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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Current Assets      
Cash and cash equivalents $ 174,223 $ 66,484  
Restricted cash 3,153 1,420 $ 700
Marketable securities 3,642 836 19,231
Marketable securities pledged to creditors 7,323 8,392  
Trade accounts receivable, net 63,245 53,982  
Related party receivables 15,581 7,895  
Other receivables 25,468 17,068  
Inventories 66,664 68,765  
Voyages in progress 71,339 59,437  
Prepaid expenses and accrued income 11,167 7,804  
Current portion of investment in finance lease 157 10,803  
Other current assets 6,526 5,359  
Total current assets 448,488 308,245  
Long-term assets      
Newbuildings 46,068 52,254 79,602
Vessels and equipment, net 2,579,905 2,476,755  
Vessels and equipment under finance lease, net 418,390 90,676  
Right-of-use assets under operating leases 12,058 0  
Investment in finance lease 10,822 10,979  
Goodwill 112,452 112,452 112,452
Derivative instruments receivable 148 7,641  
Investment in associated company 4,927 6,246  
Prepaid consideration 55,287 0  
Other long-term assets 9,273 12,593  
Total assets 3,697,818 3,077,841  
Current liabilities      
Short-term debt and current portion of long-term debt 438,962 120,479  
Current portion of obligations under finance leases 283,463 11,854  
Current portion of obligations under operating lease 4,916 0  
Related party payables 20,186 18,738  
Trade accounts payable 13,042 22,212  
Accrued expenses 75,745 37,031  
Derivative instruments payable 4,264 0  
Other current liabilities 7,545 3,904  
Total current liabilities 848,123 214,218  
Long-term liabilities      
Long-term debt 1,254,417 1,610,293  
Obligations under finance leases 76,447 87,930  
Obligations under operating lease 7,561 0  
Other long-term liabilities 1,062 1,183  
Total liabilities 2,187,610 1,913,624  
Commitments and contingencies  
Equity      
Share capital (196,894,321 shares. 2018: 169,821,192 shares. All shares are issued and outstanding at par value $1.00 per share) 196,894 169,821  
Additional paid in capital 397,210 198,497  
Contributed surplus 1,070,688 1,090,376  
Accumulated other comprehensive income 330 224  
Retained deficit (155,146) (295,118)  
Total equity attributable to the Company 1,509,976 1,163,800  
Non-controlling interest 232 417  
Total equity 1,510,208 1,164,217 $ 1,187,629
Total liabilities and equity $ 3,697,818 $ 3,077,841