 175,000,000 | ||||||||||
Long-term debt | $ 112,387,000 | $ 122,477,000 |
DEBT - Summary of Movements in Debt (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Movement In Debt Balance [Roll Forward] | |||
Long term debt, beginning balance | $ 1,273,723 | ||
Deferred charges, beginning balance | (11,378) | $ (8,539) | $ (8,278) |
Total, beginning balance | 1,262,345 | 1,045,483 | 1,113,870 |
Loan repayments | (417,217) | (628,900) | (390,138) |
Repayment of debt issuance cost | 0 | 0 | 0 |
Loan draw downs | 275,000 | 848,601 | 322,012 |
Proceeds from debt issuance cost | 0 | 0 | 0 |
Capitalization of debt issuance cost, net of amortization | (2,839) | (261) | |
Capitalized financing fees and expenses | (2,890) | ||
Amortization of debt issuance cost | 3,618 | 2,677 | 2,778 |
Long term debt, ending balance | 1,131,506 | 1,273,723 | |
Deferred charges, ending balance | (10,650) | (11,378) | (8,539) |
Total, ending balance | 1,120,856 | 1,262,345 | 1,045,483 |
Secured Debt | |||
Movement In Debt Balance [Roll Forward] | |||
Long term debt, beginning balance | 1,273,723 | 1,054,022 | 1,122,148 |
Loan repayments | (417,217) | (628,900) | (390,138) |
Loan draw downs | 275,000 | 848,601 | 322,012 |
Long term debt, ending balance | $ 1,131,506 | $ 1,273,723 | $ 1,054,022 |
DEBT - Loan Facilities Additional Information (Details) |
1 Months Ended | 12 Months Ended | 25 Months Ended | 37 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 01, 2023 |
Nov. 30, 2020
USD ($)
financial_institution
vessel
|
May 31, 2022
USD ($)
vessel
|
Aug. 31, 2021
USD ($)
newbuilding
vessel
|
Nov. 30, 2020
USD ($)
financial_institution
vessel
|
Nov. 30, 2019
USD ($)
vessel
|
May 31, 2019
USD ($)
|
Feb. 28, 2019
USD ($)
vessel
|
May 31, 2018
USD ($)
vessel
|
Jan. 31, 2016
USD ($)
|
Feb. 28, 2015
USD ($)
vessel
|
Jun. 30, 2014
USD ($)
tranche
vessel
|
Dec. 31, 2022
USD ($)
vessel
|
Dec. 31, 2021
USD ($)
vessel
|
Dec. 31, 2020
USD ($)
|
Jan. 31, 2023
USD ($)
|
Feb. 28, 2021
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 230,400,000 | |||||||||||||||||
Number of vessels serving as security | vessel | 74 | 81 | ||||||||||||||||
Repayments of long-term debt | $ 417,217,000 | $ 628,900,000 | $ 390,138,000 | |||||||||||||||
Number of vessels sold and leased back | vessel | 9 | |||||||||||||||||
Number of newbuilding sold and leased back | newbuilding | 3 | |||||||||||||||||
Lease term | 7 years | |||||||||||||||||
Adjusted profile term | 21 years | |||||||||||||||||
Loan repayments | $ 417,217,000 | 628,900,000 | 390,138,000 | |||||||||||||||
Number of vessels with commitment to install scrubbers | vessel | 3 | |||||||||||||||||
Long term debt | $ 1,120,856,000 | 1,262,345,000 | 1,045,483,000 | $ 1,113,870,000 | ||||||||||||||
Dry Bulk Carriers | Hemen Holdings Ltd | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt assumed | $ 413,600,000 | |||||||||||||||||
$275.0 million term loan and revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 275,000,000 | 275,000,000 | ||||||||||||||||
Number of vessels serving as security | vessel | 14 | |||||||||||||||||
Balloon payment | $ 170,000,000 | |||||||||||||||||
Repayments of long-term debt | 11,100,000 | |||||||||||||||||
Remaining borrowing capacity | 0 | |||||||||||||||||
$275.0 million term loan and revolving facility | Term Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | 225,000,000 | |||||||||||||||||
$275.0 million term loan and revolving facility | Revolving Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | 50,000,000 | |||||||||||||||||
$420.0 million term loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 420,000,000 | $ 420,000,000 | $ 420,000,000 | 420,000,000 | ||||||||||||||
Number of vessels financed | vessel | 14 | 14 | ||||||||||||||||
Loan repayments | 280,400,000 | 29,600,000 | ||||||||||||||||
Number of tranches | tranche | 14 | |||||||||||||||||
Debt instrument, value per tranche, value | $ 30,000,000 | |||||||||||||||||
Payment terms | 20 years | |||||||||||||||||
Periodic payments | $ 5,200,000 | |||||||||||||||||
Debt refinance extension term | 3 years | |||||||||||||||||
Number of vessels with commitment to install scrubbers | vessel | 11 | |||||||||||||||||
Scrubber installation finance cost | $ 3,000,000 | |||||||||||||||||
Scrubber installation repayment period | 3 years | |||||||||||||||||
$175.0 million term loan and revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 175,000,000 | 175,000,000 | ||||||||||||||||
Balloon payment | $ 77,100,000 | |||||||||||||||||
Repayments of long-term debt | 10,100,000 | 2,500,000 | ||||||||||||||||
Remaining borrowing capacity | 50,000,000 | |||||||||||||||||
Number of vessels financed | vessel | 6 | |||||||||||||||||
Tenor term | 5 years | |||||||||||||||||
Adjusted profile term | 19 years | |||||||||||||||||
$50 Million Revolving Credit Tranche Of $175 Term Loan Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 50,000,000 | |||||||||||||||||
Repayments of long-term debt | 50,000,000 | |||||||||||||||||
$260.0 million lease financing | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 260,000,000 | 260,000,000 | ||||||||||||||||
Repayments of long-term debt | 12,400,000 | 3,100,000 | ||||||||||||||||
Remaining borrowing capacity | 0 | |||||||||||||||||
$304.0 million term loan and revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 304,000,000 | $ 304,000,000 | 304,000,000 | |||||||||||||||
Number of vessels serving as security | vessel | 14 | 14 | ||||||||||||||||
Repayments of long-term debt | 18,700,000 | 18,700,000 | ||||||||||||||||
Remaining borrowing capacity | 50,000,000 | |||||||||||||||||
Number of financial institutions | financial_institution | 6 | 6 | ||||||||||||||||
Number of financial institutions under previous agreement | financial_institution | 5 | 5 | ||||||||||||||||
Term Loan Facility $254 Million | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 254,000,000 | $ 254,000,000 | ||||||||||||||||
Balloon payment | $ 165,200,000 | 165,200,000 | ||||||||||||||||
Tenor term | 5 years | |||||||||||||||||
Adjusted profile term | 20 years | |||||||||||||||||
Revolving Credit Facility $50 Million | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 50,000,000 | 50,000,000 | ||||||||||||||||
Repayments of long-term debt | 50,000,000 | |||||||||||||||||
$425.0 Term Loan Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | 425,000,000 | 425,000,000 | $ 425,000,000.0 | |||||||||||||||
Number of vessels financed | vessel | 14 | |||||||||||||||||
Loan repayments | $ 322,500,000 | |||||||||||||||||
Long term debt | $ 425,000,000 | 425,000,000 | ||||||||||||||||
$93.75 million term loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 93,750,000 | 93,750,000 | ||||||||||||||||
Balloon payment | $ 62,500,000 | |||||||||||||||||
Tenor term | 5 years | |||||||||||||||||
Adjusted profile term | 19 years | |||||||||||||||||
Loan repayments | 6,600,000 | 6,600,000 | ||||||||||||||||
Term loan facility, amount available, undrawn | 0 | |||||||||||||||||
$250.0M Credit Facility | Subsequent Event | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 250,000,000 | |||||||||||||||||
$131.79 million term loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 131,790,000 | 131,790,000 | ||||||||||||||||
Balloon payment | $ 76,600,000 | |||||||||||||||||
Tenor term | 5 years | |||||||||||||||||
Adjusted profile term | 19 years | |||||||||||||||||
Loan repayments | 9,800,000 | 15,400,000 | ||||||||||||||||
Term loan facility, amount available, undrawn | 0 | |||||||||||||||||
$155.3 million term loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 155,300,000 | 155,300,000 | ||||||||||||||||
Balloon payment | 56,500,000 | |||||||||||||||||
Loan repayments | 50,700,000 | 20,800,000 | ||||||||||||||||
Term loan facility, amount available, undrawn | 0 | |||||||||||||||||
$155.3 million term loan | Golden Endeavour, Golden Empress, Golden Enterprise, Golden Cecilie, and Golden Cathrine | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loan repayments | 41,100,000 | |||||||||||||||||
$284 Term Loan Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 284,000,000 | |||||||||||||||||
Number of vessels financed | vessel | 15 | |||||||||||||||||
Loan repayments | $ 155,400,000 | |||||||||||||||||
$120.0 million term loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 120,000,000 | 120,000,000 | ||||||||||||||||
Balloon payment | $ 52,400,000 | |||||||||||||||||
Number of vessels financed | vessel | 10 | |||||||||||||||||
Loan repayments | 17,500,000 | $ 18,600,000 | ||||||||||||||||
Term loan facility, amount available, undrawn | 0 | |||||||||||||||||
$120.0 million term loan | Golden Ice and Golden Strength | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loan repayments | $ 11,400,000 | |||||||||||||||||
$33.9 Term Loan Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 34,000,000 | |||||||||||||||||
Loan repayments | 58,300,000 | |||||||||||||||||
$82.5 Term Loan Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | 82,500,000 | |||||||||||||||||
Other Debt Obligations | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principal amount | $ 65,500,000 | |||||||||||||||||
$304.0 Term Loan Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Proceeds from lines of credit | $ 304,000,000 | |||||||||||||||||
Secured Overnight Financing Rate (SOFR) | Subsequent Event | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 1.90% | |||||||||||||||||
Secured Overnight Financing Rate (SOFR) | $275.0 million term loan and revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 1.90% | |||||||||||||||||
Secured Overnight Financing Rate (SOFR) | $250.0M Credit Facility | Subsequent Event | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 1.85% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | $420.0 million term loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 2.50% | 2.50% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) | $175.0 million term loan and revolving facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 1.90% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | $260.0 million lease financing | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 2.00% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | Term Loan Facility $254 Million | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 2.35% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | $425.0 Term Loan Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 2.20% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | $93.75 million term loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 2.15% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | $131.79 million term loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 2.10% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | $155.3 million term loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 2.10% | |||||||||||||||||
London Interbank Offered Rate (LIBOR) | $120.0 million term loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate | 2.25% |
DEBT - Financial Covenants Additional Information (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
May 31, 2022 |
Dec. 31, 2021 |
Aug. 31, 2021 |
|
Debt Instrument [Line Items] | ||||
Minimum value percentage | 135.00% | |||
Principal amount | $ 230,400,000 | |||
Minimum cash requirement | $ 20,000,000 | |||
Minimum cash requirement percentage | 5.00% | |||
Market adjusted equity | 25.00% | |||
Restricted cash | $ 61,300,000 | $ 69,500,000 | ||
$175.0 million term loan and revolving facility | ||||
Debt Instrument [Line Items] | ||||
Principal amount | 175,000,000 | $ 175,000,000 | ||
$275.0 million term loan and revolving facility | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 275,000,000 | $ 275,000,000 | ||
$175.0M And $275.0M Loan And Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Minimum value percentage | 130.00% | |||
$260.0 million lease financing | ||||
Debt Instrument [Line Items] | ||||
Minimum value percentage | 115.00% | |||
Principal amount | $ 260,000,000 | $ 260,000,000 |
DEBT - Deferred Charges Additional Information (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Disclosure [Abstract] | ||
Deferred charges | $ 10.7 | $ 11.4 |
DEBT - Summary of Debt Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Debt Disclosure [Abstract] | ||||
2023 | $ 92,865 | |||
2024 | 274,101 | |||
2025 | 277,443 | |||
2026 | 116,610 | |||
2027 | 187,870 | |||
Thereafter | 182,617 | |||
Total | 1,131,506 | $ 1,273,723 | ||
Deferred charges | (10,650) | (11,378) | $ (8,539) | $ (8,278) |
Long-term Debt, Total | $ 1,120,856 | $ 1,262,345 | $ 1,045,483 | $ 1,113,870 |
DEBT - Assets Pledged and Weighted Average Interest Rate Additional Information (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
vessel
|
Dec. 31, 2021
USD ($)
vessel
|
---|---|---|
Debt Instrument [Line Items] | ||
Number of vessels serving as security | vessel | 74 | 81 |
Vessels and equipment, net | $ 2,665,785 | $ 2,880,321 |
Weighted average interest rate | 2.01% | 2.21% |
Collateral Pledged | ||
Debt Instrument [Line Items] | ||
Vessels and equipment, net | $ 2,665,800 | $ 2,880,300 |
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Payables and Accruals [Abstract] | ||
Voyage expenses | $ 18,197 | $ 11,204 |
Ship operating expenses | 16,106 | 17,968 |
Administrative expenses | 3,682 | 4,570 |
Tax expenses | 381 | 394 |
Interest expenses | 5,022 | 4,433 |
Total accrued expenses | $ 43,388 | $ 38,569 |
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Deferred charter revenue | $ 29,153 | $ 34,626 |
Payroll and employee tax | 653 | 654 |
Bunker obligations on time charter out contracts | 3,652 | 1,523 |
Other current liabilities | 36 | 462 |
Total other current liabilities | $ 33,494 | $ 37,265 |
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Derivative [Line Items] | |||
Asset Derivatives - Fair Value | $ 33,123 | $ 2,679 | |
Liability Derivatives - Fair Value | 1,313 | 10,364 | |
Gain (loss) on derivatives | 39,968 | 30,465 | $ (17,450) |
Interest rate swaps | |||
Derivative [Line Items] | |||
Asset Derivatives - Fair Value | 32,858 | 2,608 | |
Liability Derivatives - Fair Value | 0 | 10,364 | |
Interest income (expense) | (466) | (8,349) | (5,030) |
Unrealized fair value gain (loss) | 40,614 | 19,802 | (19,868) |
Foreign currency swaps | |||
Derivative [Line Items] | |||
Asset Derivatives - Fair Value | 0 | 71 | |
Liability Derivatives - Fair Value | 10 | 0 | |
Unrealized fair value gain (loss) | 113 | (257) | 519 |
Realized gain (loss) | (194) | 60 | 71 |
Bunker derivatives | |||
Derivative [Line Items] | |||
Asset Derivatives - Fair Value | 265 | 0 | |
Liability Derivatives - Fair Value | 1,303 | 0 | |
Unrealized fair value gain (loss) | (1,038) | (170) | 157 |
Realized gain (loss) | 1,518 | 410 | (2,193) |
Forward freight agreements | |||
Derivative [Line Items] | |||
Asset Derivatives - Fair Value | 0 | 0 | |
Liability Derivatives - Fair Value | 0 | 0 | |
Realized gain (loss) | (579) | 18,969 | 10,207 |
Options | $ 0 | $ 0 | $ (1,313) |
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Summary of Authorized Capital (Details) - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Equity [Abstract] | ||||
Common stock, shares, authorized (in shares) | 300,000,000 | 300,000,000 | 300,000,000 | 200,000,000 |
Share capital, par value (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Common stock, value, authorized | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | $ 10,000,000 |
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Additional Information (Details) kr / shares in Units, $ / shares in Units, kr in Millions |
1 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
May 31, 2022
shares
|
May 31, 2021
USD ($)
shares
|
May 31, 2021
NOK (kr)
kr / shares
shares
|
Feb. 28, 2021
USD ($)
shares
|
Feb. 28, 2021
NOK (kr)
kr / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2020
USD ($)
$ / shares
shares
|
Mar. 31, 2021
USD ($)
$ / shares
shares
|
|
Class of Stock [Line Items] | |||||||||
Common stock, value, authorized | $ | $ 15,000,000 | $ 15,000,000 | $ 10,000,000 | $ 15,000,000 | |||||
Common stock, shares, authorized (in shares) | 300,000,000 | 300,000,000 | 200,000,000 | 300,000,000 | |||||
Share capital, par value (in dollars per share) | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | |||||
Treasury shares acquired (in shares) | 400,000 | 0 | 0 | ||||||
Treasury stock, purchase price | $ | $ 3,273,000 | $ 0 | $ 0 | ||||||
Treasury shares held (in shares) | 705,000 | 755,000 | 945,000 | ||||||
Exercised (in shares) | 450,000 | 450,000 | 190,000 | ||||||
Net proceeds from share issuance | $ | $ 0 | $ 352,225,000 | $ 0 | ||||||
Dividends to shareholders | $ | $ 471,700,000 | $ 320,700,000 | $ 7,200,000 | ||||||
Dividends per share (in dollars per share) | $ / shares | $ 2.35 | $ 1.60 | $ 0.05 | ||||||
Share capital, shares outstanding (in shares) | 200,485,621 | 200,435,621 | 143,327,697 | ||||||
2022 Share Buy-Back Program | |||||||||
Class of Stock [Line Items] | |||||||||
Treasury shares held (in shares) | 400,000 | ||||||||
2019 Share Buy-Back Program | |||||||||
Class of Stock [Line Items] | |||||||||
Treasury shares held (in shares) | 305,000 | ||||||||
2016 Share Option Scheme | |||||||||
Class of Stock [Line Items] | |||||||||
Shares issued for equity incentive plan (in shares) | 190,000 | ||||||||
Repurchases of shares | $ | $ 400,000 | ||||||||
Private Placement | |||||||||
Class of Stock [Line Items] | |||||||||
Net proceeds from share issuance | $ 16,900,000 | kr 143.6 | $ 338,000,000 | kr 2,873.0 | |||||
Shares issued (in shares) | 2,710,377 | 2,710,377 | 54,207,547 | 54,207,547 | |||||
Sale of stock, price (NOK per share) | kr / shares | kr 53.00 | kr 53.00 | |||||||
Consideration received on sale of stock | $ | $ 16,900,000 | $ 335,300,000 | |||||||
Private Placement | Hemen Holdings Ltd | |||||||||
Class of Stock [Line Items] | |||||||||
Shares issued (in shares) | 27,103,773 | 27,103,773 | |||||||
Consideration received on sale of stock | $ | $ 169,000,000 | ||||||||
Contributed capital surplus | |||||||||
Class of Stock [Line Items] | |||||||||
Reclassified from additional paid in capital | $ | $ 0 | 350,671,000 | $ 0 | ||||||
Accumulated earnings (deficit) | |||||||||
Class of Stock [Line Items] | |||||||||
Loss on treasury shares distributed | $ | $ 1,740,000 | $ 441,000 | $ 115,000 |
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Summary of Share Capital (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2021 |
|
Class of Stock [Line Items] | ||||
Share capital, par value (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Increase (Decrease) In Share Capital, Shares Issued [Roll Forward] | ||||
Issued shares: Balance at start of year (in shares) | 201,190,621 | |||
Issued shares: Balance at end of year (in shares) | 201,190,621 | 201,190,621 | ||
Increase (Decrease) In Share Capital, Shares Outstanding [Roll Forward] | ||||
Outstanding number of shares: Balance at beginning of year (in shares) | 200,435,621 | 143,327,697 | ||
Outstanding number of shares: Balance at end of year (in shares) | 200,485,621 | 200,435,621 | 143,327,697 | |
2016 Share Option Scheme | ||||
Increase (Decrease) In Share Capital, Shares Issued [Roll Forward] | ||||
Settlement of options (in shares) | 190,000 | |||
Share capital | ||||
Increase (Decrease) In Share Capital, Shares Issued [Roll Forward] | ||||
Issued shares: Balance at start of year (in shares) | 201,190,621 | 144,272,697 | 144,272,697 | |
Shares issued (in shares) | 0 | 56,917,924 | 0 | |
Issued shares: Balance at end of year (in shares) | 201,190,621 | 201,190,621 | 144,272,697 | |
Increase (Decrease) In Share Capital, Shares Outstanding [Roll Forward] | ||||
Outstanding number of shares: Balance at beginning of year (in shares) | 200,435,621 | 143,327,697 | 143,277,697 | |
Shares issued (in shares) | 0 | 56,917,924 | 0 | |
Repurchases of shares (in shares) | (400,000) | 0 | 0 | |
Distribution of treasury shares (in shares) | 450,000 | 190,000 | 50,000 | |
Outstanding number of shares: Balance at end of year (in shares) | 200,485,621 | 200,435,621 | 143,327,697 | |
Share capital | 2016 Share Option Scheme | ||||
Increase (Decrease) In Share Capital, Shares Issued [Roll Forward] | ||||
Settlement of options (in shares) | 0 | 0 | 0 | |
Share capital | Hemen Holdings Ltd | ||||
Increase (Decrease) In Share Capital, Shares Issued [Roll Forward] | ||||
Issue of consideration shares to Hemen (in shares) | 0 | 0 | 0 |
SHARE OPTIONS - Additional Information (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Nov. 11, 2020 |
Sep. 14, 2020 |
Apr. 24, 2020 |
Nov. 10, 2016 |
May 31, 2022 |
Nov. 30, 2016 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Fair value of share options | $ 400,000 | $ 400,000 | $ 800,000 | |||||
Amount outstanding for options vested | $ 150,000 | $ 300,000 | ||||||
Share based compensation cost | $ 600,000 | $ 600,000 | ||||||
Exercised (in shares) | 450,000 | 450,000 | 190,000 | |||||
Compensation costs not yet recognized | $ 300,000 | $ 900,000 | ||||||
2016 Share Option Scheme | Share Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Term of scheme | 10 years | |||||||
Term of share options | 5 years | 5 years | 5 years | 5 years | ||||
Vesting period | 3 years | 3 years | 3 years | |||||
Vesting rate | 33.33% | |||||||
2016 Share Option Scheme | Share Option | Share-based Payment Arrangement, Tranche One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 33.33% | |||||||
2016 Share Option Scheme | Share Option | Share-based Payment Arrangement, Tranche Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 33.33% | |||||||
2016 Share Option Scheme | Share Option | Share-based Payment Arrangement, Tranche Three | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 33.33% | |||||||
Senior Management | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exercised (in shares) | 450,000 | 100,000 | ||||||
Share Option | Chief Executive Officer | 2016 Share Option Scheme | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of share options approved for issuance to senior management (in shares) | 550,000 | |||||||
Vesting period | 3 years | |||||||
Share Option | Chief Financial Officer | 2016 Share Option Scheme | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of share options approved for issuance to senior management (in shares) | 275,000 | |||||||
Share Option | Chief Commercial Officer | 2016 Share Option Scheme | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of share options approved for issuance to senior management (in shares) | 275,000 | |||||||
Share Option | Senior Management | 2016 Share Option Scheme | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of share options approved for issuance to senior management (in shares) | 700,000 | |||||||
Exercise price (in dollars per share) | $ 4.20 |
SHARE OPTIONS - Summary of 2020 Awards (Details) |
Dec. 31, 2022
$ / shares
shares
|
Dec. 31, 2021
$ / shares
shares
|
Nov. 11, 2020
kr / shares
shares
|
Sep. 14, 2020
kr / shares
shares
|
Apr. 24, 2020
kr / shares
shares
|
---|---|---|---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable, Number of options (in shares) | 150,000 | 300,000 | |||
Share price (krone per share) | $ / shares | $ 4.84 | $ 3.80 | |||
Share-based Payment Arrangement, Tranche One | Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable, Number of options (in shares) | 150,000 | ||||
Share price (krone per share) | kr / shares | kr 35 | ||||
Share-based Payment Arrangement, Tranche One | Chief Financial Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable, Number of options (in shares) | 75,000 | ||||
Share price (krone per share) | kr / shares | kr 32 | ||||
Share-based Payment Arrangement, Tranche One | Chief Commercial Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable, Number of options (in shares) | 75,000 | ||||
Share price (krone per share) | kr / shares | kr 33 | ||||
Share-based Payment Arrangement, Tranche Two | Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable, Number of options (in shares) | 150,000 | ||||
Share price (krone per share) | kr / shares | kr 52.50 | ||||
Share-based Payment Arrangement, Tranche Two | Chief Financial Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable, Number of options (in shares) | 75,000 | ||||
Share price (krone per share) | kr / shares | kr 48 | ||||
Share-based Payment Arrangement, Tranche Two | Chief Commercial Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable, Number of options (in shares) | 75,000 | ||||
Share price (krone per share) | kr / shares | kr 49.50 | ||||
Share-based Payment Arrangement, Tranche Three | Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable, Number of options (in shares) | 250,000 | ||||
Share price (krone per share) | kr / shares | kr 70.00 | ||||
Share-based Payment Arrangement, Tranche Three | Chief Financial Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable, Number of options (in shares) | 125,000 | ||||
Share price (krone per share) | kr / shares | kr 64 | ||||
Share-based Payment Arrangement, Tranche Three | Chief Commercial Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable, Number of options (in shares) | 125,000 | ||||
Share price (krone per share) | kr / shares | kr 66 |
SHARE OPTIONS - Summary of Assumptions for Share Options (Details) - Stock Compensation Plan - 2016 Share Option Scheme |
Nov. 11, 2020 |
Sep. 14, 2020 |
Apr. 24, 2020 |
Nov. 10, 2016 |
---|---|---|---|---|
November 10, 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term | 5 years | |||
Expected volatility | 71.00% | |||
Risk-free rate | 155.00% | |||
April 24, 2020 | Chief Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term | 5 years | |||
Expected volatility | 61.00% | |||
Risk-free rate | 27.00% | |||
September 14, 2020 | Chief Financial Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term | 5 years | |||
Expected volatility | 62.00% | |||
Risk-free rate | 27.00% | |||
November 11, 2020 | Chief Commercial Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term | 5 years | |||
Expected volatility | 61.00% | |||
Risk-free rate | 40.00% |
SHARE OPTIONS - Summary of Number of Share Options Outstanding (Details) - $ / shares |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
May 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Number of Options | |||
Total Outstanding (in shares) | 1,100,000 | 1,290,000 | |
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | 450,000 | 450,000 | 190,000 |
Forfeited (in shares) | 0 | 0 | |
Exercisable (in shares) | 150,000 | 300,000 | |
Outstanding - Unvested (in shares) | 500,000 | 800,000 | |
Total Oustanding (in shares) | 650,000 | 1,100,000 | |
Weighted Average Exercise Price | |||
Total Outstanding (in dollars per share) | $ 6.04 | $ 5.17 | |
Granted (in dollars per share) | 0 | 0 | |
Exercised (in dollars per share) | 3.97 | 3.35 | |
Forfeited (in dollars per share) | 0 | 0 | |
Exercisable (in dollars per share) | 4.84 | 3.80 | |
Outstanding - Unvested (in dollars per share) | 6.70 | 6.88 | |
Total Outstanding (in dollars per share) | 6.27 | 6.04 | |
Weighted Average Grant date Fair Value | |||
Outstanding (in dollars per share) | 1.76 | 1.63 | |
Granted (in dollars per share) | 0 | 0 | |
Exercised (in dollars per share) | 1.77 | 2.47 | |
Forfeited (in dollars per share) | 0 | 0 | |
Exercisable (in dollars per share) | 1.39 | 2.06 | |
Outstanding - Unvested (in dollars per share) | 1.25 | 1.65 | |
Outstanding (in dollars per share) | $ 1.28 | $ 1.76 | |
Management | |||
Number of Options | |||
Total Outstanding (in shares) | 1,100,000 | 1,200,000 | |
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | 450,000 | 100,000 | |
Forfeited (in shares) | 0 | 0 | |
Exercisable (in shares) | 150,000 | 300,000 | |
Outstanding - Unvested (in shares) | 500,000 | 800,000 | |
Total Oustanding (in shares) | 650,000 | 1,100,000 |
SHARE OPTIONS - Summary of Share Options Outstanding (Details) - $ / shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-Based Payment Arrangement [Abstract] | ||
Weighted Average Exercise Price of Outstanding Options (in dollars per share) | $ 6.70 | $ 6.88 |
Outstanding - Unvested (in shares) | 500,000 | 800,000 |
Weighted Average Exercise Price (in dollars per share) | $ 6.70 | $ 6.88 |
Options Outstanding and Unvested, Weighted Average Remaining Contractual Life | 2 years 6 months 18 days | 3 years 6 months 18 days |
Options Outstanding and Exercisable, Number of options (in shares) | 150,000 | 300,000 |
Options Outstanding and Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 4.84 | $ 3.80 |
Options Outstanding and Exercisable, Weighted Average Remaining Contractual Life | 2 years 9 months 14 days | 3 years 6 months 18 days |
RELATED PARTY TRANSACTIONS - Ship Finance Limited (Details) |
1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Aug. 31, 2021
vessel
|
Apr. 30, 2015
USD ($)
vessel
|
Jun. 30, 2021
USD ($)
vessel
|
Dec. 31, 2022
vessel
|
Dec. 31, 2021
vessel
|
Dec. 31, 2020
USD ($)
vessel
|
Dec. 31, 2019
USD ($)
vessel
|
Dec. 31, 2015
USD ($)
vessel
|
|
Related Party Transaction [Line Items] | ||||||||
Number of vessels sold and leased back | vessel | 9 | |||||||
SFL | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of vessels sold and leased back | vessel | 1 | 1 | ||||||
SFL | Dry Bulk Carriers | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of vessels under commercial management | vessel | 8 | 9 | ||||||
Commercial management fee revenue per day for first seven dry bulk vessels | $ | $ 125 | |||||||
Number of vessels for which management fee is $125 dollars per day | vessel | 4 | 4 | ||||||
Commercial management fee revenue, rate 2 | $ | $ 75 | $ 75 | ||||||
Number of vessels for which management fee is $75 dollars per day | vessel | 3 | 3 | ||||||
Commercial management fee revenue, rate 3 | $ | $ 37.5 | $ 37.5 | ||||||
Commercial management fee revenue per day for managing vessels | $ | $ 125 | |||||||
Number of vessels for which management fee is $37.5 dollars per day | vessel | 1 | 2 | ||||||
SFL | Container Carriers | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of vessels under commercial management | vessel | 16 | 16 | 14 | |||||
Commercial management fee revenue per day for managing vessels | $ | $ 75 | $ 75 | $ 75 | |||||
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of vessels sold and leased back | vessel | 8 | 8 | 8 | |||||
Aggregate price sold en-bloc | $ | $ 272,000,000 | |||||||
Duration of time charter | 10 years | |||||||
Purchase option net of sellers credit | $ | $ 112,000,000 | $ 112,000,000 | ||||||
Purchase option timing from lease inception | 10 years | |||||||
Charter term extension | 3 years | 3 years | ||||||
Daily time charter rate extension | $ | $ 14,900 | $ 14,900 |
RELATED PARTY TRANSACTIONS - Seatankers, Capesize Chartering, and United Freight Carriers (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022
USD ($)
vessel
|
Dec. 31, 2021
USD ($)
vessel
|
Dec. 31, 2020
USD ($)
|
|
CCL | |||
Related Party Transaction [Line Items] | |||
Number of vessels acquired | 34 | ||
Dry Bulk Carriers | Seatankers | |||
Related Party Transaction [Line Items] | |||
Number of vessels under commercial management | 10 | 12 | |
Commercial management fee revenue per day for managing vessels | $ | $ 125 | $ 125 | $ 125 |
RELATED PARTY TRANSACTIONS - Swiss Marine (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
May 31, 2020 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Related Party Transaction [Line Items] | ||||||
Related party receivables | $ 2,334,000 | $ 8,615,000 | ||||
Shareholder loan | 2,334,000 | 8,615,000 | ||||
Revenue from related parties | 2,615,000 | 14,656,000 | $ 24,454,000 | |||
SwissMarine | ||||||
Related Party Transaction [Line Items] | ||||||
Repayments of loans receivable from related party | $ 5,700,000 | $ 5,600,000 | 5,350,000 | |||
Proceeds from repayments of shareholder loan, principal | 5,350,000 | 5,350,000 | ||||
Proceeds from repayments of shareholder loan, interest | $ 300,000 | $ 200,000 | ||||
SwissMarine | ||||||
Related Party Transaction [Line Items] | ||||||
Subordinated shareholder loan, term | 5 years | |||||
Shareholder loan | 0 | 281,000 | ||||
Revenue from related parties | $ 2,033,000 | $ 13,281,000 | $ 19,528,000 | |||
SwissMarine | London Interbank Offered Rate (LIBOR) | ||||||
Related Party Transaction [Line Items] | ||||||
Spread on variable rate (percent) | 2.00% | |||||
SwissMarine | Shareholder Loan | ||||||
Related Party Transaction [Line Items] | ||||||
Related party receivables | $ 10,700,000 |
RELATED PARTY TRANSACTIONS - TFG Marine (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
May 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jan. 31, 2020 |
|
Related Party Transaction [Line Items] | |||||
Shareholder loan | $ 2,334,000 | $ 8,615,000 | |||
Related party payables | 9,492,000 | 13,934,000 | |||
Performance Guarantee | |||||
Related Party Transaction [Line Items] | |||||
Maximum liability under this guarantee | 4,000,000 | ||||
Amount payable under guarantee | 0 | ||||
TFG Marine | |||||
Related Party Transaction [Line Items] | |||||
Shareholder loan | $ 900,000 | $ 1,000,000 | |||
Shareholder loan converted to equity | $ 75,000 | ||||
Subordinated shareholder loan, term | 5 years | ||||
Related party payables | 9,219,000 | 6,563,000 | |||
TFG Marine | Bunker Procurement | |||||
Related Party Transaction [Line Items] | |||||
Guarantee issued in respect of subsidiary performance under bunker supply agreement | 202,000,000 | 174,300,000 | |||
Related party payables | $ 9,200,000 | $ 6,600,000 | |||
TFG Marine | Bunker Supply Agreement Guarantee | |||||
Related Party Transaction [Line Items] | |||||
Guarantee issued in respect of subsidiary performance under bunker supply agreement | $ 30,000,000 | $ 20,000,000 | |||
TFG Marine | London Interbank Offered Rate (LIBOR) | |||||
Related Party Transaction [Line Items] | |||||
Spread on variable rate (percent) | 7.00% |
RELATED PARTY TRANSACTIONS - Management Agreements (Details) - $ / vessel |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Oct. 31, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Frontline | |||
Related Party Transaction [Line Items] | |||
Management fee to be paid per annum | 26,714 | 27,375 | |
Seateam | |||
Related Party Transaction [Line Items] | |||
Equity method ownership percentage sold | 22.19% |
RELATED PARTY TRANSACTIONS - Acquisition of Vessels From Affiliates of Hemen (Details) $ in Millions |
1 Months Ended | 12 Months Ended | 37 Months Ended |
---|---|---|---|
Feb. 28, 2021
USD ($)
vessel
|
Dec. 31, 2021
USD ($)
vessel
newbuilding
|
Feb. 28, 2021
vessel
|
|
Golden Spray, Golden Fast and Golden Furious | |||
Related Party Transaction [Line Items] | |||
Number of newbuildings acquired | vessel | 3 | ||
Hemen Holdings Ltd | |||
Related Party Transaction [Line Items] | |||
Tenor period | 18 months | ||
Debt term | 17 years | 17 years | |
Number of newbuildings acquired | newbuilding | 3 | ||
Hemen Holdings Ltd | Golden Spray, Golden Fast and Golden Furious | |||
Related Party Transaction [Line Items] | |||
Number of newbuildings acquired | vessel | 3 | 3 | |
Hemen Holdings Ltd | Dry Bulk Carriers | |||
Related Party Transaction [Line Items] | |||
Debt assumed | $ | $ 413.6 | $ 413.6 | |
Debt assumed, in cash | $ | 63.0 | $ 63.0 | |
Debt assumed, sellers credit | $ | $ 350.6 | ||
Number of vessels acquired under heads of agreement | vessel | 15 | 15 | |
Hemen Holdings Ltd | Dry Bulk Carriers | London Interbank Offered Rate (LIBOR) | Minimum | |||
Related Party Transaction [Line Items] | |||
Variable interest rate | 2.35% | ||
Hemen Holdings Ltd | Dry Bulk Carriers | London Interbank Offered Rate (LIBOR) | Maximum | |||
Related Party Transaction [Line Items] | |||
Variable interest rate | 4.70% |
RELATED PARTY TRANSACTIONS - Summary of Net Amounts Charged By Related Parties (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Related Party Transaction [Line Items] | |||
Net amounts charged by related parties | $ 45,748 | $ 77,088 | $ 76,205 |
Frontline | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related parties | 3,902 | 4,171 | 3,216 |
SFL | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related parties | 30,914 | 42,911 | 38,459 |
Seateam | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related parties | 0 | 0 | 2,552 |
Seatankers | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related parties | 8,756 | 27,978 | 31,955 |
CCL | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related parties | 395 | 2,028 | 23 |
Front Ocean Management AS | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related parties | $ 1,781 | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS - Summary of Net Amounts Charged To Related Parties (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Related Party Transaction [Line Items] | |||
Net amounts charged to related parties | $ 2,615 | $ 14,656 | $ 24,454 |
Frontline | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related parties | 0 | 52 | 0 |
SFL | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related parties | 96 | 468 | 957 |
Seatankers | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related parties | 486 | 817 | 954 |
Northern Drilling | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related parties | 0 | 38 | 50 |
SwissMarine | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related parties | 2,033 | 13,281 | 19,528 |
CCL | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related parties | $ 0 | $ 0 | $ 2,965 |
RELATED PARTY TRANSACTIONS - Summary of Related Parties Income/ (Expense) Amounts Included Into Consolidated Statements of Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Related Party Transaction [Line Items] | |||
Time charter revenues | $ 2,615 | $ 14,656 | $ 24,454 |
Other revenues | 582 | 1,375 | 1,961 |
Other operating income (expenses) | (413) | (2,008) | 2,965 |
Ship operating expenses | (4,916) | (9,313) | (11,574) |
Charter hire expenses | (37,328) | (60,885) | (63,468) |
Administrative expenses | (2,636) | (1,487) | (1,163) |
Interest on credit facilities | 0 | (3,395) | 0 |
Income (loss) from related party transaction | (42,678) | (62,432) | (51,751) |
Technical supervision and other costs | 500 | ||
Time charter revenues | |||
Related Party Transaction [Line Items] | |||
Time charter revenues | $ 2,033 | $ 13,281 | $ 19,528 |
RELATED PARTY TRANSACTIONS - Summary of Balances Due From Related Parties (Details) - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Related Party Transaction [Line Items] | ||
Due from related parties | $ 2,334,000 | $ 8,615,000 |
Frontline | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 1,506,000 | 2,604,000 |
UFC | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 497,000 | 0 |
SwissMarine | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 0 | 281,000 |
Seatankers | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 352,000 | 5,751,000 |
Credit loss allowance | ||
Related Party Transaction [Line Items] | ||
Due from related parties | $ 21,000 | $ 21,000 |
RELATED PARTY TRANSACTIONS - Summary of Short-Term Balance Due to Related Parties (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Related Party Transaction [Line Items] | ||
Short-term balances due to related parties | $ 9,492 | $ 13,934 |
CCL | ||
Related Party Transaction [Line Items] | ||
Short-term balances due to related parties | 40 | 2,378 |
TFG Marine | ||
Related Party Transaction [Line Items] | ||
Short-term balances due to related parties | 9,219 | 6,563 |
Other | ||
Related Party Transaction [Line Items] | ||
Short-term balances due to related parties | $ 233 | $ 4,993 |
RELATED PARTY TRANSACTIONS - Additional Information (Details) - vessel |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Aug. 31, 2021 |
Apr. 30, 2015 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2015 |
|
Related Party Transaction [Line Items] | |||||
Number of vessels sold and leased back | 9 | ||||
SFL | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels sold and leased back | 1 | 1 | |||
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels sold and leased back | 8 | 8 | 8 |
FINANCIAL ASSETS AND LIABILITIES - Interest Rate Risk Management (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 500,000 | $ 500,000 |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 500,000 | |
Designated as Hedging Instrument | 2.41% Interest rate swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed Interest Rate | 2.41% | |
Designated as Hedging Instrument | 2.58% Interest rate swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed Interest Rate | 2.58% | |
Designated as Hedging Instrument | 1.39% Interest rate swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed Interest Rate | 1.39% | |
Designated as Hedging Instrument | 1.29% Interest rate swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed Interest Rate | 1.29% | |
Designated as Hedging Instrument | 2.51% Interest rate swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 100,000 | |
Fixed Interest Rate | 2.51% | |
Designated as Hedging Instrument | 0.94% Interest rate swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed Interest Rate | 0.94% | |
Designated as Hedging Instrument | 0.74% Interest rate swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed Interest Rate | 0.74% | |
Designated as Hedging Instrument | 2.17% Interest rate swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed Interest Rate | 2.17% | |
Designated as Hedging Instrument | 1.77% Interest rate swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 50,000 | |
Fixed Interest Rate | 1.77% |
FINANCIAL ASSETS AND LIABILITIES - Forward Freight Agreements (Details) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Long | Capesize, Forward Freight Agreements, Maturing in 2023 | |
Derivative [Line Items] | |
Aggregate maturity period | 735 days |
FINANCIAL ASSETS AND LIABILITIES - Bunker Derivatives (Details) |
12 Months Ended |
---|---|
Dec. 31, 2022
t
| |
Bunker derivatives | |
Derivative [Line Items] | |
Outstanding bunker derivatives | 26,800 |
FINANCIAL ASSETS AND LIABILITIES - Foreign Currency Risk (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
NOK | Foreign currency swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 0.2 | $ 2.4 |
FINANCIAL ASSETS AND LIABILITIES - Fair Values (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Liabilities | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Derivative instruments payables | Derivative instruments payables |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Derivative instruments receivables, Derivative instruments receivable | Derivative instruments receivables, Derivative instruments receivable |
Fair Value | Level 1 | ||
Assets | ||
Cash and cash equivalents | $ 134,784 | $ 197,032 |
Restricted cash | 3,289 | 12,985 |
Marketable securities | 2,187 | 1,684 |
Fair Value | Level 2 | ||
Assets | ||
Related party shareholder loans | 837 | 6,187 |
Derivative assets | 33,123 | 2,679 |
Liabilities | ||
Derivative liabilities | 1,313 | 10,364 |
Fair Value | Level 2 | Secured Debt | ||
Liabilities | ||
Long-term debt - floating | 1,131,506 | 1,273,723 |
Carrying Value | Level 1 | ||
Assets | ||
Cash and cash equivalents | 134,784 | 197,032 |
Restricted cash | 3,289 | 12,985 |
Marketable securities | 2,187 | 1,684 |
Carrying Value | Level 2 | ||
Assets | ||
Related party shareholder loans | 837 | 6,187 |
Derivative assets | 33,123 | 2,679 |
Liabilities | ||
Derivative liabilities | 1,313 | 10,364 |
Carrying Value | Level 2 | Secured Debt | ||
Liabilities | ||
Long-term debt - floating | $ 1,131,506 | $ 1,273,723 |
FINANCIAL ASSETS AND LIABILITIES - Assets Measured at Fair Value on a Nonrecurring Basis (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
$ / d
|
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of operating lease right-of-use asset | $ | $ 15,646 | $ 19,965 | $ 22,739 | |
Fair value of finance lease right-of-use-asset | $ | $ 83,589 | $ 98,535 | ||
Level 3 | Nonrecurring | Minimum | Forward freight market rates adjusted for scrubber earnings | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 8,554,000 | |||
Level 3 | Nonrecurring | Minimum | Implied charter rates adjusted for scrubber earnings | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 12,715,000 | |||
Level 3 | Nonrecurring | Minimum | Ship operating expenses per day, including drydocking costs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 5,328,000 | |||
Level 3 | Nonrecurring | Minimum | Offhire | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input, duration | 1 day | |||
Level 3 | Nonrecurring | Maximum | Forward freight market rates adjusted for scrubber earnings | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 15,419,000 | |||
Level 3 | Nonrecurring | Maximum | Implied charter rates adjusted for scrubber earnings | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 15,584,000 | |||
Level 3 | Nonrecurring | Maximum | Ship operating expenses per day, including drydocking costs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 7,754,000 | |||
Level 3 | Nonrecurring | Maximum | Offhire | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input, duration | 38 days | |||
Level 3 | Nonrecurring | Weighted Average | Forward freight market rates adjusted for scrubber earnings | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 15,044,000 | |||
Level 3 | Nonrecurring | Weighted Average | Implied charter rates adjusted for scrubber earnings | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 13,857,000 | |||
Level 3 | Nonrecurring | Weighted Average | Ship operating expenses per day, including drydocking costs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 6,918,000 | |||
Level 3 | Nonrecurring | Weighted Average | Offhire | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input, duration | 5 years 7 months 9 days | |||
Fair Value | Level 3 | Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of operating lease right-of-use asset | $ | $ 119,300 | |||
Fair value of finance lease right-of-use-asset | $ | $ 25,000 |
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Apr. 30, 2015
USD ($)
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
vessel
|
Dec. 31, 2015
USD ($)
vessel
|
May 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
vessel
|
|
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Number of vessels under finance lease | vessel | 7 | 8 | 7 | |||
Number of vessels under operating lease from third parties | vessel | 2 | |||||
Charter term, total | 10 years | |||||
Number of vessels under construction | vessel | 10 | |||||
Outstanding contractual commitments | $ 255,600,000 | |||||
Outstanding contractual commitments, 2023 | $ 159,000,000 | |||||
Number of vessels with commitment to install scrubbers | vessel | 3 | |||||
Remaining financial commitment | $ 1,200,000 | |||||
Commitments, fair value disclosure | 1,000,000 | |||||
Performance Guarantee | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Maximum liability under this guarantee | 4,000,000 | |||||
Amount payable under guarantee | $ 0 | |||||
Frontline And Trafigura | Performance Guarantee | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Guarantee issued with respect to performance of subsidiary | $ 30,000,000 | $ 20,000,000 | ||||
SFL | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Number of vessels under operating lease from third parties | vessel | 7 | |||||
Daily time charter rate | $ 19,135 | |||||
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Purchase option net of sellers credit | $ 112,000,000 | $ 112,000,000 | ||||
Charter contract term | 10 years | |||||
Charter term extension | 3 years | 3 years | ||||
Daily time charter rate | $ 14,900 | $ 14,900 |
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | 25 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 01, 2023 |
Feb. 28, 2023
USD ($)
vessel
|
Jan. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Jan. 31, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Feb. 16, 2023
$ / shares
|
|
Subsequent Event [Line Items] | |||||||||
Gain on sale of assets | $ 34,185 | $ 9,788 | $ 0 | ||||||
Principal amount | 230,400 | ||||||||
Dividends | $ 16,273 | $ 0 | $ 450 | ||||||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends payable (in USD per share) | $ / shares | $ 0.20 | ||||||||
Subsequent Event | Golden Strength | |||||||||
Subsequent Event [Line Items] | |||||||||
Gain on sale of assets | $ 2,700 | ||||||||
Subsequent Event | Newcastlemax Vessels | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of vessels acquired | vessel | 6 | ||||||||
Consideration | $ 291,000 | ||||||||
Average age of acquired assets (in years) | 2 years 6 months | ||||||||
Duration of time charter | 36 months | ||||||||
Average fixed net time charter rate | $ 21 | ||||||||
Subsequent Event | TFG Marine | |||||||||
Subsequent Event [Line Items] | |||||||||
Repayments of loans receivable from related party | 900 | ||||||||
Dividends | $ 4,900 | ||||||||
Subsequent Event | Secured Overnight Financing Rate (SOFR) | |||||||||
Subsequent Event [Line Items] | |||||||||
Variable interest rate | 1.90% | ||||||||
Subsequent Event | $250.0M Credit Facility | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | 250,000 | $ 250,000 | |||||||
Subsequent Event | $250.0M Credit Facility | Secured Overnight Financing Rate (SOFR) | |||||||||
Subsequent Event [Line Items] | |||||||||
Variable interest rate | 1.85% | ||||||||
Subsequent Event | $233.0M Credit Facility | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 233,000 | ||||||||
Expiration period of line of credit facility | 2 years | ||||||||
Subsequent Event | $93.75M Credit Facility | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | 93,750 | $ 93,750 | |||||||
Subsequent Event | $131.79M Credit Facility | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | 131,790 | 131,790 | |||||||
Subsequent Event | $155.3M Credit Facility | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 155,300 | $ 155,300 |
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