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VESSELS AND EQUIPMENT
 12 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
VESSELS AND EQUIPMENT
18.
VESSELS AND EQUIPMENT

Movements in the three years ended December 31, 2017 may be summarized as follows:

(in thousands of $)
 
Cost

 
Accumulated Depreciation

 
Net Carrying Value

Balance at December 31, 2014
 
943,651

 
(81,732
)
 
861,919

Vessels and equipment acquired upon the Merger
 
132,712

 
—

 
 
Transfers from Newbuildings
 
133,429

 
—

 
 
Additions
 
101,752

 
—

 
 

Depreciation
 
—

 
(40,614
)
 
 

Balance at December 31, 2015
 
1,311,544

 
(122,346
)
 
1,189,198

Depreciation
 
—

 
(53,369
)
 
 
Additions
 
215

 
—

 
 
Disposals
 
(173,203
)
 
—

 
 
Impairment loss
 
(36,311
)
 
18,099

 
 
Transfers from Newbuildings
 
532,766

 
—

 
 
Balance at December 31, 2016
 
1,635,011

 
(157,616
)
 
1,477,395

Depreciation
 
—

 
(77,547
)
 
 
Additions
 
894

 
—

 
 
Transfers from Newbuildings
 
941,388

 
—

 
 
Balance at December 31, 2017
 
2,577,293

 
(235,163
)
 
2,342,130



In June 2016, the Company entered into an agreement to sell its six MR tankers for an aggregate price of $172.5 million to an unaffiliated third party. Five of these vessels were delivered by the Company in August and September 2016 and the final vessel was delivered in November 2016. The Company recorded an impairment loss of $18.2 million in 2016 in respect of these vessels.

A summary of our vessel deliveries in the years ended December 31, 2017 and December 31, 2016 can be found in note 17. Newbuildings.