XML 86 R70.htm IDEA: XBRL DOCUMENT v3.6.0.2
VESSEL POOL ARRANGEMENTS (Details)
1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2013
item
Jul. 31, 2011
USD ($)
item
Dec. 31, 2016
USD ($)
item
Sep. 30, 2016
USD ($)
Jun. 30, 2016
USD ($)
Mar. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Sep. 30, 2015
USD ($)
Jun. 30, 2015
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2012
USD ($)
Jun. 30, 2011
USD ($)
item
Dec. 31, 2016
USD ($)
item
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
item
VLCC POOL Arrangements                              
Receivables from pool     $ 2,048,000       $ 13,611,000           $ 2,048,000 $ 13,611,000  
Voyage revenues     102,361,000 $ 72,259,000 $ 105,958,000 $ 124,044,000 102,760,000 $ 89,291,000 $ 116,480,000 $ 121,402,000     404,622,000 429,933,000 $ 392,409,000
Working capital for 2011 VLCC pool     $ 1,900,000       1,900,000           $ 1,900,000 1,900,000  
Navig8 Limited                              
VLCC POOL Arrangements                              
Ownership percentage in outstanding common shares (as a percent)     4.00%                   4.00%    
2011 VLCC Pool                              
VLCC POOL Arrangements                              
Working capital reserve fund required to be maintained by each vessel                     $ 2,500,000 $ 2,000,000      
Period to accumulate working capital reserve                       8 months      
Amount withheld from distributions of revenue earned per month                       $ 250,000      
2011 VLCC Pool | Two vessels entered into time charters                              
VLCC POOL Arrangements                              
Number of time charters entered into pool | item   2                          
Floor rate per day of time charter (in dollars)   $ 15,000                          
Profit share for daily rates above $30,000 (as a percent)   50.00%                          
Minimum floor rate for 50 percent profit share (in dollars)   $ 30,000                          
Number of vessels in which the VLCC Pool Operator maintains working capital reserve | item   2                          
2011 VLCC Pool | Five vessels directly admitted into pool                              
VLCC POOL Arrangements                              
Number of vessels directly admitted to pool | item                       5      
Working capital for 2011 VLCC pool             1,900,000             1,900,000 1,900,000
Number of time charters left the pool in which the Company continues to own and operation | item 5                            
2011 VLCC Pool | Five vessels directly admitted into pool | Other Assets                              
VLCC POOL Arrangements                              
Receivables from pool             $ 3,446,000             3,446,000 $ 3,446,000
Unique Tankers Pool                              
VLCC POOL Arrangements                              
Number of time charters entered into pool | item                             17
Voyage revenues                         $ 0 200,000 $ 300,000
Number of time charters remaining in pool | item     0                   0    
Unique Agency Fee                           $ 2,200,000 $ 2,700,000