XML 18 R5.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statement of Cash Flows [Abstract]      
Net (loss) income $ (220,839,000) $ 16,253,000 $ 3,530,000
Net loss from discontinued operations 0 (258,000) (7,433,000)
Net (loss) income from continuing operations (220,839,000) 15,995,000 (3,903,000)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation 52,728,000 19,561,000 11,079,000
Amortization of deferred charges 1,562,000 685,000 558,000
Loss on sale of assets and amortization of deferred gains 10,788,000 0 0
Impairment loss on vessels (152,597,000) 0 0
Restricted stock unit expense (10,000) 242,000 919,000
Bargain purchase gain arising on consolidation (78,876,000) 0 0
Equity results of associated companies 433,000 0 0
Impairment of associated companies 4,600,000 0 0
Amortization of favorable charter party contracts 23,714,000 0 0
Amortization of unfavorable charter party contracts (1,399,000) 0 0
Amortization of other fair value adjustments, net, arising on the Merger 6,479,000 0 0
Mark to market loss on derivatives 2,429,000 0 0
Provision for onerous contracts 2,370,000 0 0
Provision of doubtful debts (512,000) 0 0
Provision for uncollectible receivables 4,729,000.000 0 0
Impairment loss on marketable securities 23,323,000 0 0
Changes in operating assets and liabilities, net of acquisition:      
Trade accounts receivable, net (5,039,000) 528,000 (2,309,000)
Related party balances (5,080,000) 622,000 0
Other receivables (3,321,000) (2,487,000) 1,431,000
Inventories 7,705,000 (11,514,000) (1,294,000)
Voyages in progress (367,000) (1,322,000) 0
Prepaid expenses and accrued income 11,627,000 (323,000) (14,000)
Trade accounts payable (5,445,000) 1,862,000 231,000
Accrued expenses (6,597,000) 1,096,000 724,000
Other current liabilities 6,647,000 (339,000) (647,000)
Other long term liabilities (97,000) 0 0
Cash provided by operating activities of discontinued operations 0 258,000 5,538,000
Net cash (used in) provided by operating activities (14,827,000) 24,864,000 12,313,000
Investing activities      
Changes in restricted cash 4,052,000 (3,924,000) 0
Dividends from associated companies 88,000 0 0
Purchase of marketable securities (32,159,000) 0 0
Additions to newbuildings (518,989,000) (357,402,000) (26,706,000)
Refund of newbuilding installments 40,148,000 0 0
Cash acquired upon purchase of SPC's 108,645,000 68,560,000 0
Cash acquired upon merger with Former Golden Ocean 129,084,000 0 0
Purchase of vessels and equipment (24,000) (24,085,000) 0
Proceeds from sale of vessels 381,723,000 0 0
Cash provided by investing activities of discontinued operations 0 0 17,075,000
Net cash provided by (used in) by investing activities 112,568,000 (316,851,000) (9,631,000)
Financing activities      
Proceeds from long-term debt 215,975,000 270,000,000 0
Repayment of long-term debt (244,338,000) (1,500,000) (4,508,000)
Repayment of capital leases (5,157,000) 0 0
Debt fees paid (3,825,000) (3,555,000) 0
Net proceeds from share issuance 0 0 51,167,000
Distributions to shareholders 0 (28,987,000) (18,180,000)
Cash used in financing activities of discontinued operations 0 0 (12,170,000)
Net cash provided by (used in) financing activities (37,345,000) 235,958,000 16,309,000
Net change in cash and cash equivalents 60,396,000 (56,029,000) 18,991,000
Cash and cash equivalents at beginning of year 42,221,000 98,250,000 79,259,000
Cash and cash equivalents at end of year 102,617,000 42,221,000 98,250,000
Supplemental disclosure of cash flow information:      
Interest paid, net of capitalized interest 26,358,000 5,848,000 2,851,000
Income taxes paid $ 266,000 $ 0 $ 0