VESSELS UNDER CONSTRUCTION (Tables)

6 Months Ended

Jun. 30, 2017

VESSELS UNDER CONSTRUCTION

Schedule of vessels under construction

Vessels under construction consist of the following (dollars in thousands):

	June 30, 2017		Six Months Ended June 30, 2017 Activities		December 31, 2016
2014 Acquired VLCC Newbuildings:
Vessels / SPV Stock Purchase	$	162,683	$	—	$	162,683
Installment and supervision payments		579,818		—		579,818
Others		5,214		—		5,214
2015 Acquired VLCC Newbuildings:
Vessels		435,417		—		435,417
Acquisition-related costs		10,295		—		10,295
Installment and supervision payments		936,544		95,711		840,833
Accrued milestones and supervision payments		—		(5,368)		5,368
Others		15,544		1,406		14,138
Fair value of 2015 Warrant Agreement assumed		3,381		—		3,381
Fair value of 2015 Stock Options assumed		39		—		39
Capitalized interest		73,982		2,251		71,731
Vessel deliveries		(2,161,864)		(210,080)		(1,951,784)
Total	$	61,053	$	(116,080)	$	177,133