VESSELS UNDER CONSTRUCTION (Tables)

12 Months Ended

Dec. 31, 2017

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



	December 31, 2017		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		966,175		840,833
Accrued milestones and supervision payments		—		5,368
Others		16,089		14,138
Fair value of 2015 Warrant Agreement assumed		3,381		3,381
Fair value of 2015 Stock Options assumed		39		39
Capitalized interest		74,894		71,731
Vessel deliveries		(2,254,005)		(1,951,784)
Total	$	—	$	177,133