VALUE OF CHARTER PARTY CONTRACTS (Tables)

12 Months Ended

Dec. 31, 2016

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 $)
2017	672
2018	672
2019	672
2020	674
2021	672
Thereafter	2,108
	5,470

Schedule of amortization of favorable charter party contracts

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

(in thousands of $)
2017	22,413
2018	18,732
2019	18,732
2020	12,148
2021	4,074
Thereafter	—
	76,099

Value of favorable charter party contracts

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

(in thousands of $)	2016		2015
Opening balance	103,376		—
Acquired as a result of the Merger	—		127,090
Amortization charge	(27,277	)	(23,714	)
Total	76,099		103,376
Less: current portion	(22,413	)	(28,829	)
Non current portion	53,686		74,547

Value of unfavorable charter party contracts

The value of unfavorable charter-in contracts is summarized as follows:

(in thousands of $)	2016		2015
Opening balance	6,144		—
Acquired as a result of the Merger	—		7,543
Amortization charge	(674	)	(1,399	)
Total	5,470		6,144
Less: current portion	(672	)	(674	)
Non current portion	4,798		5,470