VALUE OF CHARTER PARTY CONTRACTS (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of amortization of unfavorable charter party contracts

The value of unfavorable charter-in contracts will be amortized as follows:

(in thousands of $)
2016	674
2017	672
2018	672
2019	672
2020	674
Thereafter	2,780
	6,144

Schedule of amortization of favorable charter party contracts

The value of favorable charter-out contracts will be amortized as follows:

(in thousands of $)
2016	28,829
2017	20,861
2018	18,732
2019	18,732
2020	12,148
Thereafter	4,074
	103,376

Value of favorable charter party contracts

The value of favorable charter-out contracts maybe summarized as follows:

(in thousands of $)	2015		2014
Acquired as a result of the Merger	127,090		—
Accumulated amortization	(23,714	)	—
Total	103,376		—
Less: current portion	(28,829	)	—
Non current portion	74,547		—

Value of unfavorable charter party contracts

The value of unfavorable charter-in contracts, which are included within other current liabilities and other long term liabilities, maybe summarized as follows:

(in thousands of $)	2015		2014
Acquired as a result of the Merger	7,543		—
Accumulated amortization	(1,399	)	—
Total	6,144		—
Less: current portion	(674	)	—
Non current portion	5,470		—