GOGL Golden Ocean Group Limited

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The unaudited interim condensed consolidated financial statements of Golden Ocean Group Limited. ("Golden Ocean," the "Company," "we," or "our") have been stated on the same basis as the Company’s audited consolidated financial statements for the year ended December 31, 2022 and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of our consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and notes included in our Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the "SEC") on March 16, 2023 (our "Annual Report").

The condensed balance sheet at December 31, 2022, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The results of operations for the interim period ended June 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023.

Basis of accounting

These unaudited interim condensed consolidated financial statements are stated in accordance with U.S. GAAP. These unaudited interim condensed consolidated financial statements include the assets and liabilities of the Company and those of the Company's subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.

Accounting Policies

The preparation of these unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Some accounting policies have a significant impact on amounts reported in these unaudited interim condensed consolidated financial statements. Our accounting policies have not changed from those reported in our Annual Report.

The components of the numerator and the denominator in the calculation of basic and diluted earnings per share for the six months ended June 30, 2023 and 2022 are as follows:

(in thousands of $)						2023						2022
Net income						26,068						289,072

(in thousands)						2023						2022
Weighted average number of shares outstanding - basic						200,337						200,540
Dilutive effect of stock options						541						906
Weighted average number of shares outstanding - diluted						200,878						201,446

In the six months ended June 30, 2023, all 650,000 of outstanding share options during the period were dilutive (six months ended June 30, 2022: 1,100,000 share options were dilutive). In May 2022, 450,000 share options held by the management were exercised, resulting in a decrease of outstanding share options which were dilutive from 1,100,000 to 650,000 as of June 30, 2022.

						2023						2022
Cash dividends per share declared						$	0.20					$	1.10

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The chief operating decision maker ("CODM") measures performance based on the overall return to shareholders using consolidated net income. The CODM does not review a measure of operating result at a lower level than the consolidated group and we only have one reportable segment.

 

The following table shows the revenues earned from time charters, voyage charters and other revenues for the six months ended June 30, 2023 and 2022 respectively:

(in thousands of $)						2023						2022
Time charter revenues						181,693						345,241
Voyage charter revenues						226,946						236,158
Other revenues						1,261						450
Total operating revenues						409,900						581,849

In the six months ended June 30, 2023 and June 30, 2022, we recognized a total of $6.8 million and $14.5 million, respectively, in demurrage which is included under voyage revenues. Most of our voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we, as the shipowner, retain control over the operations of the vessel such as directing the routes or the vessel speed. However, from time to time some voyage charter contracts contain a lease. A voyage charter contains a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. The ASC 842 lease standard provides a practical expedient for lessors in which the lessor may elect, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for these components as a single component if both of the following are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (2) the lease component, if accounted for separately, would be classified as an operating lease. When a lessor, we have elected this practical expedient for our time charter contracts and voyage charter contracts that qualify as leases and thus do not separate the non-lease component, or service element, from the lease. Furthermore, the standard requires us to account for the combined component in accordance with ASC 606 revenues from contracts with customers if the non-lease components are the predominant components. Under this guidance we have assessed that the lease components were the predominant component for all of our time charter contracts. Furthermore, for our voyage charter contracts there was no lease component in the six months ended June 30, 2023.

For the six months ended June 30, 2023, the split between lease and non-lease component was as follows:

(in thousands of $)						Lease						Non-lease						Total
Time charter revenues						181,693						—						181,693
Voyage charter revenues						—						226,946						226,946
Other revenues						—						1,261						1,261
Total operating revenues						181,693						228,207						409,900

Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $13.2 million of contract assets were capitalized in the period ended June 30, 2023 under "Other current assets", of which $9.5 million was amortized up to June 30, 2023, leaving a remaining balance of $3.7 million. $4.9 million of capitalized fulfillment costs were amortized in the six months ended June 30, 2023, in relation to voyages in progress at the end of December 31, 2022.

Variable lease income included into our time-charter agreements amounted to $11.7 million and $6.8 million for the six months ended June 30, 2023 and 2022, respectively.

As of June 30, 2023 and December 31, 2022, we reported trade accounts receivable and the following contract assets in relation to our contracts with customers, including contracts containing lease components where the non-lease component was the

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In March 2023, the Company entered into an agreement to sell two Capesize vessels, Golden Feng and Golden Shui, to an unrelated third party for an aggregate net sale price of $43.6 million. The vessels were delivered to their new owners in May 2023, resulting in total cash proceeds net of commissions of $43.6 million. The Company recorded an impairment loss of $11.8 million in connection with the sale.

No impairment loss on vessels was recognized in the first six months of 2022.

As of June 30, 2023 and June 30, 2022, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.

(in thousands of $)						2023						2022
Cash and cash equivalents						103,897						163,981
Short-term restricted cash						3,426						4,340
Total cash, cash equivalents and restricted cash shown in the statement of cash flows						107,323						168,321

According to our accounting policy, amounts included in cash and cash equivalents include cash balances that are required to be maintained by the financial covenants in our loan facilities. Under our debt facilities, we need to maintain free cash of the higher of $20 million or 5% of total interest bearing debt. We have covenanted to retain at least $72.8 million of cash and cash equivalents as at June 30, 2023 (June 30, 2022: $65.6 million).

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(in thousands of $)						As of June 30, 2023						As of December 31, 2022
Capitalized fulfillment costs						3,743						4,894
Agent receivables						1,811						2,207
Advances						712						2,023
Claims receivables						6,998						5,967
Bunker receivables on time charter-out contracts						18,441						28,555
Other receivables						8,418						10,784
Other current assets						248						—
Total other current assets						40,371						54,430

Other receivables are presented net of allowances for credit losses amounting to $46.3 thousands as of June 30, 2023 and December 31, 2022. Provision for doubtful debts amounted to nil as of June 30, 2023 and December 31, 2022.

(in thousands of $)						Cost						Accumulated Depreciation						Net Book Value
Balance as of December 31, 2022						3,300,778						(634,993)						2,665,785
Acquired vessels						247,304						—						247,304
Other additions						8,524						—						8,524
Disposals and transfer to Vessels Held for Sale						(66,404)						22,835						(43,569)
Transfer from newbuildings						143,305						—						143,305
Impairment loss						(11,780)						—						(11,780)
Depreciation						—						(56,675)						(56,675)
Balance as of June 30, 2023						3,621,727						(668,833)						2,952,894

At June 30, 2023, we owned 18 Newcastlemaxes, 33 Capesizes and 30 Panamaxes (At December 31, 2022: 13 Newcastlemaxes, 35 Capesizes and 27 Panamaxes).

In February 2023, the Company entered into an agreement to acquire six modern 208,000 dwt Newcastlemax vessels equipped with exhaust gas cleaning systems, or scrubbers, for a total consideration of $291.0 million. The newly acquired vessels are chartered back to their former owner, an unrelated third party, for approximately 36 months at an average net TCE rate of just above $21,000 per day. As of June 30, 2023, five vessels were delivered to the Company and $241.0 million in consideration was paid for these vessels. In addition, the Company paid a 10% deposit totaling $5.0 million for the remaining acquired Newcastlemax vessel.

The time charter contracts attached to the five Newcastlemax vessels delivered in the six months ended June 30, 2023, were valued to net $6.3 million, which was capitalized upon delivery of vessels and recorded as an asset of $0.6 million and a liability of $6.9 million.

In March 2023, the Company entered into an agreement to sell two Capesize vessels, Golden Feng and Golden Shui, to an unrelated third party for an aggregate net sale price of $43.6 million. As of June 30, 2023, the vessels were delivered to their new owners, and as such the vessels are no longer classified as held for sale. The Company recorded an impairment loss of $11.8 million in connection with the sale.

With reference to Note 12, "Newbuildings", during the period four newbuildings were delivered to the Company and related accumulated costs were transferred to the "Vessel and equipment" in the total amount of $143.3 million.

For the six months ended June 30, 2023, we capitalized $2.6 million in total in relation to the installation of ballast water treatment systems and $5.9 million in relation to the completed installation of scrubbers on its owned vessels.

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Movements in the six months ended June 30, 2023 are summarized as follows:

(in thousands of $)
Balance as of December 31, 2022						91,898
Installments paid						107,091
Capitalized interest expense						3,326
Other						3,387
Transfer to vessels and equipment						(143,305)
Balance as of June 30, 2023						62,397

In 2021 and 2022, the Company entered into agreements to construct a total of ten Kamsarmax vessels. Four vessels have been delivered as of June 30, 2023 and the latest is expected to be delivered to the Company by fourth quarter of 2024.

In the six months ended June 30, 2023, the Company paid installments in total of $107.1 million related to ten newbuildings. During six months ended June 30, 2023, we capitalized interest expense of $3.3 million for our ten Kamsarmax newbuildings.

Remaining Kamsarmax newbuildings commitments of $149.7 million will be partially financed with the proceeds from future sales of older vessels, cash on hand, operating cash flows and debt financing to be established closer to the delivery of the newbuildings.

In the six months ended June 30, 2023, four out of the ten Kamsarmax newbuildings were delivered to the Company and related accumulated costs were transferred to "Vessels and equipment" in the total amount of $143.3 million. As of June 30, 2023, the Company had capitalized costs of $62.4 million relating to construction contracts for the six remaining Kamsarmax newbuildings. With reference to Note 24, "Subsequent events", two out of ten Kamsarmax newbuildings under construction were delivered to the Company subsequent to June 30, 2023, bringing the total to six delivered Kamsarmax.

In March 2023, we entered into an agreement to sell two Capesize vessels, Golden Feng and Golden Shui, to an unrelated third party for an aggregate net sale price of $43.6 million. The vessels were delivered to their new owner in May 2023, and as such the vessels is no longer classified as held for sale as of June 30, 2023. The Company recorded an impairment loss of $11.8 million related to the sale.

In June 2022, we entered into an agreement to sell en-bloc two Ultramax vessels, Golden Cecilie and Golden Cathrine to an unrelated third party for $63.0 million. As of June 30, 2022, the vessels were recorded as "Vessels held for sale".

As of June 30, 2023, we had leased in one vessel from SFL and one vessel from unrelated third party, all of which were classified as operating leases. Additionally, as of June 30, 2023 and December 31, 2022 we had two operating leases for our offices in Oslo and Singapore. All of these leases had an initial duration above 12 months.

In total we have leased in eight vessels from SFL, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of June 30, 2023. The daily time charter rate for SFL operating lease was $17,600, of which $7,000 is for operating expenses (including drydocking costs) until the third quarter of 2022 when the daily time charter rate was reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are calculated and paid on a quarterly basis to SFL. Up to June 30, 2023, the daily hire payments was adjusted if the actual three month LIBOR deviated from a base LIBOR of 0.4% per annum. For each 0.1% point increase/decrease in the interest rate level, the daily charter hire increased or decreased by $50 per day until the third quarter of 2022 and $25 per day in the remaining lease period. This resulted in an average daily rate of $16,041 for SFL operating lease in the first six months of 2023 and we incurred nil in total profit share for all eight SFL vessels in the first six months of 2023 ($1.5 million profit share in the first six months of 2022). With discontinuation of LIBOR as of June 30, 2023,

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the reference rate will be changed to SOFR. We are currently in discussions with SFL with regards to the calculation of hire rate adjustment going forward.

Contingent or variable lease expense for the eight SFL leases was recorded in 2023 as interest expense of $1.7 million (six months ended June 30, 2022: $0.9 million). We have a purchase option of $112 million en-bloc for eight vessels after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years and expires in 2028.

For the Ultramax vessel, Golden Hawk, which is chartered in from an unrelated third party, the daily rate was $13,200 up to expiry of fixed term contract in February 2022. In 2021, we extended Golden Hawk lease expiring in February 2022 for approximately one year by using extension option in the contract. The daily rate during the first extension period is $13,700. Further, in second half of 2022, we extended the lease expiring in February 2023 for approximately one year by using the second extension option in the contract. The daily rate during the second extension period is $14,200.

Admiral Schmidt and Vitus Bering are 2019-built 104,550 dwt ice-class vessels, chartered in 2019 on time charter for a firm period of three years, with four annual options exercisable by us to extend the lease. The gross hire is determined based on a weighted average of the Baltic Panamax Index (BPI 4TC) and the Baltic Capesize Index (BCI 5TC) with a floor of $9,000 per day. In February 2022, we exercised the option to extend Admiral Schmidt and Vitus Bering contracts for one year each. Further, in May 2022, we signed a memoranda of agreement with owners of Admiral Schmidt and Vitus Bering, whereby we redelivered the vessels to their owners. We are currently relieved from any duties, obligations liabilities or commitments under the current contracts. In 2022, right of use assets, right of use liabilities and other contract related assets were written off.

For operating leases mentioned above and vessels chartered in on short-term time charters, we have allocated the consideration due under the leases above between the lease and non-lease components based upon the estimated stand-alone price of the services provided by the owner of the vessels. We have presented a total of $14.4 million and $7.5 million of the non-lease component, or service element, under ship operating expenses for the first half of 2023 and 2022, respectively.

Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.3 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2023 and for the first six months of 2022, respectively.

We have recognized right of use assets for our long-term operating leases as follows:

(in thousands of $)						SFL Leases						Golden Hawk lease						Office Leases						Total
Balance as of January 1, 2023						10,361						3,764						1,521						15,646
Additions						—						—						—						—
Amortization						(903)						(1,494)						(261)						(2,658)
Balance as of June 30, 2023						9,458						2,270						1,260						12,988

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The amortization of right of use assets relating to leased vessels is presented under charter hire expenses in the statement of operations. The amortization of right of use assets relating to office leases is presented under administrative expenses in the statement of operations.

In the first six months of 2023, we recorded no impairment of right of use assets for operating leases.

We have recognized lease obligations for our operating leases as follows:

(in thousands of $)						SFL Leases						Golden Hawk Lease						Office Leases						Total
Balance as of January 1, 2023						13,355						3,837						1,405						18,597
Additions						—						—						—						—
Repayments						(1,003)						(1,479)						(303)						(2,785)
Foreign exchange translation						—						—						(5)						(5)
Balance as of June 30, 2023						12,352						2,358						1,097						15,807
Current portion						2,080						2,358						462						4,900
Non-current portion						10,272						—						635						10,907

Charter hire and office rent expense

The future minimum rental payments under our non-cancelable operating leases as of June 30, 2023 are as follows:

(in thousands of $)
2023 (remaining six months)						3,274
2024						4,169
2025						3,369
2026						2,809
2027						2,809
2028						1,960
Thereafter						—
Total minimum lease payments						18,390
Less: Imputed interest						(2,583)
Present value of operating lease liabilities						15,807

The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis.

In the six months ended June 30, 2023, the future rental payments include $1.3 million (in the six months ended June 30, 2022: $1.9 million) in relation to office rent costs and $17.0 million (six months ended June 2022: $34.9 million) in relation to charter hire costs for leased in vessels.

Total expense for operating leases, including short term leases, was $27.0 million for the six months ended June 30, 2023 (six months ended June 30, 2022: $26.2 million). Total cash paid in respect of operating leases was $23.3 million in six months ended June 30, 2023 (six months ended June 30, 2022: $25.8 million). The weighted average discount rate in relation to our operating leases was 5.15% and 4.81% for the six months ended June 30, 2023 and June 30, 2022, respectively. The weighted average lease term was 4.3 years and 4.0 years for the period ended June 30, 2023 and June 30, 2022, respectively.

Rental income

As of June 30, 2023, we leased out seven vessels on fixed time charter rates (December 31, 2022: five vessels) and 35 vessels (December 31, 2022: 30 vessels) on index-linked time charter rates to third parties with initial periods ranging between one year and ten years. All of these leases are classified as operating leases. Our revenues from these leases have been included with time charter revenues in the Condensed Consolidated Statement of Operations, which solely relates to leasing revenues.

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The future minimum operating lease revenue receipts under our non-cancelable operating leases as of June 30, 2023 are as follows:

(in thousands of $)
2023 (remaining six months)						22,247
2024						38,384
2025						32,083
2026						107
Thereafter						—
Total minimum lease receipts						92,821

An index-linked rate in time charter operating leases usually refers to freight rate indices issued by the Baltic Exchange, such as the Baltic Capesize Index and the Baltic Panamax Index, and, as such, these contracts are essentially operating in the spot market. Index-linked time charter rate operating leases in the table above are included at the minimum rate level of zero.

As of June 30, 2023, the cost and accumulated depreciation of the 42 vessels which were leased out to third parties, were $2,256.0 million and $458.1 million, respectively. As of December 31, 2022, the cost and accumulated depreciation of the 35 vessels which were leased out to third parties, were $1,826.7 million and $404.1 million, respectively.

As of June 30, 2023, we held seven SFL vessels under finance lease (December 31, 2022: seven vessels). With reference to Note 14, "Operating Leases", we have leased in eight vessels from SFL, a related party, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of June 30, 2023. The daily time charter rate for vessels classified as finance lease was $19,135, of which $7,000 is for operating expenses (including drydocking costs) up until the third quarter of 2022 when the daily time charter rate was reduced to $16,435 until June 30, 2025. Subsequently, the daily time charter rate will be reduced to $14,900 until the expiration of the contracts. For the finance leases, the profit share mechanism is calculated based on a base rate of $14,900 adjusted for reference rate based variable lease consideration. For further description of the calculation of the profit share element and payment structure, refer to Note 14, "Operating Leases". The average daily rate was calculated to be $17,576 for finance leases in 2023 and there was no profit share in the first six months of 2023 for all eight SFL vessels ($1.5 million profit share in the first six months of 2022). Contingent or variable lease expense for the eight SFL leases was recorded in the six months ended June 30, 2023 as interest expense of $1.7 million. In the six months ended June 30, 2022 we recorded a variable lease expense of $0.9 million. The profit share mechanism has not been adjusted with the increased rate.

Our right of use asset for our finance leases were as follows:

(in thousands of $)
Balance as of January 1, 2023						83,589
Additions						—
Impairment						—
Depreciation						(7,412)
Balance as of June 30, 2023						76,177

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In the first six months of 2023, we recorded no impairments of right of use assets for vessels under finance leases.

Our lease obligations for our finance leases were as follows:

(in thousands of $)
Balance as of January 1, 2023						105,975
Additions						—
Repayments						(12,418)
Interest expense on obligations under finance lease						3,266
Balance as of June 30, 2023						96,823
Current portion						19,007
Non-current portion						77,816

The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 5.1 years as of June 30, 2023. The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 5.6 years as of December 31, 2022.

The outstanding obligations under finance leases at June 30, 2023 are payable as follows:

(in thousands of $)
2023 (remaining six months)						12,169
2024						24,553
2025						22,551
2026						20,617
2027						20,617
2028						12,320
Minimum lease payments						112,826
Less: imputed interest						(16,003)
Present value of obligations under finance leases						96,823

As at June 30, 2023 and December 31, 2022, we had the following participation in investments that are recorded using the equity method:

(% of ownership)						2023						2022
TFG Marine Pte Ltd ("TFG Marine")						10.00		%				10.00		%
SwissMarine Pte. Ltd. ("SwissMarine")						15.92		%				16.40		%
United Freight Carriers LLC ("UFC")						50.00		%				50.00		%

Following the termination of the pool agreement, in February 2022 our 25% share in CCL was sold for $17.5 thousands.

Movements in equity method investments for the six months ended June 30, 2023 are summarized as follows:

(in thousands of $)						SwissMarine						Other						Totals
Balance as of December 31, 2022						51,437						13,963						65,400
Distributions received from associated companies						(7,803)						(9,065)						(16,868)
Loss on disposal of equity method investments						(163)						—						(163)
Share of income						5,322						4,708						10,030
Balance as of June 30, 2023						48,793						9,606						58,399

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We have an equity investment of 15.92% in SwissMarine, a dry bulk freight operator. We account for this investment under the equity method as we determined that we have a significant influence over the investee. Our ownership in SwissMarine was diluted in March 2023 from 16.4% to 15.92%. In 2019 we have provided a $10.7 million subordinated shareholder loan with a five-year term to SwissMarine, which was partially repaid by SwissMarine in 2020 and remaining balance of subordinated shareholder loan of $5.35 million was fully repaid by SwissMarine in 2022. Further, in 2023, we received dividends from SwissMarine of $7.8 million.

In January 2020, we entered into a joint venture agreement with Frontline plc (formerly Frontline Ltd.) ("Frontline") and its subsidiary Bandama Investments Ltd and Trafigura Pte. Ltd. ("Trafigura") to establish TFG Marine, a leading global supplier of marine fuels. As a result, we acquired a 10% interest in TFG Marine. We have also provided a shareholder loan of $1.0 million to TFG Marine. In 2020, the shareholder loan in the total amount of $75,000 was converted to equity of TFG Marine, reducing the balance of the loan to $0.9 million. The loan had a five-year term and bears interest of LIBOR plus a margin of 7%. In February 2023, TFG Marine fully repaid the outstanding loan of $0.9 million, in addition paid dividends of $4.9 million related to 2022. We account for this investment under the equity method as we determined that we have a significant influence over the investee.

Debt at June 30, 2023 and December 31, 2022 is summarized as follows:

(in thousands of $)						2023						2022
$275.0 million term loan and revolving facility						252,886						263,943
$304.0 million term loan and revolving facility						207,274						216,622
$250.0 million term loan						243,791						—
$233.0 million term loan						155,448						—
$80.0 million term loan						80,000						—
$155.3 million term loan						—						70,890
$93.75 million term loan						—						70,739
$131.79 million term loan						—						88,856
$175.0 million term loan and revolving facility						132,341						112,387
$260.0 million lease financing						238,333						244,524
$120.0 million term loan						61,068						63,545
U.S. dollar denominated floating rate debt						1,371,141						1,131,506
Deferred charges						(12,100)						(10,650)
Total debt						1,359,041						1,120,856
Less: current portion of debt						(106,372)						(92,865)
Long-term portion of debt						1,252,669						1,027,991

Movements during the six months ended June 30, 2023 are summarized as follows:

(in thousands of $)						Floating rate debt						Deferred charges						Total
Balance at December 31, 2022						1,131,506						(10,650)						1,120,856
Loan draw downs						537,140						—						537,140
Loan repayments						(297,505)						—						(297,505)
Capitalized financing fees and expenses						—						(4,516)						(4,516)
Amortization/ write off of capitalized fees and expenses						—						3,066						3,066
Balance at June 30, 2023						1,371,141						(12,100)						1,359,041

In the six months ended June 30, 2023, we made total repayments of $297.5 million including full repayment of outstanding debt amounting to $230.5 million in connection with refinancing of the $93.75 million facility, the $131.79 million facility and

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the $155.3 million facility, repayment of $25.8 million on $233 million debt facility as a result of sales of Golden Feng and Golden Shui and ordinary repayment of long-term debt of $41.2 million.

In January 2023, we signed a loan agreement for a $250.0 million credit facility with a group of leading shipping banks to refinance three credit facilities with total outstanding debt balance of $230.4 million as of December 31, 2022. The facility has an interest rate of SOFR plus 185 basis points and matures in January 2028 and is secured by a fleet of 20 Capesize and Panamax vessels.

In March 2023, we entered into a $233.0 million two-year credit facility to partially finance the acquisition of six Newcastlemax vessels. The new financing has an interest rate of SOFR plus 190 basis points and matures in the first quarter of 2025. During the first six months of 2023, five of these vessels were delivered, and we drew down $182.0 million on this facility for the delivered vessels. During the first six months of 2023, we entered into and finalized the sale of Golden Feng and Golden Shui, vessels which served as collateral for the $233.0 million facility. As such, following the completion of the sale, the undrawn commitment of the facility was reduced by $17.8 million and the remaining sales proceeds of $25.8 million were used to prepay the debt under the $233.0 million facility.

In April 2023, the Company signed an agreement for a $80.0 million facility to partially finance the four Kamsarmax newbuildings delivered during the second quarter of 2023. The facility has a seven-year tenor and an interest rate of SOFR plus a margin of 180 basis points per annum. Outstanding debt under facility amounted to $80.0 million as of June 30, 2023.

On June 30, 2023, for all our term loan agreements, except for $260.0 million lease financing, the reference rate was changed from LIBOR to three months SOFR rate and adjusted by 26.1 basis points. For the $260 million lease financing we are planning to modify the agreement by the end of September, when the three months LIBOR extracted on June 30, 2023 is no longer valid. In order to simplify the accounting impacts, for all agreements, where the reference rate was updated in 2023, we applied an optional expedient pursuant to ASC 848 'Reference Rate Reform and accounted for modifications of debt as if the modification was not substantial.

As of June 30, 2023, we recorded net deferred charges of $12.1 million as a direct deduction from the carrying amount of the related debt.

The total outstanding debt at June 30, 2023 is repayable as follows:

(in thousands of $)
2023 (remaining six months)						53,182
2024						106,364
2025						447,774
2026						170,437
2027						216,696
2028						318,688
2029						4,000
2030						54,000
Total						1,371,141
Deferred charges						(12,100)
Balance at June 30, 2023						1,359,041

As of June 30, 2023, our current portion of bank long-term debt was $106.4 million.

Assets pledged

As of June 30, 2023, 81 vessels (December 31, 2022: 74 vessels) with an aggregate carrying value of $2,952.9 million (December 31, 2022: $2,665.8 million) were pledged as security for our floating rate debt.

---

Our derivative instruments are not designated as hedging instruments and the positions at June 30, 2023 and December 31, 2022 are summarized as follows:

(in thousands of $)						2023						2022
Interest rate swaps						35,895						32,858
Bunker derivatives						374						265
Foreign currency swaps						48						—
Asset Derivatives - Fair Value						36,317						33,123

(in thousands of $)						2023						2022
Interest rate swaps						160						—
Foreign currency swaps						79						10
Bunker derivatives						590						1,303
Liability Derivatives - Fair Value						829						1,313

During the six months ended June 30, 2023 and June 30, 2022, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives":

(in thousands of $)									2023						2022
Interest rate swaps			Mark to market gain						9,625						23,798
Foreign currency swaps			Mark to market loss						(21)						(189)
Forward freight agreements			Mark to market gain (loss)						(2,689)						481
Bunker derivatives			Mark to market gain						47						1,787
Total									6,962						25,877

Authorized share capital:

(in thousands of $, except per share amount)						2023						2022
300 million common shares of $0.05 par value						15,000						15,000

As of June 30, 2023, 199,503,293 common shares were outstanding (December 31, 2022: 200,485,621 common shares), each with a par value of $0.05. As of June 30, 2023, we hold 1,687,328 treasury shares. As of December 31, 2022, we held 705,000 treasury shares.

On October 4, 2022, the Board of Directors authorized a share buy-back program of maximum $100.0 million to purchase up to an aggregate of 10,000,000 of the Company's common shares for a period up to 12 months, commencing October 4, 2022. The maximum amount to be paid per share is $10.0, or equivalent in NOK for shares acquired at Oslo Stock Exchange. The share buy-backs will be carried out by way of repurchases in the market, both on the Oslo Stock Exchange and on the NASDAQ Global Select Market. The Company will report buy-backs carried out continuously and in accordance with the disclosure requirements of the Oslo Stock Exchange. The Company is not obligated under the terms of the program to repurchase any of its common shares. The timing and amount of any repurchase will depend on alternative uses of capital, legal requirements, market conditions, stock price, and other factors, at the discretion of the Board of Directors.

During the six months ended June 30, 2023, the Company acquired an aggregate of 982,328 shares in open market transactions on the Oslo Stock Exchange and the NASDAQ Global Select Market at a weighted average price of approximately $7.58 under its share buy-back program. The shares were acquired at an aggregate purchase price of $7.5 million. As of June 30, 2023, there was 8.6 million of the Company's common shares yet to be repurchased under the plan.

---

SFL

In April 2015, we agreed to a sale and leaseback transaction with SFL for eight Capesize vessels. These vessels were sold en-bloc for an aggregate price of $272.0 million. The vessels were delivered to SFL in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a period of ten years. Refer to Note 14, "Operating Leases" and Note 15, "Finance leases" for additional information related to these contracts.

Seatankers Management Co. Ltd. ("Seatankers")

During the first six months of 2023, we have been a commercial manager of 10 (six months ended June 30, 2022: 12) dry bulk vessels owned and operated by Seatankers. Pursuant to the management agreements, we receive $125 (six months ended June 30, 2022: $125) per day per vessel for managing the dry bulk vessels. From time to time we may also charter in dry bulk vessels owned by Seatankers on short-term time charters.

United Freight Carriers

With reference to Note 16, "Investments in associated companies", we also have an equity investment of 50% of the shares in UFC, a dry cargo vessel operator and logistics service provider that primarily focuses its activity on smaller bulk carriers with deadweight of up to 50,000 tonnes.

SwissMarine

In 2019, we provided SwissMarine with a $10.7 million subordinated shareholder loan, non-amortizing, with a five-year term. The loan had interest equivalent to the 12-month LIBOR plus a margin of 2%. In May 2020, the subordinated shareholder loan was partially repaid by SwissMarine, which included principal loan amount of $5.35 million. Remaining subordinated shareholder loan of $5.35 million was fully repaid by SwissMarine in the first quarter of 2022 and there is no outstanding balance as of June 30, 2023.

In addition, we have entered into several time charter agreements with SwissMarine and total time charter revenues from SwissMarine amounted to $0.3 million in the six months ended June 30, 2023 (six months ended June 30, 2022: $2.0 million).

TFG Marine

With reference to Note 16, "Investments in associated companies", in 2020 we made an equity investment in TFG Marine, in which we have determined to have significant influence. We provided a shareholder loan of $1.0 million to TFG Marine. In 2020, the shareholder loan in the total amount of $75,000 was converted to equity of TFG Marine, reducing the balance of the loan to $0.9 million. The loan has a five-year term and bore interest of LIBOR plus a margin of 7%. In February 2023, TFG fully repaid the outstanding loan of $0.9 million.

In six months ended June 30, 2023, we have paid $72.5 million to TFG Marine in relation to bunker procurement (six months ended June 30, 2022: $88.1 million). Upon purchase, bunkers were recorded as assets on the Consolidated Balance Sheet and were expensed using first-in, first-out basis once consumed during voyage charters. Practically it is not possible to accurately split out related party voyage expenses, and, as such, we have not summarized voyage expenses charged by related party in the table below.

In 2020, we issued a $20.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with the joint venture. In May 2022, we increased this guarantee under a bunker supply arrangement with TFG Marine from $20.0 million to $30.0 million. As of June 30, 2023 there are no exposures under the guarantee and liability recorded relating to the exposure. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by Trafigura and becomes payable, we shall pay

---

an amount equal to our equity proportion of that amount payable. The maximum liability under this guarantee is $4.0 million. There are no amounts payable under this guarantee as of June 30, 2023.

Management Agreements

Technical Supervision Services

We receive technical supervision services from Frontline Management (Bermuda) Ltd ("Frontline Management"), a subsidiary of Frontline. Pursuant to the terms of the agreement, Frontline Management receives an annual management fee of $25,170 per vessel in 2023 ($26,714 per vessel in 2022). This fee is subject to annual review.

Other Management Services

We aim to operate efficiently through utilizing competence from other companies with the same main shareholder and these costs are allocated based on a cost-plus mark-up model. We buy services from related companies in relation to sales and purchase activities and administrative services in relation to our corporate headquarters. We may also provide certain financial management services to companies with the same main shareholder.

A summary of net amounts recorded as expense from related parties in the six months ended June 30, 2023 and June 30, 2022 is as follows:

(in thousands of $)						2023						2022
Frontline Management						1,069						1,163
SFL						13,482						18,375
Seatankers						1,365						4,793
CCL						—						395
Front Ocean Management AS						1,037						155
						16,953						24,881

Net amounts recorded as expense from related parties comprise of charter hire costs, bunker costs, general management and commercial management fees.

A summary of net amounts charged to related parties in the six months ended June 30, 2023 and June 30, 2022 is as follows:

(in thousands of $)						2023						2022
SFL						132						64
Seatankers						226						256
SwissMarine						279						2,033
UFC						900						—
Other						—						22
						1,537						2,375

Net amounts charged to related parties mainly comprise of commercial management fees and charter hire.

A summary of related parties income (expense) amounts included into Consolidated Statements of Operations as of June 30, 2023 and June 30, 2022 is as follows:

(in thousands of $)						2023						2022
Time charter revenues						279						2,033
Other revenues						1,258						342
Other operating income (expenses)						—						(413)
Ship operating expenses						(1,069)						(1,163)
Charter hire expenses1)						(14,556)						(22,716)
Administrative expenses						(1,328)						(589)
						(15,416)						(22,506)

---

1) Including charter hire expense for SFL finance leases which is subsequently credited to Depreciation and Interest expense

A summary of balances due from related parties as of June 30, 2023 and December 31, 2022 is as follows:

(in thousands of $)						2023						2022
Frontline						2,305						1,506
UFC						900						497
Seatankers						198						352
SFL						196						—
Credit loss allowance						(21)						(21)
						3,578						2,334

A summary of balances owed to related parties as of June 30, 2023 and December 31, 2022 is as follows:

(in thousands of $)						2023						2022
CCL						40						40
TFG Marine						11,505						9,219
Other						216						233
						11,761						9,492

As of June 30, 2023 and December 31, 2022, current receivables and payables with related parties mainly comprise unpaid fees for services rendered from and to related parties.

Interest rate risk management

Our interest rate swaps are intended to reduce the risk associated with fluctuations in interest rates whereby the floating interest rates on an original principal amount of $700 million (December 31, 2022: $500 million) are swapped to fixed rate.

Our interest rate swap contracts as of June 30, 2023 of which none are designated as hedging instruments are summarized as follows:

(in thousands of $)

Notional amount

Inception date

Maturity date

Fixed Interest Rate

Receiving floating pay fixed

50,000

August 2017 1)

August 2025

2.41%

Receiving floating pay fixed

50,000

August 2017 1)

August 2025

2.58%

Receiving floating pay fixed

50,000

August 2019 1)

August 2024

1.39%

Receiving floating pay fixed

50,000

September 2019 1)

September 2024

1.29%

Receiving floating pay fixed

100,000

October 2019 1)

October 2025

2.51%

Receiving floating pay fixed

50,000

March 2020 1)

March 2027

0.94%

Receiving floating pay fixed

50,000

March 2020 1)

March 2027

0.74%

Receiving floating pay fixed

50,000

April 2022 2)

December 2030

2.53%

Receiving floating pay fixed

50,000

July 2022 2)

September 2030

1.77%

Receiving floating pay fixed

50,000

January 2023

January 2033

3.37%

Receiving floating pay fixed

50,000

January 2023 3)

January 2033

2.90%

Receiving floating pay fixed

50,000

March 2023 3)

March 2033

3.00%

Receiving floating pay fixed

50,000

March 2023

March 2025

3.90%

700,000

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1) On June 30, 2023, our interest rate swap derivative contracts with LIBOR reference rate transitioned to SOFR reference rate in accordance with Interbank Offered Rate (''IBOR'') fallback protocol, as published by International Swaps and Derivatives Association (ISDA), Inc and adheared by us in April 2023. As a result, the floating rate will transition from LIBOR to SOFR and the fixed rate will decrease based on the Credit Adjustment Spread ("CAS") of 26.1 basis points upon the next interest reset date.

2) SOFR-based forward-looking swaps: first payment date for the interest rate swaps is September 2024.

3) Forward-looking swaps: first payment date for the $50 million 2.90% interest rate swap (SOFR) and $50 million 3.00% interest rate swap is January and March 2025, respectively.

Forward freight agreements ("FFA")

We take positions from time to time in the freight forward market, either as a hedge to a physical contract or as a speculative position. All such contracts are fully settled in cash through what we consider reputable clearing houses on a daily basis, as such there are no balances relating to FFAs on the Consolidated Balance Sheets. Credit risk exists to the extent that our counterparties are unable to perform under the FFA contracts but this risk is considered remote as well as participants post collateral security for their positions.

As of June 30, 2023, we had long positions through FFA of net 225 days and net 60 days, with maturity in 2023 and 2024, respectively. As of December 31, 2022, we had long positions through FFA of net 735 days with maturity in 2023.

Bunker derivatives

We enter into cargo contracts from time to time. We are therefore exposed to fluctuations in bunker prices, as the cargo contract price is based on an assumed bunker price for the trade. To hedge the risk of fluctuating bunker prices, we sometimes enter into bunker swap agreements. There is no guarantee that the hedge removes all the risk from the bunker exposure, due to possible differences in location and timing of the bunkering between the physical and financial position. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the bunker contracts but this risk is considered remote as the counterparties are usually what we consider well established banks or other well-known institutions in the market.

As of June 30, 2023, we had outstanding bunker swap agreements for about 33.4 thousand metric tonnes and 1.4 thousand metric tonnes for 2023 and 2024, respectively. As of December 31, 2022, we had outstanding bunker swap agreements for about 26.8 thousand metric tonnes.

Foreign currency risk

The majority of our transactions, assets and liabilities are denominated in United States dollars, our functional currency. However, we incur expenditure in currencies other than the functional currency, mainly in Norwegian Kroner and Singapore Dollars for personnel costs and administrative expenses, and Euro for some of our scrubber equipment investments. There is a risk that currency fluctuations in transactions incurred in currencies other than the functional currency will have a negative effect on the value of our cash flows. Due to the exposure of currency fluctuations we may enter into foreign currency swaps to mitigate such risk exposures. The counterparties to such contracts are what we consider major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts but this risk is considered remote as the counterparties are what we consider well established banks.

As of June 30, 2023, we had contracts to swap United States dollars to Norwegian Kroner for a notional amount of $5.4 million. In the six months ended June 30, 2023, we recognized a net loss of $21 thousand related to foreign currency swaps (six months ended June 30, 2022: net loss of $0.2 million). As of December 31, 2022, we had contracts to swap USD to NOK for a notional amount of $0.2 million.

The fair value and changes in fair value of our derivative instruments are further disclosed in Note 19, ''Derivative Instruments Payable and Receivable".

Fair values

The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values.

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The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:

Level 1: Quoted market prices in active markets for identical assets or liabilities;

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;

Level 3: Unobservable inputs that are not corroborated by market data.

In addition, ASC 815, "Derivatives and Hedging" requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position.

The carrying value and estimated fair value of our financial instruments at June 30, 2023 and December 31, 2022 are as follows:

									2023						2023						2022						2022
(in thousands of $)			Level						Fair value						Carrying Value						Fair Value						Carrying Value
Assets
Cash and cash equivalents			1						103,897						103,897						134,784						134,784
Restricted cash			1						3,426						3,426						3,289						3,289
Marketable securities			1						2,635						2,635						2,187						2,187
Related party shareholder loans			2						—						—						837						837
Derivative assets			2						36,317						36,317						33,123						33,123
Liabilities
Long term debt - floating			2						1,371,141						1,371,141						1,131,506						1,131,506
Derivative liabilities			2						829						829						1,313						1,313

Please refer to Note 19, "Derivative instruments payable and receivable", for a breakdown of the derivative assets.

In the six months ended June 30, 2023 and 2022, respectively, there have been no transfers between different levels in the fair value hierarchy.

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

•The carrying value of cash and cash equivalents, which are highly liquid, approximate fair value.

•Restricted cash - the balances relate entirely to restricted cash and the carrying values in the balance sheet approximate their fair value.

•Floating rate debt - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis.

•Marketable securities - are listed equity securities for which the fair value is based on quoted market prices.

•Shareholder loans - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on an annual basis.

•Derivatives - are based on the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date.

Assets Measured at Fair Value on a Nonrecurring Basis

In the first six months of 2023, we took a delivery of five Newcastlemax vessels from H-Line and recorded the cost of vessels acquired based on the fair value of the total consideration paid.

In the first six months of 2023, fair value of favorable and unfavorable time charter contracts acquired as part of the acquisition of Newcastlemax vessels, was measured at fair value upon delivery of vessels. The fair value was based on level three inputs and calculated as the net present value of the difference in cash flows arising over the period of the contracts between the expected cash flows from the contracts and expected cash flows from comparable contracts at the acquisition date.

During the six months ended June 30, 2023, the value of Golden Strength, Golden Feng and Golden Shui, one Panamax vessel and two Capesize vessels, with sales entered into with unrelated third parties in November 2022 and March 2023, were measured at fair value. The fair values were based on level three inputs and the expected market values based on sales agreements.

---

During the six months ended June 30, 2022, the value of the three older Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour, classified as held for sale, was measured at fair value. The fair value was based on level three inputs and the expected market values based on sales agreements.

Assets Measured at Fair Value on a Recurring Basis

Marketable securities are equity securities in a company listed on a U.S. stock exchange and for which the fair value as at the balance sheet date is the aggregate market value based on quoted market prices (level 1).

The fair value (level 2) of interest rate swap, currency swap, bunker and freight derivative agreements is the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves, current and future bunker prices and the credit worthiness of both us and the derivative counterparty.

Concentrations of risk

There is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of the amounts are carried with SEB and DnB ASA. However, we believe this risk is remote, as these financial institutions are established and reputable establishments with no prior history of default. We do not require collateral or other security to support financial instruments subject to credit risk.

We insure the legal liability risks for our shipping activities with Assuranceforeningen SKULD and Assuranceforeningen Gard Gjensidig, both mutual protection and indemnity associations. We are subject to calls payable to the associations based on our claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members.

To the best of our knowledge, there are no legal or arbitration proceedings existing or pending which have had or may have significant effects on our financial position or profitability and no such proceedings are pending or known to be contemplated.

We sold eight vessels to SFL in the third quarter of 2015 and leased them back on charters for an initial period of ten years. We have a purchase option of $112 million en-bloc after ten years and, if such option is not exercised, SFL will have the option to extend the charters by three years at $14,900 per day.

As of June 30, 2023, we had six vessels under construction and outstanding contractual commitments of $149.7 million due by the fourth quarter of 2024. Contractual commitments will be financed through cash on hand, proceeds from future sale of vessels, operating cash flows and debt financing entered into subsequent to the quarter end (please refer to Note 24 "Subsequent Events").

With reference to Note 11, "Vessels and equipment, net", we have outstanding contractual commitments of $45.0 million for the one out of six newly acquired Newcastlemax vessels.

With reference to Note 16, "Investments in associated companies", we issued a $20.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with TFG Marine. In May 2022, we increased this guarantee under a bunker supply arrangement with TFG Marine from $20.0 million to $30.0 million. As of June 30, 2023, there are no exposures under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by the Trafigura group and becomes payable, we shall pay an amount equal to its equity proportion of that amount payable. The maximum liability under this guarantee is $4.0 million. There are no amounts payable under this guarantee as of June 30, 2023.

In July 2023, the Company signed an agreement for a $40.0 million facility to part finance the two Kamsarmax newbuildings to be delivered during the third quarter of 2023. The facility has a seven-year tenor and an interest rate of SOFR plus a margin of 175 basis points per annum.

Subsequent to quarter end, the Company has repurchased 125,000 shares at an average price of $7.3 for a total sum of $0.9 million.

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Subsequent to the quarter ended June 30, 2023, two out of ten Kamsarmax newbuildings under construction were delivered to the Company, bringing the total to six delivered Kamsarmax. Subsequent to June 30, 2023, we paid the installments, totaling $51.9 million, for the six remaining Kamsarmax newbuilding contracts. Further, the last of the six newly acquired Newcastlemax vessels was delivered to the Company.

On August 29, 2023, our Board of Directors determined to announce a cash dividend to the Company's shareholders of $0.10 per share in respect of the second quarter of 2023, which is payable on or about September 19, 2023, to shareholders of record on September 11, 2023. Shareholders holding the Company's shares through the Euronext VPS may receive this cash dividend later, on or about September 21, 2023.

v3.23.2

Cover Page	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Entity File Number	000-29106
Entity Registrant Name	GOLDEN OCEAN GROUP LIMITED
Entity Address, Address Line One	Par-la-Ville Place
Entity Address, Address Line Two	14 Par-la-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
Entity Central Index Key	0001029145
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.23.2

Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating revenues
Total operating revenues	$ 409,900	$ 581,849
Gain on sale of assets	2,583	9,516
Other operating income (expenses), net	0	(413)
Operating expenses
Voyage expenses and commissions	123,626	122,901
Ship operating expenses (including related party amounts of $1,069 and $1,163 for the six months ended June 30, 2023 and 2022, respectively)	124,061	108,534
Charter hire expenses (including related party amounts of $14,556 and $22,716 for the six months ended June 30, 2023 and 2022, respectively)	26,992	25,683
Administrative expenses	9,329	10,624
Impairment loss on vessels	11,780	0
Depreciation	64,087	64,968
Total operating expenses	359,875	332,710
Net operating income	52,608	258,242
Other income (expenses)
Interest income	2,685	294
Interest expense	(46,197)	(22,154)
Share of results of associated companies	9,868	27,120
Gain on derivatives	6,962	25,877
Other financial items	202	(242)
Net other income (expenses)	(26,480)	30,895
Net income before tax	26,128	289,137
Income tax expense	60	65
Net income	$ 26,068	$ 289,072
Per share information:
Basic earnings per share (in dollars per share)	$ 0.13	$ 1.44
Diluted earnings per share (in dollars per share)	$ 0.13	$ 1.43
Related Party
Operating expenses
Ship operating expenses (including related party amounts of $1,069 and $1,163 for the six months ended June 30, 2023 and 2022, respectively)	$ 1,069	$ 1,163
Charter hire expenses (including related party amounts of $14,556 and $22,716 for the six months ended June 30, 2023 and 2022, respectively)	14,556	22,716
Time charter revenues
Operating revenues
Total operating revenues	181,693	345,241
Time charter revenues | Related Party
Operating revenues
Total operating revenues	279	2,033
Voyage charter revenues
Operating revenues
Total operating revenues	226,946	236,158
Other revenues
Operating revenues
Total operating revenues	$ 1,261	$ 450

v3.23.2

Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 103,897	$ 134,784
Restricted cash	3,426	3,289
Marketable securities	2,635	2,187
Trade accounts receivable, net	30,538	14,950
Other current assets	40,371	54,430
Other current assets (capitalized fulfillment costs)	3,578	2,334
Derivative instruments receivable	13,738	12,262
Favorable charter party contracts	562	0
Inventories	51,682	45,434
Prepaid expenses	9,121	12,503
Voyages in progress	13,229	16,974
Total current assets	272,777	299,147
Long-term assets
Vessels and equipment, net	2,952,894	2,665,785
Vessels held for sale	0	12,542
Finance leases, right of use assets, net	76,177	83,589
Operating leases, right of use assets, net	12,988	15,646
Newbuildings	62,397	91,898
Investments in associated companies	58,399	65,400
Related party receivables	0	837
Derivative instruments receivable long-term	22,579	20,861
Other long-term assets	6,070	1,586
Total assets	3,464,281	3,257,291
Current liabilities
Current portion of long-term debt	106,372	92,865
Current portion of finance lease obligations - related party	19,007	18,387
Current portion of operating lease obligations (including related party balances of $2,080 as of June 30, 2023 and $2,010 as of December 31, 2022)	4,900	5,546
Derivative instruments payable	829	1,313
Unfavorable charter party contracts	2,497	0
Related party payables	11,761	9,492
Trade accounts payables	11,225	7,143
Accrued expenses	48,074	43,388
Other current liabilities	38,668	33,494
Total current liabilities	243,333	211,628
Long-term liabilities
Long-term debt	1,252,669	1,027,991
Non-current portion of finance lease obligations - related party	77,816	87,588
Non-current portion of operating lease obligations (including related party balances of $10,272 as of June 30, 2023 and $11,345 as of December 31, 2022)	10,907	13,051
Other long-term liabilities	3,825	0
Total liabilities	1,588,550	1,340,258
Commitments and contingencies
Equity
Share capital (Shares issued: 2023: 201,190,621 shares. 2022: 201,190,621 shares. Outstanding shares: 2023: 199,503,293 shares. 2022: 200,485,621 shares. All shares are issued and outstanding at par value $0.05)	10,061	10,061
Treasury shares	(12,466)	(5,014)
Additional paid in capital	1,053	851
Contributed capital surplus	1,582,257	1,582,257
Accumulated earnings	294,826	328,878
Total equity	1,875,731	1,917,033
Total liabilities and equity	$ 3,464,281	$ 3,257,291

v3.23.2

Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current liabilities
Current portion	$ 4,900	$ 5,546
Long-term liabilities
Non-current portion	$ 10,907	$ 13,051
Equity
Share capital, shares issued (in shares)	201,190,621	201,190,621
Shares outstanding (in shares)	199,503,293	200,485,621
Par value per share (in USD per share)	$ 0.05	$ 0.05
Other Receivable, after Allowance for Credit Loss, Current, Related Party Type [Extensible Enumeration]	Related Party	Related Party
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party Type [Extensible Enumeration]	Related Party	Related Party
Accounts Payable, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Related Party
Current liabilities
Current portion	$ 2,080	$ 2,010
Long-term liabilities
Non-current portion	$ 10,272	$ 11,345

v3.23.2

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Net income	$ 26,068	$ 289,072
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	64,087	64,968
Amortization of deferred charges	3,066	1,662
Impairment loss on vessels	11,780	0
Share option expenses	203	300
Share of results of associated companies	(9,868)	(27,120)
Dividends received from associated companies	16,868	7,497
Amortization of unfavorable charter party contracts	(545)	0
Mark to market (gain) loss on derivatives	(3,679)	(26,471)
Mark to market (gain) loss on marketable securities	(448)	348
Non-cash lease expense	(131)	(1,608)
Gain on sale of assets	(2,583)	(9,516)
Other	(534)	(462)
Changes in operating assets and liabilities, net:
Trade accounts receivable	(15,588)	696
Related party payables and receivables balances	1,026	17,638
Other receivables	14,252	(46,003)
Inventories	(6,247)	(4,497)
Voyages in progress	3,744	16,644
Prepaid expenses	3,382	(2,968)
Trade accounts payables	4,082	(1,220)
Accrued expenses	7,959	290
Other current liabilities	5,174	(150)
Net cash provided by operating activities	122,068	279,100
Investing activities
Additions to vessels and right of use assets	(254,010)	(2,242)
Additions to newbuildings	(113,739)	(13,727)
Proceeds from sale of vessels	58,873	51,479
Proceeds from sale of shares in associated companies	0	937
Repayment of loans receivable from related parties	925	5,350
Other investing activities, net	4	4
Net cash provided by (used in) investing activities	(307,947)	41,801
Financing activities
Proceeds from long-term debt	537,140	275,000
Repayment of long-term debt	(297,505)	(338,648)
Repayment of finance leases (including related party amounts of $12,418 and $16,192 for the six months ended June 30, 2023 and 2022 respectively)	(12,418)	(16,192)
Debt fees paid	(4,516)	(2,750)
Distributions to shareholders	(60,120)	(280,835)
Share repurchases	(7,452)	0
Proceeds from share distributions	0	828
Net cash provided by (used in) financing activities	155,129	(362,597)
Net change in cash, cash equivalents and restricted cash	(30,750)	(41,696)
Cash, cash equivalents and restricted cash at beginning of period	138,073	210,017
Cash, cash equivalents and restricted cash at end of period	$ 107,323	$ 168,321

v3.23.2

Unaudited Interim Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury shares	Additional paid in capital	Contributed capital surplus	Accumulated earnings (deficit)
Balance at beginning of period (in shares) at Dec. 31, 2021		200,435,621
Increase (decrease) in Equity [Roll Forward]
Distribution of treasury shares ( in shares)		450,000
Balance at end of period (in shares) at Jun. 30, 2022		200,885,621
Balance at beginning of period at Dec. 31, 2021		$ 10,061	$ (4,309)	$ 285	$ 1,762,649	$ 160,055
Increase (decrease) in Equity [Roll Forward]
Shares distributed			2,568			(1,740)
Stock option expense				302
Distributions to shareholders					(180,392)	(100,443)
Loss on distributed treasury shares			2,568			(1,740)
Net income						289,072
Balance at end of period at Jun. 30, 2022	$ 1,938,108	$ 10,061	(1,741)	587	1,582,257	346,944
Balance at beginning of period (in shares) at Dec. 31, 2022	200,485,621	200,485,621
Increase (decrease) in Equity [Roll Forward]
Shares used to settle options (in shares)		(982,328)
Balance at end of period (in shares) at Jun. 30, 2023	199,503,293	199,503,293
Balance at beginning of period at Dec. 31, 2022	$ 1,917,033	$ 10,061	(5,014)	851	1,582,257	328,878
Increase (decrease) in Equity [Roll Forward]
Repurchase of shares			(7,452)
Stock option expense				202
Distributions to shareholders						(60,120)
Net income						26,068
Balance at end of period at Jun. 30, 2023	$ 1,875,731	$ 10,061	$ (12,466)	$ 1,053	$ 1,582,257	$ 294,826

v3.23.2

Unaudited Interim Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Total operating revenues	$ 409,900	$ 581,849
Ship operating expenses	124,061	108,534
Charter hire expenses	26,992	25,683
Related Party
Ship operating expenses	1,069	1,163
Charter hire expenses	14,556	22,716
Time charter revenues
Total operating revenues	181,693	345,241
Time charter revenues | Related Party
Total operating revenues	$ 279	$ 2,033

v3.23.2

Unaudited Interim Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financing activities
Repayment of finance leases, related party amount	$ 12,418	$ 16,192
Related Party
Financing activities
Repayment of finance leases, related party amount	$ 12,418	$ 16,192

v3.23.2

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
INTERIM FINANCIAL DATA	INTERIM FINANCIAL DATA The unaudited interim condensed consolidated financial statements of Golden Ocean Group Limited. ("Golden Ocean," the "Company," "we," or "our") have been stated on the same basis as the Company’s audited consolidated financial statements for the year ended December 31, 2022 and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of our consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and notes included in our Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the "SEC") on March 16, 2023 (our "Annual Report"). The condensed balance sheet at December 31, 2022, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The results of operations for the interim period ended June 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023.

v3.23.2

ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES Basis of accounting These unaudited interim condensed consolidated financial statements are stated in accordance with U.S. GAAP. These unaudited interim condensed consolidated financial statements include the assets and liabilities of the Company and those of the Company's subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. Accounting Policies The preparation of these unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Some accounting policies have a significant impact on amounts reported in these unaudited interim condensed consolidated financial statements. Our accounting policies have not changed from those reported in our Annual Report.

v3.23.2

RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDSRecently issued accounting pronouncements are not expected to materially impact the Company.

v3.23.2

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The components of the numerator and the denominator in the calculation of basic and diluted earnings per share for the six months ended June 30, 2023 and 2022 are as follows: (in thousands of $) 2023 2022 Net income 26,068  289,072  (in thousands) 2023 2022 Weighted average number of shares outstanding - basic 200,337  200,540  Dilutive effect of stock options 541  906  Weighted average number of shares outstanding - diluted 200,878  201,446  In the six months ended June 30, 2023, all 650,000 of outstanding share options during the period were dilutive (six months ended June 30, 2022: 1,100,000 share options were dilutive). In May 2022, 450,000 share options held by the management were exercised, resulting in a decrease of outstanding share options which were dilutive from 1,100,000 to 650,000 as of June 30, 2022. 2023 2022 Cash dividends per share declared $ 0.20  $ 1.10

v3.23.2

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The chief operating decision maker ("CODM") measures performance based on the overall return to shareholders using consolidated net income. The CODM does not review a measure of operating result at a lower level than the consolidated group and we only have one reportable segment.   Our vessels operate worldwide and therefore management does not evaluate performance by geographical region as this information is not meaningful.

v3.23.2

OPERATING REVENUES	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
OPERATING REVENUES	OPERATING REVENUES The following table shows the revenues earned from time charters, voyage charters and other revenues for the six months ended June 30, 2023 and 2022 respectively: (in thousands of $) 2023 2022 Time charter revenues 181,693  345,241  Voyage charter revenues 226,946  236,158  Other revenues 1,261  450  Total operating revenues 409,900  581,849  In the six months ended June 30, 2023 and June 30, 2022, we recognized a total of $6.8 million and $14.5 million, respectively, in demurrage which is included under voyage revenues. Most of our voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we, as the shipowner, retain control over the operations of the vessel such as directing the routes or the vessel speed. However, from time to time some voyage charter contracts contain a lease. A voyage charter contains a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. The ASC 842 lease standard provides a practical expedient for lessors in which the lessor may elect, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for these components as a single component if both of the following are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (2) the lease component, if accounted for separately, would be classified as an operating lease. When a lessor, we have elected this practical expedient for our time charter contracts and voyage charter contracts that qualify as leases and thus do not separate the non-lease component, or service element, from the lease. Furthermore, the standard requires us to account for the combined component in accordance with ASC 606 revenues from contracts with customers if the non-lease components are the predominant components. Under this guidance we have assessed that the lease components were the predominant component for all of our time charter contracts. Furthermore, for our voyage charter contracts there was no lease component in the six months ended June 30, 2023. For the six months ended June 30, 2023, the split between lease and non-lease component was as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 181,693  —  181,693  Voyage charter revenues —  226,946  226,946  Other revenues —  1,261  1,261  Total operating revenues 181,693  228,207  409,900  Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $13.2 million of contract assets were capitalized in the period ended June 30, 2023 under "Other current assets", of which $9.5 million was amortized up to June 30, 2023, leaving a remaining balance of $3.7 million. $4.9 million of capitalized fulfillment costs were amortized in the six months ended June 30, 2023, in relation to voyages in progress at the end of December 31, 2022. Variable lease income included into our time-charter agreements amounted to $11.7 million and $6.8 million for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, we reported trade accounts receivable and the following contract assets in relation to our contracts with customers, including contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606: (in thousands of $) 2023 2022 Voyages in progress (contract assets) 10,806  14,690  Trade accounts receivable 15,000  4,468  Other current assets (capitalized fulfillment costs) 3,743  4,894  Total 29,549  24,052  As at June 30, 2023, we recorded $20.1 million in total deferred charter revenue for consideration received or unearned revenue related to ongoing voyages at period end. In the first six months of 2023, we recognized $16.2 million in revenue, which was deferred as at December 31, 2022, as the performance obligations were met. Credit loss allowance as of June 30, 2023 relating to the contract assets above amounted to $0.1 million. No impairment losses were recognized as of December 31, 2022.

v3.23.2

IMPAIRMENT LOSS ON VESSELS	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment Impairment or Disposal [Abstract]
IMPAIRMENT LOSS ON VESSELS	IMPAIRMENT LOSS ON VESSELS In March 2023, the Company entered into an agreement to sell two Capesize vessels, Golden Feng and Golden Shui, to an unrelated third party for an aggregate net sale price of $43.6 million. The vessels were delivered to their new owners in May 2023, resulting in total cash proceeds net of commissions of $43.6 million. The Company recorded an impairment loss of $11.8 million in connection with the sale. No impairment loss on vessels was recognized in the first six months of 2022.

v3.23.2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	6 Months Ended
	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of June 30, 2023 and June 30, 2022, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands of $) 2023 2022 Cash and cash equivalents 103,897  163,981  Short-term restricted cash 3,426  4,340  Total cash, cash equivalents and restricted cash shown in the statement of cash flows 107,323  168,321  According to our accounting policy, amounts included in cash and cash equivalents include cash balances that are required to be maintained by the financial covenants in our loan facilities. Under our debt facilities, we need to maintain free cash of the higher of $20 million or 5% of total interest bearing debt. We have covenanted to retain at least $72.8 million of cash and cash equivalents as at June 30, 2023 (June 30, 2022: $65.6 million). Restricted cash consists of cash, which may only be used for certain purposes under our contractual arrangements and primarily comprises collateral deposits for derivative trading.

v3.23.2

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2023
Marketable Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIESOur marketable securities consist of equity securities in Eneti Inc., a company engaged in marine based renewable energy and listed on the New York Stock Exchange (NYSE: NETI) (“Eneti”). (in thousands of $) Balance as of December 31, 2022 2,187  Unrealized gain, net 448  Balance as of June 30, 2023 2,635

v3.23.2

OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	OTHER CURRENT ASSETS (in thousands of $) As of June 30, 2023 As of December 31, 2022 Capitalized fulfillment costs 3,743  4,894  Agent receivables 1,811  2,207  Advances 712  2,023  Claims receivables 6,998  5,967  Bunker receivables on time charter-out contracts 18,441  28,555  Other receivables 8,418  10,784  Other current assets 248  —   Total other current assets 40,371  54,430  Other receivables are presented net of allowances for credit losses amounting to $46.3 thousands as of June 30, 2023 and December 31, 2022. Provision for doubtful debts amounted to nil as of June 30, 2023 and December 31, 2022.

v3.23.2

VESSELS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
VESSELS AND EQUIPMENT, NET	VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance as of December 31, 2022 3,300,778  (634,993) 2,665,785  Acquired vessels 247,304  —  247,304  Other additions 8,524  —  8,524  Disposals and transfer to Vessels Held for Sale (66,404) 22,835  (43,569) Transfer from newbuildings 143,305  —  143,305  Impairment loss (11,780) —  (11,780) Depreciation —  (56,675) (56,675) Balance as of June 30, 2023 3,621,727  (668,833) 2,952,894  At June 30, 2023, we owned 18 Newcastlemaxes, 33 Capesizes and 30 Panamaxes (At December 31, 2022: 13 Newcastlemaxes, 35 Capesizes and 27 Panamaxes). In February 2023, the Company entered into an agreement to acquire six modern 208,000 dwt Newcastlemax vessels equipped with exhaust gas cleaning systems, or scrubbers, for a total consideration of $291.0 million. The newly acquired vessels are chartered back to their former owner, an unrelated third party, for approximately 36 months at an average net TCE rate of just above $21,000 per day. As of June 30, 2023, five vessels were delivered to the Company and $241.0 million in consideration was paid for these vessels. In addition, the Company paid a 10% deposit totaling $5.0 million for the remaining acquired Newcastlemax vessel. The time charter contracts attached to the five Newcastlemax vessels delivered in the six months ended June 30, 2023, were valued to net $6.3 million, which was capitalized upon delivery of vessels and recorded as an asset of $0.6 million and a liability of $6.9 million. In March 2023, the Company entered into an agreement to sell two Capesize vessels, Golden Feng and Golden Shui, to an unrelated third party for an aggregate net sale price of $43.6 million. As of June 30, 2023, the vessels were delivered to their new owners, and as such the vessels are no longer classified as held for sale. The Company recorded an impairment loss of $11.8 million in connection with the sale. With reference to Note 12, "Newbuildings", during the period four newbuildings were delivered to the Company and related accumulated costs were transferred to the "Vessel and equipment" in the total amount of $143.3 million. For the six months ended June 30, 2023, we capitalized $2.6 million in total in relation to the installation of ballast water treatment systems and $5.9 million in relation to the completed installation of scrubbers on its owned vessels. Total depreciation expense for own vessels and equipment was $56.7 million for the six months ended June 30, 2023. In addition, we depreciated $7.4 million of our finance leased assets during the six months ended June 30, 2023.VESSELS HELD FOR SALE In March 2023, we entered into an agreement to sell two Capesize vessels, Golden Feng and Golden Shui, to an unrelated third party for an aggregate net sale price of $43.6 million. The vessels were delivered to their new owner in May 2023, and as such the vessels is no longer classified as held for sale as of June 30, 2023. The Company recorded an impairment loss of $11.8 million related to the sale. In June 2022, we entered into an agreement to sell en-bloc two Ultramax vessels, Golden Cecilie and Golden Cathrine to an unrelated third party for $63.0 million. As of June 30, 2022, the vessels were recorded as "Vessels held for sale".

v3.23.2

NEWBUILDINGS	6 Months Ended
	Jun. 30, 2023
Newbuildings [Abstract]
NEWBUILDINGS	NEWBUILDINGS Movements in the six months ended June 30, 2023 are summarized as follows: (in thousands of $) Balance as of December 31, 2022 91,898  Installments paid 107,091  Capitalized interest expense 3,326  Other 3,387  Transfer to vessels and equipment (143,305) Balance as of June 30, 2023 62,397  In 2021 and 2022, the Company entered into agreements to construct a total of ten Kamsarmax vessels. Four vessels have been delivered as of June 30, 2023 and the latest is expected to be delivered to the Company by fourth quarter of 2024. In the six months ended June 30, 2023, the Company paid installments in total of $107.1 million related to ten newbuildings. During six months ended June 30, 2023, we capitalized interest expense of $3.3 million for our ten Kamsarmax newbuildings. Remaining Kamsarmax newbuildings commitments of $149.7 million will be partially financed with the proceeds from future sales of older vessels, cash on hand, operating cash flows and debt financing to be established closer to the delivery of the newbuildings. In the six months ended June 30, 2023, four out of the ten Kamsarmax newbuildings were delivered to the Company and related accumulated costs were transferred to "Vessels and equipment" in the total amount of $143.3 million. As of June 30, 2023, the Company had capitalized costs of $62.4 million relating to construction contracts for the six remaining Kamsarmax newbuildings. With reference to Note 24, "Subsequent events", two out of ten Kamsarmax newbuildings under construction were delivered to the Company subsequent to June 30, 2023, bringing the total to six delivered Kamsarmax.

v3.23.2

VESSELS HELD FOR SALE	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
VESSELS HELD FOR SALE	VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance as of December 31, 2022 3,300,778  (634,993) 2,665,785  Acquired vessels 247,304  —  247,304  Other additions 8,524  —  8,524  Disposals and transfer to Vessels Held for Sale (66,404) 22,835  (43,569) Transfer from newbuildings 143,305  —  143,305  Impairment loss (11,780) —  (11,780) Depreciation —  (56,675) (56,675) Balance as of June 30, 2023 3,621,727  (668,833) 2,952,894  At June 30, 2023, we owned 18 Newcastlemaxes, 33 Capesizes and 30 Panamaxes (At December 31, 2022: 13 Newcastlemaxes, 35 Capesizes and 27 Panamaxes). In February 2023, the Company entered into an agreement to acquire six modern 208,000 dwt Newcastlemax vessels equipped with exhaust gas cleaning systems, or scrubbers, for a total consideration of $291.0 million. The newly acquired vessels are chartered back to their former owner, an unrelated third party, for approximately 36 months at an average net TCE rate of just above $21,000 per day. As of June 30, 2023, five vessels were delivered to the Company and $241.0 million in consideration was paid for these vessels. In addition, the Company paid a 10% deposit totaling $5.0 million for the remaining acquired Newcastlemax vessel. The time charter contracts attached to the five Newcastlemax vessels delivered in the six months ended June 30, 2023, were valued to net $6.3 million, which was capitalized upon delivery of vessels and recorded as an asset of $0.6 million and a liability of $6.9 million. In March 2023, the Company entered into an agreement to sell two Capesize vessels, Golden Feng and Golden Shui, to an unrelated third party for an aggregate net sale price of $43.6 million. As of June 30, 2023, the vessels were delivered to their new owners, and as such the vessels are no longer classified as held for sale. The Company recorded an impairment loss of $11.8 million in connection with the sale. With reference to Note 12, "Newbuildings", during the period four newbuildings were delivered to the Company and related accumulated costs were transferred to the "Vessel and equipment" in the total amount of $143.3 million. For the six months ended June 30, 2023, we capitalized $2.6 million in total in relation to the installation of ballast water treatment systems and $5.9 million in relation to the completed installation of scrubbers on its owned vessels. Total depreciation expense for own vessels and equipment was $56.7 million for the six months ended June 30, 2023. In addition, we depreciated $7.4 million of our finance leased assets during the six months ended June 30, 2023.VESSELS HELD FOR SALE In March 2023, we entered into an agreement to sell two Capesize vessels, Golden Feng and Golden Shui, to an unrelated third party for an aggregate net sale price of $43.6 million. The vessels were delivered to their new owner in May 2023, and as such the vessels is no longer classified as held for sale as of June 30, 2023. The Company recorded an impairment loss of $11.8 million related to the sale. In June 2022, we entered into an agreement to sell en-bloc two Ultramax vessels, Golden Cecilie and Golden Cathrine to an unrelated third party for $63.0 million. As of June 30, 2022, the vessels were recorded as "Vessels held for sale".

v3.23.2

OPERATING LEASES	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES As of June 30, 2023, we had leased in one vessel from SFL and one vessel from unrelated third party, all of which were classified as operating leases. Additionally, as of June 30, 2023 and December 31, 2022 we had two operating leases for our offices in Oslo and Singapore. All of these leases had an initial duration above 12 months. In total we have leased in eight vessels from SFL, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of June 30, 2023. The daily time charter rate for SFL operating lease was $17,600, of which $7,000 is for operating expenses (including drydocking costs) until the third quarter of 2022 when the daily time charter rate was reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are calculated and paid on a quarterly basis to SFL. Up to June 30, 2023, the daily hire payments was adjusted if the actual three month LIBOR deviated from a base LIBOR of 0.4% per annum. For each 0.1% point increase/decrease in the interest rate level, the daily charter hire increased or decreased by $50 per day until the third quarter of 2022 and $25 per day in the remaining lease period. This resulted in an average daily rate of $16,041 for SFL operating lease in the first six months of 2023 and we incurred nil in total profit share for all eight SFL vessels in the first six months of 2023 ($1.5 million profit share in the first six months of 2022). With discontinuation of LIBOR as of June 30, 2023, the reference rate will be changed to SOFR. We are currently in discussions with SFL with regards to the calculation of hire rate adjustment going forward. Contingent or variable lease expense for the eight SFL leases was recorded in 2023 as interest expense of $1.7 million (six months ended June 30, 2022: $0.9 million). We have a purchase option of $112 million en-bloc for eight vessels after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years and expires in 2028. For the Ultramax vessel, Golden Hawk, which is chartered in from an unrelated third party, the daily rate was $13,200 up to expiry of fixed term contract in February 2022. In 2021, we extended Golden Hawk lease expiring in February 2022 for approximately one year by using extension option in the contract. The daily rate during the first extension period is $13,700. Further, in second half of 2022, we extended the lease expiring in February 2023 for approximately one year by using the second extension option in the contract. The daily rate during the second extension period is $14,200. Admiral Schmidt and Vitus Bering are 2019-built 104,550 dwt ice-class vessels, chartered in 2019 on time charter for a firm period of three years, with four annual options exercisable by us to extend the lease. The gross hire is determined based on a weighted average of the Baltic Panamax Index (BPI 4TC) and the Baltic Capesize Index (BCI 5TC) with a floor of $9,000 per day. In February 2022, we exercised the option to extend Admiral Schmidt and Vitus Bering contracts for one year each. Further, in May 2022, we signed a memoranda of agreement with owners of Admiral Schmidt and Vitus Bering, whereby we redelivered the vessels to their owners. We are currently relieved from any duties, obligations liabilities or commitments under the current contracts. In 2022, right of use assets, right of use liabilities and other contract related assets were written off. For operating leases mentioned above and vessels chartered in on short-term time charters, we have allocated the consideration due under the leases above between the lease and non-lease components based upon the estimated stand-alone price of the services provided by the owner of the vessels. We have presented a total of $14.4 million and $7.5 million of the non-lease component, or service element, under ship operating expenses for the first half of 2023 and 2022, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.3 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2023 and for the first six months of 2022, respectively. We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk lease Office Leases Total Balance as of January 1, 2023 10,361  3,764  1,521  15,646  Additions —  —  —  —  Amortization (903) (1,494) (261) (2,658) Balance as of June 30, 2023 9,458  2,270  1,260  12,988  The amortization of right of use assets relating to leased vessels is presented under charter hire expenses in the statement of operations. The amortization of right of use assets relating to office leases is presented under administrative expenses in the statement of operations. In the first six months of 2023, we recorded no impairment of right of use assets for operating leases. We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance as of January 1, 2023 13,355  3,837  1,405  18,597  Additions —  —  —  —  Repayments (1,003) (1,479) (303) (2,785) Foreign exchange translation —  —  (5) (5) Balance as of June 30, 2023 12,352  2,358  1,097  15,807  Current portion 2,080  2,358  462  4,900  Non-current portion 10,272  —  635  10,907  Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2023 are as follows: (in thousands of $) 2023 (remaining six months) 3,274  2024 4,169  2025 3,369  2026 2,809  2027 2,809  2028 1,960  Thereafter —  Total minimum lease payments 18,390  Less: Imputed interest (2,583) Present value of operating lease liabilities 15,807  The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis. In the six months ended June 30, 2023, the future rental payments include $1.3 million (in the six months ended June 30, 2022: $1.9 million) in relation to office rent costs and $17.0 million (six months ended June 2022: $34.9 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases, including short term leases, was $27.0 million for the six months ended June 30, 2023 (six months ended June 30, 2022: $26.2 million). Total cash paid in respect of operating leases was $23.3 million in six months ended June 30, 2023 (six months ended June 30, 2022: $25.8 million). The weighted average discount rate in relation to our operating leases was 5.15% and 4.81% for the six months ended June 30, 2023 and June 30, 2022, respectively. The weighted average lease term was 4.3 years and 4.0 years for the period ended June 30, 2023 and June 30, 2022, respectively. Rental income As of June 30, 2023, we leased out seven vessels on fixed time charter rates (December 31, 2022: five vessels) and 35 vessels (December 31, 2022: 30 vessels) on index-linked time charter rates to third parties with initial periods ranging between one year and ten years. All of these leases are classified as operating leases. Our revenues from these leases have been included with time charter revenues in the Condensed Consolidated Statement of Operations, which solely relates to leasing revenues. The future minimum operating lease revenue receipts under our non-cancelable operating leases as of June 30, 2023 are as follows: (in thousands of $) 2023 (remaining six months) 22,247  2024 38,384  2025 32,083  2026 107  Thereafter —  Total minimum lease receipts 92,821  An index-linked rate in time charter operating leases usually refers to freight rate indices issued by the Baltic Exchange, such as the Baltic Capesize Index and the Baltic Panamax Index, and, as such, these contracts are essentially operating in the spot market. Index-linked time charter rate operating leases in the table above are included at the minimum rate level of zero. As of June 30, 2023, the cost and accumulated depreciation of the 42 vessels which were leased out to third parties, were $2,256.0 million and $458.1 million, respectively. As of December 31, 2022, the cost and accumulated depreciation of the 35 vessels which were leased out to third parties, were $1,826.7 million and $404.1 million, respectively.
OPERATING LEASES	OPERATING LEASES As of June 30, 2023, we had leased in one vessel from SFL and one vessel from unrelated third party, all of which were classified as operating leases. Additionally, as of June 30, 2023 and December 31, 2022 we had two operating leases for our offices in Oslo and Singapore. All of these leases had an initial duration above 12 months. In total we have leased in eight vessels from SFL, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of June 30, 2023. The daily time charter rate for SFL operating lease was $17,600, of which $7,000 is for operating expenses (including drydocking costs) until the third quarter of 2022 when the daily time charter rate was reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are calculated and paid on a quarterly basis to SFL. Up to June 30, 2023, the daily hire payments was adjusted if the actual three month LIBOR deviated from a base LIBOR of 0.4% per annum. For each 0.1% point increase/decrease in the interest rate level, the daily charter hire increased or decreased by $50 per day until the third quarter of 2022 and $25 per day in the remaining lease period. This resulted in an average daily rate of $16,041 for SFL operating lease in the first six months of 2023 and we incurred nil in total profit share for all eight SFL vessels in the first six months of 2023 ($1.5 million profit share in the first six months of 2022). With discontinuation of LIBOR as of June 30, 2023, the reference rate will be changed to SOFR. We are currently in discussions with SFL with regards to the calculation of hire rate adjustment going forward. Contingent or variable lease expense for the eight SFL leases was recorded in 2023 as interest expense of $1.7 million (six months ended June 30, 2022: $0.9 million). We have a purchase option of $112 million en-bloc for eight vessels after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years and expires in 2028. For the Ultramax vessel, Golden Hawk, which is chartered in from an unrelated third party, the daily rate was $13,200 up to expiry of fixed term contract in February 2022. In 2021, we extended Golden Hawk lease expiring in February 2022 for approximately one year by using extension option in the contract. The daily rate during the first extension period is $13,700. Further, in second half of 2022, we extended the lease expiring in February 2023 for approximately one year by using the second extension option in the contract. The daily rate during the second extension period is $14,200. Admiral Schmidt and Vitus Bering are 2019-built 104,550 dwt ice-class vessels, chartered in 2019 on time charter for a firm period of three years, with four annual options exercisable by us to extend the lease. The gross hire is determined based on a weighted average of the Baltic Panamax Index (BPI 4TC) and the Baltic Capesize Index (BCI 5TC) with a floor of $9,000 per day. In February 2022, we exercised the option to extend Admiral Schmidt and Vitus Bering contracts for one year each. Further, in May 2022, we signed a memoranda of agreement with owners of Admiral Schmidt and Vitus Bering, whereby we redelivered the vessels to their owners. We are currently relieved from any duties, obligations liabilities or commitments under the current contracts. In 2022, right of use assets, right of use liabilities and other contract related assets were written off. For operating leases mentioned above and vessels chartered in on short-term time charters, we have allocated the consideration due under the leases above between the lease and non-lease components based upon the estimated stand-alone price of the services provided by the owner of the vessels. We have presented a total of $14.4 million and $7.5 million of the non-lease component, or service element, under ship operating expenses for the first half of 2023 and 2022, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.3 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2023 and for the first six months of 2022, respectively. We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk lease Office Leases Total Balance as of January 1, 2023 10,361  3,764  1,521  15,646  Additions —  —  —  —  Amortization (903) (1,494) (261) (2,658) Balance as of June 30, 2023 9,458  2,270  1,260  12,988  The amortization of right of use assets relating to leased vessels is presented under charter hire expenses in the statement of operations. The amortization of right of use assets relating to office leases is presented under administrative expenses in the statement of operations. In the first six months of 2023, we recorded no impairment of right of use assets for operating leases. We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance as of January 1, 2023 13,355  3,837  1,405  18,597  Additions —  —  —  —  Repayments (1,003) (1,479) (303) (2,785) Foreign exchange translation —  —  (5) (5) Balance as of June 30, 2023 12,352  2,358  1,097  15,807  Current portion 2,080  2,358  462  4,900  Non-current portion 10,272  —  635  10,907  Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2023 are as follows: (in thousands of $) 2023 (remaining six months) 3,274  2024 4,169  2025 3,369  2026 2,809  2027 2,809  2028 1,960  Thereafter —  Total minimum lease payments 18,390  Less: Imputed interest (2,583) Present value of operating lease liabilities 15,807  The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis. In the six months ended June 30, 2023, the future rental payments include $1.3 million (in the six months ended June 30, 2022: $1.9 million) in relation to office rent costs and $17.0 million (six months ended June 2022: $34.9 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases, including short term leases, was $27.0 million for the six months ended June 30, 2023 (six months ended June 30, 2022: $26.2 million). Total cash paid in respect of operating leases was $23.3 million in six months ended June 30, 2023 (six months ended June 30, 2022: $25.8 million). The weighted average discount rate in relation to our operating leases was 5.15% and 4.81% for the six months ended June 30, 2023 and June 30, 2022, respectively. The weighted average lease term was 4.3 years and 4.0 years for the period ended June 30, 2023 and June 30, 2022, respectively. Rental income As of June 30, 2023, we leased out seven vessels on fixed time charter rates (December 31, 2022: five vessels) and 35 vessels (December 31, 2022: 30 vessels) on index-linked time charter rates to third parties with initial periods ranging between one year and ten years. All of these leases are classified as operating leases. Our revenues from these leases have been included with time charter revenues in the Condensed Consolidated Statement of Operations, which solely relates to leasing revenues. The future minimum operating lease revenue receipts under our non-cancelable operating leases as of June 30, 2023 are as follows: (in thousands of $) 2023 (remaining six months) 22,247  2024 38,384  2025 32,083  2026 107  Thereafter —  Total minimum lease receipts 92,821  An index-linked rate in time charter operating leases usually refers to freight rate indices issued by the Baltic Exchange, such as the Baltic Capesize Index and the Baltic Panamax Index, and, as such, these contracts are essentially operating in the spot market. Index-linked time charter rate operating leases in the table above are included at the minimum rate level of zero. As of June 30, 2023, the cost and accumulated depreciation of the 42 vessels which were leased out to third parties, were $2,256.0 million and $458.1 million, respectively. As of December 31, 2022, the cost and accumulated depreciation of the 35 vessels which were leased out to third parties, were $1,826.7 million and $404.1 million, respectively.

v3.23.2

FINANCE LEASES	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
FINANCE LEASES	FINANCE LEASES As of June 30, 2023, we held seven SFL vessels under finance lease (December 31, 2022: seven vessels). With reference to Note 14, "Operating Leases", we have leased in eight vessels from SFL, a related party, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of June 30, 2023. The daily time charter rate for vessels classified as finance lease was $19,135, of which $7,000 is for operating expenses (including drydocking costs) up until the third quarter of 2022 when the daily time charter rate was reduced to $16,435 until June 30, 2025. Subsequently, the daily time charter rate will be reduced to $14,900 until the expiration of the contracts. For the finance leases, the profit share mechanism is calculated based on a base rate of $14,900 adjusted for reference rate based variable lease consideration. For further description of the calculation of the profit share element and payment structure, refer to Note 14, "Operating Leases". The average daily rate was calculated to be $17,576 for finance leases in 2023 and there was no profit share in the first six months of 2023 for all eight SFL vessels ($1.5 million profit share in the first six months of 2022). Contingent or variable lease expense for the eight SFL leases was recorded in the six months ended June 30, 2023 as interest expense of $1.7 million. In the six months ended June 30, 2022 we recorded a variable lease expense of $0.9 million. The profit share mechanism has not been adjusted with the increased rate. Our right of use asset for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2023 83,589  Additions —  Impairment —  Depreciation (7,412) Balance as of June 30, 2023 76,177  In the first six months of 2023, we recorded no impairments of right of use assets for vessels under finance leases. Our lease obligations for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2023 105,975  Additions —  Repayments (12,418) Interest expense on obligations under finance lease 3,266  Balance as of June 30, 2023 96,823  Current portion 19,007  Non-current portion 77,816  The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 5.1 years as of June 30, 2023. The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 5.6 years as of December 31, 2022. The outstanding obligations under finance leases at June 30, 2023 are payable as follows: (in thousands of $) 2023 (remaining six months) 12,169  2024 24,553  2025 22,551  2026 20,617  2027 20,617  2028 12,320  Minimum lease payments 112,826  Less: imputed interest (16,003) Present value of obligations under finance leases 96,823  With regard to the SFL eight Capesize vessels, we have a purchase option of $112 million en-bloc in 2025. If such option is not exercised, SFL will have the option to extend the charters by three years at $14,900 per day. Our lease obligation is secured by the lessor's title to the leased asset.

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN ASSOCIATED COMPANIES	INVESTMENTS IN ASSOCIATED COMPANIES As at June 30, 2023 and December 31, 2022, we had the following participation in investments that are recorded using the equity method: (% of ownership) 2023 2022 TFG Marine Pte Ltd ("TFG Marine") 10.00  % 10.00  % SwissMarine Pte. Ltd. ("SwissMarine") 15.92  % 16.40  % United Freight Carriers LLC ("UFC") 50.00  % 50.00  % Following the termination of the pool agreement, in February 2022 our 25% share in CCL was sold for $17.5 thousands. Movements in equity method investments for the six months ended June 30, 2023 are summarized as follows: (in thousands of $) SwissMarine Other Totals Balance as of December 31, 2022 51,437  13,963  65,400  Distributions received from associated companies (7,803) (9,065) (16,868) Loss on disposal of equity method investments (163) —  (163) Share of income 5,322  4,708  10,030  Balance as of June 30, 2023 48,793  9,606  58,399  We have an equity investment of 15.92% in SwissMarine, a dry bulk freight operator. We account for this investment under the equity method as we determined that we have a significant influence over the investee. Our ownership in SwissMarine was diluted in March 2023 from 16.4% to 15.92%. In 2019 we have provided a $10.7 million subordinated shareholder loan with a five-year term to SwissMarine, which was partially repaid by SwissMarine in 2020 and remaining balance of subordinated shareholder loan of $5.35 million was fully repaid by SwissMarine in 2022. Further, in 2023, we received dividends from SwissMarine of $7.8 million. In January 2020, we entered into a joint venture agreement with Frontline plc (formerly Frontline Ltd.) ("Frontline") and its subsidiary Bandama Investments Ltd and Trafigura Pte. Ltd. ("Trafigura") to establish TFG Marine, a leading global supplier of marine fuels. As a result, we acquired a 10% interest in TFG Marine. We have also provided a shareholder loan of $1.0 million to TFG Marine. In 2020, the shareholder loan in the total amount of $75,000 was converted to equity of TFG Marine, reducing the balance of the loan to $0.9 million. The loan had a five-year term and bears interest of LIBOR plus a margin of 7%. In February 2023, TFG Marine fully repaid the outstanding loan of $0.9 million, in addition paid dividends of $4.9 million related to 2022. We account for this investment under the equity method as we determined that we have a significant influence over the investee. We also have an equity investment of 50% of the shares in UFC, a dry cargo vessel operator and logistics service provider. We account for this investment under the equity method, and the book value of the investment amounted to $2.2 million as of June 30, 2023. Further, in 2023, we received dividends from UFC of $4.2 million.

v3.23.2

DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Debt at June 30, 2023 and December 31, 2022 is summarized as follows: (in thousands of $) 2023 2022  $275.0 million term loan and revolving facility 252,886  263,943   $304.0 million term loan and revolving facility 207,274  216,622   $250.0 million term loan 243,791  —   $233.0 million term loan 155,448  —   $80.0 million term loan 80,000  —   $155.3 million term loan —  70,890   $93.75 million term loan —  70,739   $131.79 million term loan —  88,856   $175.0 million term loan and revolving facility 132,341  112,387   $260.0 million lease financing 238,333  244,524   $120.0 million term loan 61,068  63,545  U.S. dollar denominated floating rate debt 1,371,141  1,131,506  Deferred charges (12,100) (10,650) Total debt 1,359,041  1,120,856  Less: current portion of debt (106,372) (92,865)  Long-term portion of debt 1,252,669  1,027,991  Movements during the six months ended June 30, 2023 are summarized as follows: (in thousands of $)  Floating rate debt Deferred charges Total Balance at December 31, 2022 1,131,506  (10,650) 1,120,856   Loan draw downs 537,140  —  537,140  Loan repayments (297,505) —  (297,505) Capitalized financing fees and expenses —  (4,516) (4,516)  Amortization/ write off of capitalized fees and expenses —  3,066  3,066  Balance at June 30, 2023 1,371,141  (12,100) 1,359,041  In the six months ended June 30, 2023, we made total repayments of $297.5 million including full repayment of outstanding debt amounting to $230.5 million in connection with refinancing of the $93.75 million facility, the $131.79 million facility and the $155.3 million facility, repayment of $25.8 million on $233 million debt facility as a result of sales of Golden Feng and Golden Shui and ordinary repayment of long-term debt of $41.2 million. In January 2023, we signed a loan agreement for a $250.0 million credit facility with a group of leading shipping banks to refinance three credit facilities with total outstanding debt balance of $230.4 million as of December 31, 2022. The facility has an interest rate of SOFR plus 185 basis points and matures in January 2028 and is secured by a fleet of 20 Capesize and Panamax vessels. In March 2023, we entered into a $233.0 million two-year credit facility to partially finance the acquisition of six Newcastlemax vessels. The new financing has an interest rate of SOFR plus 190 basis points and matures in the first quarter of 2025. During the first six months of 2023, five of these vessels were delivered, and we drew down $182.0 million on this facility for the delivered vessels. During the first six months of 2023, we entered into and finalized the sale of Golden Feng and Golden Shui, vessels which served as collateral for the $233.0 million facility. As such, following the completion of the sale, the undrawn commitment of the facility was reduced by $17.8 million and the remaining sales proceeds of $25.8 million were used to prepay the debt under the $233.0 million facility. In April 2023, the Company signed an agreement for a $80.0 million facility to partially finance the four Kamsarmax newbuildings delivered during the second quarter of 2023. The facility has a seven-year tenor and an interest rate of SOFR plus a margin of 180 basis points per annum. Outstanding debt under facility amounted to $80.0 million as of June 30, 2023. On June 30, 2023, for all our term loan agreements, except for $260.0 million lease financing, the reference rate was changed from LIBOR to three months SOFR rate and adjusted by 26.1 basis points. For the $260 million lease financing we are planning to modify the agreement by the end of September, when the three months LIBOR extracted on June 30, 2023 is no longer valid. In order to simplify the accounting impacts, for all agreements, where the reference rate was updated in 2023, we applied an optional expedient pursuant to ASC 848 'Reference Rate Reform and accounted for modifications of debt as if the modification was not substantial. As of June 30, 2023, we recorded net deferred charges of $12.1 million as a direct deduction from the carrying amount of the related debt. The total outstanding debt at June 30, 2023 is repayable as follows: (in thousands of $) 2023 (remaining six months) 53,182  2024 106,364  2025 447,774  2026 170,437  2027 216,696  2028 318,688  2029 4,000  2030 54,000  Total 1,371,141  Deferred charges (12,100) Balance at June 30, 2023 1,359,041  As of June 30, 2023, our current portion of bank long-term debt was $106.4 million. Assets pledged As of June 30, 2023, 81 vessels (December 31, 2022: 74 vessels) with an aggregate carrying value of $2,952.9 million (December 31, 2022: $2,665.8 million) were pledged as security for our floating rate debt.

v3.23.2

OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIESAs of June 30, 2023 and December 31, 2022 our current liabilities were as follows: (in thousands of $) 2023 2022 Deferred charter revenue 30,949  29,153  Other current liabilities 7,719  4,341   Total other current liabilities 38,668  33,494

v3.23.2

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE	DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE Our derivative instruments are not designated as hedging instruments and the positions at June 30, 2023 and December 31, 2022 are summarized as follows: (in thousands of $) 2023 2022 Interest rate swaps 35,895  32,858  Bunker derivatives 374  265  Foreign currency swaps 48  —   Asset Derivatives - Fair Value 36,317  33,123  (in thousands of $) 2023 2022 Interest rate swaps 160  —  Foreign currency swaps 79  10  Bunker derivatives 590  1,303   Liability Derivatives - Fair Value 829  1,313  During the six months ended June 30, 2023 and June 30, 2022, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives":  (in thousands of $) 2023 2022 Interest rate swaps Mark to market gain 9,625  23,798  Foreign currency swaps Mark to market loss (21) (189) Forward freight agreements Mark to market gain (loss) (2,689) 481  Bunker derivatives Mark to market gain 47  1,787  Total 6,962  25,877

v3.23.2

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS	SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS Authorized share capital: (in thousands of $, except per share amount) 2023 2022 300 million common shares of $0.05 par value 15,000  15,000  As of June 30, 2023, 199,503,293 common shares were outstanding (December 31, 2022: 200,485,621 common shares), each with a par value of $0.05. As of June 30, 2023, we hold 1,687,328 treasury shares. As of December 31, 2022, we held 705,000 treasury shares. On October 4, 2022, the Board of Directors authorized a share buy-back program of maximum $100.0 million to purchase up to an aggregate of 10,000,000 of the Company's common shares for a period up to 12 months, commencing October 4, 2022. The maximum amount to be paid per share is $10.0, or equivalent in NOK for shares acquired at Oslo Stock Exchange. The share buy-backs will be carried out by way of repurchases in the market, both on the Oslo Stock Exchange and on the NASDAQ Global Select Market. The Company will report buy-backs carried out continuously and in accordance with the disclosure requirements of the Oslo Stock Exchange. The Company is not obligated under the terms of the program to repurchase any of its common shares. The timing and amount of any repurchase will depend on alternative uses of capital, legal requirements, market conditions, stock price, and other factors, at the discretion of the Board of Directors. During the six months ended June 30, 2023, the Company acquired an aggregate of 982,328 shares in open market transactions on the Oslo Stock Exchange and the NASDAQ Global Select Market at a weighted average price of approximately $7.58 under its share buy-back program. The shares were acquired at an aggregate purchase price of $7.5 million. As of June 30, 2023, there was 8.6 million of the Company's common shares yet to be repurchased under the plan. In the six months ended June 30, 2022, several holders of share options granted in 2020 exercised options to acquire a total number of 450,000 shares in the Company. We settled the applicable options using the equal amount of treasury shares and recorded a loss of $1.7 million in the equity statement.In the six months ended June 30, 2023, we paid an aggregate of $60.1 million in dividends to our shareholders, or $0.30 per share (six months ended June 30, 2022, $280.8 million, or $1.40 per share). We have recorded the 2023 distributions as a reduction of Accumulated earnings. We have recorded a first quarter of 2022 dividend distribution of $180.4 million as a reduction of contributed surplus account since Accumulated earnings (deficit) were not sufficient. Dividend distribution of $100.4 million paid in the second quarter of 2022 was applied to Accumulated earnings (deficit) account.

v3.23.2

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS SFL In April 2015, we agreed to a sale and leaseback transaction with SFL for eight Capesize vessels. These vessels were sold en-bloc for an aggregate price of $272.0 million. The vessels were delivered to SFL in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a period of ten years. Refer to Note 14, "Operating Leases" and Note 15, "Finance leases" for additional information related to these contracts. Seatankers Management Co. Ltd. ("Seatankers") During the first six months of 2023, we have been a commercial manager of 10 (six months ended June 30, 2022: 12) dry bulk vessels owned and operated by Seatankers. Pursuant to the management agreements, we receive $125 (six months ended June 30, 2022: $125) per day per vessel for managing the dry bulk vessels. From time to time we may also charter in dry bulk vessels owned by Seatankers on short-term time charters. United Freight Carriers With reference to Note 16, "Investments in associated companies", we also have an equity investment of 50% of the shares in UFC, a dry cargo vessel operator and logistics service provider that primarily focuses its activity on smaller bulk carriers with deadweight of up to 50,000 tonnes. SwissMarine In 2019, we provided SwissMarine with a $10.7 million subordinated shareholder loan, non-amortizing, with a five-year term. The loan had interest equivalent to the 12-month LIBOR plus a margin of 2%. In May 2020, the subordinated shareholder loan was partially repaid by SwissMarine, which included principal loan amount of $5.35 million. Remaining subordinated shareholder loan of $5.35 million was fully repaid by SwissMarine in the first quarter of 2022 and there is no outstanding balance as of June 30, 2023. In addition, we have entered into several time charter agreements with SwissMarine and total time charter revenues from SwissMarine amounted to $0.3 million in the six months ended June 30, 2023 (six months ended June 30, 2022: $2.0 million). TFG Marine With reference to Note 16, "Investments in associated companies", in 2020 we made an equity investment in TFG Marine, in which we have determined to have significant influence. We provided a shareholder loan of $1.0 million to TFG Marine. In 2020, the shareholder loan in the total amount of $75,000 was converted to equity of TFG Marine, reducing the balance of the loan to $0.9 million. The loan has a five-year term and bore interest of LIBOR plus a margin of 7%. In February 2023, TFG fully repaid the outstanding loan of $0.9 million. In six months ended June 30, 2023, we have paid $72.5 million to TFG Marine in relation to bunker procurement (six months ended June 30, 2022: $88.1 million). Upon purchase, bunkers were recorded as assets on the Consolidated Balance Sheet and were expensed using first-in, first-out basis once consumed during voyage charters. Practically it is not possible to accurately split out related party voyage expenses, and, as such, we have not summarized voyage expenses charged by related party in the table below. In 2020, we issued a $20.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with the joint venture. In May 2022, we increased this guarantee under a bunker supply arrangement with TFG Marine from $20.0 million to $30.0 million. As of June 30, 2023 there are no exposures under the guarantee and liability recorded relating to the exposure. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by Trafigura and becomes payable, we shall pay an amount equal to our equity proportion of that amount payable. The maximum liability under this guarantee is $4.0 million. There are no amounts payable under this guarantee as of June 30, 2023. Management Agreements Technical Supervision Services We receive technical supervision services from Frontline Management (Bermuda) Ltd ("Frontline Management"), a subsidiary of Frontline. Pursuant to the terms of the agreement, Frontline Management receives an annual management fee of $25,170 per vessel in 2023 ($26,714 per vessel in 2022). This fee is subject to annual review. Other Management Services We aim to operate efficiently through utilizing competence from other companies with the same main shareholder and these costs are allocated based on a cost-plus mark-up model. We buy services from related companies in relation to sales and purchase activities and administrative services in relation to our corporate headquarters. We may also provide certain financial management services to companies with the same main shareholder. A summary of net amounts recorded as expense from related parties in the six months ended June 30, 2023 and June 30, 2022 is as follows: (in thousands of $) 2023 2022 Frontline Management 1,069  1,163  SFL 13,482  18,375  Seatankers 1,365  4,793  CCL —  395  Front Ocean Management AS 1,037  155  16,953  24,881  Net amounts recorded as expense from related parties comprise of charter hire costs, bunker costs, general management and commercial management fees. A summary of net amounts charged to related parties in the six months ended June 30, 2023 and June 30, 2022 is as follows: (in thousands of $) 2023 2022 SFL 132  64  Seatankers 226  256  SwissMarine 279  2,033  UFC 900  —  Other —  22  1,537  2,375  Net amounts charged to related parties mainly comprise of commercial management fees and charter hire. A summary of related parties income (expense) amounts included into Consolidated Statements of Operations as of June 30, 2023 and June 30, 2022 is as follows: (in thousands of $) 2023 2022 Time charter revenues 279  2,033  Other revenues 1,258  342  Other operating income (expenses) —  (413) Ship operating expenses (1,069) (1,163) Charter hire expenses1) (14,556) (22,716) Administrative expenses (1,328) (589) (15,416) (22,506) 1) Including charter hire expense for SFL finance leases which is subsequently credited to Depreciation and Interest expense A summary of balances due from related parties as of June 30, 2023 and December 31, 2022 is as follows: (in thousands of $) 2023 2022 Frontline 2,305  1,506  UFC 900  497  Seatankers 198  352  SFL 196  —  Credit loss allowance (21) (21) 3,578  2,334  A summary of balances owed to related parties as of June 30, 2023 and December 31, 2022 is as follows: (in thousands of $) 2023 2022 CCL 40  40  TFG Marine 11,505  9,219  Other 216  233  11,761  9,492  As of June 30, 2023 and December 31, 2022, current receivables and payables with related parties mainly comprise unpaid fees for services rendered from and to related parties. In addition to the short-term related party balances stated above and for the eight Capesize vessels we charter in from SFL, we have recognized right of use assets and lease obligations for these leases. See also Note 14, "Operating Leases" and Note 15, "Finance leases" for additional information related to these contracts and related lease balances.

v3.23.2

FINANCIAL ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL ASSETS AND LIABILITIES	FINANCIAL ASSETS AND LIABILITIES Interest rate risk management Our interest rate swaps are intended to reduce the risk associated with fluctuations in interest rates whereby the floating interest rates on an original principal amount of $700 million (December 31, 2022: $500 million) are swapped to fixed rate. Our interest rate swap contracts as of June 30, 2023 of which none are designated as hedging instruments are summarized as follows: (in thousands of $) Notional amount Inception date Maturity date Fixed Interest Rate Receiving floating pay fixed 50,000 August 2017 1) August 2025 2.41% Receiving floating pay fixed 50,000 August 2017 1) August 2025 2.58% Receiving floating pay fixed 50,000 August 2019 1) August 2024 1.39% Receiving floating pay fixed 50,000 September 2019 1) September 2024 1.29% Receiving floating pay fixed 100,000 October 2019 1) October 2025 2.51% Receiving floating pay fixed 50,000 March 2020 1) March 2027 0.94% Receiving floating pay fixed 50,000 March 2020 1) March 2027 0.74% Receiving floating pay fixed 50,000 April 2022 2) December 2030 2.53% Receiving floating pay fixed 50,000 July 2022 2) September 2030 1.77% Receiving floating pay fixed 50,000 January 2023 January 2033 3.37% Receiving floating pay fixed 50,000 January 2023 3) January 2033 2.90% Receiving floating pay fixed 50,000 March 2023 3) March 2033 3.00% Receiving floating pay fixed 50,000 March 2023 March 2025 3.90% 700,000 1) On June 30, 2023, our interest rate swap derivative contracts with LIBOR reference rate transitioned to SOFR reference rate in accordance with Interbank Offered Rate (''IBOR'') fallback protocol, as published by International Swaps and Derivatives Association (ISDA), Inc and adheared by us in April 2023. As a result, the floating rate will transition from LIBOR to SOFR and the fixed rate will decrease based on the Credit Adjustment Spread ("CAS") of 26.1 basis points upon the next interest reset date. 2) SOFR-based forward-looking swaps: first payment date for the interest rate swaps is September 2024. 3) Forward-looking swaps: first payment date for the $50 million 2.90% interest rate swap (SOFR) and $50 million 3.00% interest rate swap is January and March 2025, respectively. Forward freight agreements ("FFA") We take positions from time to time in the freight forward market, either as a hedge to a physical contract or as a speculative position. All such contracts are fully settled in cash through what we consider reputable clearing houses on a daily basis, as such there are no balances relating to FFAs on the Consolidated Balance Sheets. Credit risk exists to the extent that our counterparties are unable to perform under the FFA contracts but this risk is considered remote as well as participants post collateral security for their positions. As of June 30, 2023, we had long positions through FFA of net 225 days and net 60 days, with maturity in 2023 and 2024, respectively. As of December 31, 2022, we had long positions through FFA of net 735 days with maturity in 2023. Bunker derivatives We enter into cargo contracts from time to time. We are therefore exposed to fluctuations in bunker prices, as the cargo contract price is based on an assumed bunker price for the trade. To hedge the risk of fluctuating bunker prices, we sometimes enter into bunker swap agreements. There is no guarantee that the hedge removes all the risk from the bunker exposure, due to possible differences in location and timing of the bunkering between the physical and financial position. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the bunker contracts but this risk is considered remote as the counterparties are usually what we consider well established banks or other well-known institutions in the market. As of June 30, 2023, we had outstanding bunker swap agreements for about 33.4 thousand metric tonnes and 1.4 thousand metric tonnes for 2023 and 2024, respectively. As of December 31, 2022, we had outstanding bunker swap agreements for about 26.8 thousand metric tonnes. Foreign currency risk The majority of our transactions, assets and liabilities are denominated in United States dollars, our functional currency. However, we incur expenditure in currencies other than the functional currency, mainly in Norwegian Kroner and Singapore Dollars for personnel costs and administrative expenses, and Euro for some of our scrubber equipment investments. There is a risk that currency fluctuations in transactions incurred in currencies other than the functional currency will have a negative effect on the value of our cash flows. Due to the exposure of currency fluctuations we may enter into foreign currency swaps to mitigate such risk exposures. The counterparties to such contracts are what we consider major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts but this risk is considered remote as the counterparties are what we consider well established banks. As of June 30, 2023, we had contracts to swap United States dollars to Norwegian Kroner for a notional amount of $5.4 million. In the six months ended June 30, 2023, we recognized a net loss of $21 thousand related to foreign currency swaps (six months ended June 30, 2022: net loss of $0.2 million). As of December 31, 2022, we had contracts to swap USD to NOK for a notional amount of $0.2 million. The fair value and changes in fair value of our derivative instruments are further disclosed in Note 19, ''Derivative Instruments Payable and Receivable". Fair values The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. In addition, ASC 815, "Derivatives and Hedging" requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The carrying value and estimated fair value of our financial instruments at June 30, 2023 and December 31, 2022 are as follows:   2023 2023 2022 2022  (in thousands of $) Level Fair value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 1 103,897  103,897  134,784  134,784  Restricted cash 1 3,426  3,426  3,289  3,289  Marketable securities 1 2,635  2,635  2,187  2,187  Related party shareholder loans 2 —  —  837  837  Derivative assets 2 36,317  36,317  33,123  33,123  Liabilities Long term debt - floating 2 1,371,141  1,371,141  1,131,506  1,131,506  Derivative liabilities 2 829  829  1,313  1,313  Please refer to Note 19, "Derivative instruments payable and receivable", for a breakdown of the derivative assets. In the six months ended June 30, 2023 and 2022, respectively, there have been no transfers between different levels in the fair value hierarchy. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: •The carrying value of cash and cash equivalents, which are highly liquid, approximate fair value. •Restricted cash - the balances relate entirely to restricted cash and the carrying values in the balance sheet approximate their fair value. •Floating rate debt - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis. •Marketable securities - are listed equity securities for which the fair value is based on quoted market prices. •Shareholder loans - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on an annual basis. •Derivatives - are based on the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date. Assets Measured at Fair Value on a Nonrecurring Basis In the first six months of 2023, we took a delivery of five Newcastlemax vessels from H-Line and recorded the cost of vessels acquired based on the fair value of the total consideration paid. In the first six months of 2023, fair value of favorable and unfavorable time charter contracts acquired as part of the acquisition of Newcastlemax vessels, was measured at fair value upon delivery of vessels. The fair value was based on level three inputs and calculated as the net present value of the difference in cash flows arising over the period of the contracts between the expected cash flows from the contracts and expected cash flows from comparable contracts at the acquisition date. During the six months ended June 30, 2023, the value of Golden Strength, Golden Feng and Golden Shui, one Panamax vessel and two Capesize vessels, with sales entered into with unrelated third parties in November 2022 and March 2023, were measured at fair value. The fair values were based on level three inputs and the expected market values based on sales agreements. During the six months ended June 30, 2022, the value of the three older Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour, classified as held for sale, was measured at fair value. The fair value was based on level three inputs and the expected market values based on sales agreements. Assets Measured at Fair Value on a Recurring Basis Marketable securities are equity securities in a company listed on a U.S. stock exchange and for which the fair value as at the balance sheet date is the aggregate market value based on quoted market prices (level 1). The fair value (level 2) of interest rate swap, currency swap, bunker and freight derivative agreements is the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves, current and future bunker prices and the credit worthiness of both us and the derivative counterparty. Concentrations of risk There is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of the amounts are carried with SEB and DnB ASA. However, we believe this risk is remote, as these financial institutions are established and reputable establishments with no prior history of default. We do not require collateral or other security to support financial instruments subject to credit risk.

v3.23.2

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We insure the legal liability risks for our shipping activities with Assuranceforeningen SKULD and Assuranceforeningen Gard Gjensidig, both mutual protection and indemnity associations. We are subject to calls payable to the associations based on our claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. To the best of our knowledge, there are no legal or arbitration proceedings existing or pending which have had or may have significant effects on our financial position or profitability and no such proceedings are pending or known to be contemplated. We sold eight vessels to SFL in the third quarter of 2015 and leased them back on charters for an initial period of ten years. We have a purchase option of $112 million en-bloc after ten years and, if such option is not exercised, SFL will have the option to extend the charters by three years at $14,900 per day. As of June 30, 2023, we had six vessels under construction and outstanding contractual commitments of $149.7 million due by the fourth quarter of 2024. Contractual commitments will be financed through cash on hand, proceeds from future sale of vessels, operating cash flows and debt financing entered into subsequent to the quarter end (please refer to Note 24 "Subsequent Events"). With reference to Note 11, "Vessels and equipment, net", we have outstanding contractual commitments of $45.0 million for the one out of six newly acquired Newcastlemax vessels. With reference to Note 16, "Investments in associated companies", we issued a $20.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with TFG Marine. In May 2022, we increased this guarantee under a bunker supply arrangement with TFG Marine from $20.0 million to $30.0 million. As of June 30, 2023, there are no exposures under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by the Trafigura group and becomes payable, we shall pay an amount equal to its equity proportion of that amount payable. The maximum liability under this guarantee is $4.0 million. There are no amounts payable under this guarantee as of June 30, 2023.

v3.23.2

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In July 2023, the Company signed an agreement for a $40.0 million facility to part finance the two Kamsarmax newbuildings to be delivered during the third quarter of 2023. The facility has a seven-year tenor and an interest rate of SOFR plus a margin of 175 basis points per annum. Subsequent to quarter end, the Company has repurchased 125,000 shares at an average price of $7.3 for a total sum of $0.9 million. Subsequent to the quarter ended June 30, 2023, two out of ten Kamsarmax newbuildings under construction were delivered to the Company, bringing the total to six delivered Kamsarmax. Subsequent to June 30, 2023, we paid the installments, totaling $51.9 million, for the six remaining Kamsarmax newbuilding contracts. Further, the last of the six newly acquired Newcastlemax vessels was delivered to the Company. On August 29, 2023, our Board of Directors determined to announce a cash dividend to the Company's shareholders of $0.10 per share in respect of the second quarter of 2023, which is payable on or about September 19, 2023, to shareholders of record on September 11, 2023. Shareholders holding the Company's shares through the Euronext VPS may receive this cash dividend later, on or about September 21, 2023.

v3.23.2

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of accounting	Basis of accounting These unaudited interim condensed consolidated financial statements are stated in accordance with U.S. GAAP. These unaudited interim condensed consolidated financial statements include the assets and liabilities of the Company and those of the Company's subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.
Recently issued accounting standards	Recently issued accounting pronouncements are not expected to materially impact the Company.
Accounting Policies	Accounting PoliciesThe preparation of these unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Some accounting policies have a significant impact on amounts reported in these unaudited interim condensed consolidated financial statements. Our accounting policies have not changed from those reported in our Annual Report

v3.23.2

EARNING PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share Calculation	The components of the numerator and the denominator in the calculation of basic and diluted earnings per share for the six months ended June 30, 2023 and 2022 are as follows: (in thousands of $) 2023 2022 Net income 26,068  289,072  (in thousands) 2023 2022 Weighted average number of shares outstanding - basic 200,337  200,540  Dilutive effect of stock options 541  906  Weighted average number of shares outstanding - diluted 200,878  201,446
Schedule of Dividends Declared	2023 2022 Cash dividends per share declared $ 0.20  $ 1.10

v3.23.2

OPERATING REVENUES (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Earned From Time Charters, Voyage Charters and Other Revenues	The following table shows the revenues earned from time charters, voyage charters and other revenues for the six months ended June 30, 2023 and 2022 respectively: (in thousands of $) 2023 2022 Time charter revenues 181,693  345,241  Voyage charter revenues 226,946  236,158  Other revenues 1,261  450  Total operating revenues 409,900  581,849  For the six months ended June 30, 2023, the split between lease and non-lease component was as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 181,693  —  181,693  Voyage charter revenues —  226,946  226,946  Other revenues —  1,261  1,261  Total operating revenues 181,693  228,207  409,900
Schedule of Contract Assets	As of June 30, 2023 and December 31, 2022, we reported trade accounts receivable and the following contract assets in relation to our contracts with customers, including contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606: (in thousands of $) 2023 2022 Voyages in progress (contract assets) 10,806  14,690  Trade accounts receivable 15,000  4,468  Other current assets (capitalized fulfillment costs) 3,743  4,894  Total 29,549  24,052

v3.23.2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	6 Months Ended
	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	As of June 30, 2023 and June 30, 2022, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands of $) 2023 2022 Cash and cash equivalents 103,897  163,981  Short-term restricted cash 3,426  4,340  Total cash, cash equivalents and restricted cash shown in the statement of cash flows 107,323  168,321

v3.23.2

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Marketable Securities [Abstract]
Schedule of Equity Securities Reconciliation	Our marketable securities consist of equity securities in Eneti Inc., a company engaged in marine based renewable energy and listed on the New York Stock Exchange (NYSE: NETI) (“Eneti”). (in thousands of $) Balance as of December 31, 2022 2,187  Unrealized gain, net 448  Balance as of June 30, 2023 2,635

v3.23.2

OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	(in thousands of $) As of June 30, 2023 As of December 31, 2022 Capitalized fulfillment costs 3,743  4,894  Agent receivables 1,811  2,207  Advances 712  2,023  Claims receivables 6,998  5,967  Bunker receivables on time charter-out contracts 18,441  28,555  Other receivables 8,418  10,784  Other current assets 248  —   Total other current assets 40,371  54,430

v3.23.2

VESSELS AND EQUIPMENT, NET (Table)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Summary Rollforward of Vessels and Equipment	(in thousands of $) Cost Accumulated Depreciation Net Book Value Balance as of December 31, 2022 3,300,778  (634,993) 2,665,785  Acquired vessels 247,304  —  247,304  Other additions 8,524  —  8,524  Disposals and transfer to Vessels Held for Sale (66,404) 22,835  (43,569) Transfer from newbuildings 143,305  —  143,305  Impairment loss (11,780) —  (11,780) Depreciation —  (56,675) (56,675) Balance as of June 30, 2023 3,621,727  (668,833) 2,952,894  Movements in the six months ended June 30, 2023 are summarized as follows: (in thousands of $) Balance as of December 31, 2022 91,898  Installments paid 107,091  Capitalized interest expense 3,326  Other 3,387  Transfer to vessels and equipment (143,305) Balance as of June 30, 2023 62,397

v3.23.2

NEWBUILDINGS (Tables)	6 Months Ended
	Jun. 30, 2023
Newbuildings [Abstract]
Vessels and Equipment	(in thousands of $) Cost Accumulated Depreciation Net Book Value Balance as of December 31, 2022 3,300,778  (634,993) 2,665,785  Acquired vessels 247,304  —  247,304  Other additions 8,524  —  8,524  Disposals and transfer to Vessels Held for Sale (66,404) 22,835  (43,569) Transfer from newbuildings 143,305  —  143,305  Impairment loss (11,780) —  (11,780) Depreciation —  (56,675) (56,675) Balance as of June 30, 2023 3,621,727  (668,833) 2,952,894  Movements in the six months ended June 30, 2023 are summarized as follows: (in thousands of $) Balance as of December 31, 2022 91,898  Installments paid 107,091  Capitalized interest expense 3,326  Other 3,387  Transfer to vessels and equipment (143,305) Balance as of June 30, 2023 62,397

v3.23.2

OPERATING LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Amortization Of Finance Lease Assets And Obligations	We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk lease Office Leases Total Balance as of January 1, 2023 10,361  3,764  1,521  15,646  Additions —  —  —  —  Amortization (903) (1,494) (261) (2,658) Balance as of June 30, 2023 9,458  2,270  1,260  12,988  We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance as of January 1, 2023 13,355  3,837  1,405  18,597  Additions —  —  —  —  Repayments (1,003) (1,479) (303) (2,785) Foreign exchange translation —  —  (5) (5) Balance as of June 30, 2023 12,352  2,358  1,097  15,807  Current portion 2,080  2,358  462  4,900  Non-current portion 10,272  —  635  10,907
Summary of Future Minimum Rental Payments Under Non-Cancelable Operating Leases	The future minimum rental payments under our non-cancelable operating leases as of June 30, 2023 are as follows: (in thousands of $) 2023 (remaining six months) 3,274  2024 4,169  2025 3,369  2026 2,809  2027 2,809  2028 1,960  Thereafter —  Total minimum lease payments 18,390  Less: Imputed interest (2,583) Present value of operating lease liabilities 15,807
Schedule of Future Minimum Operating Lease Revenue Receipts Under Non-Cancelable Operating Leases	The future minimum operating lease revenue receipts under our non-cancelable operating leases as of June 30, 2023 are as follows: (in thousands of $) 2023 (remaining six months) 22,247  2024 38,384  2025 32,083  2026 107  Thereafter —  Total minimum lease receipts 92,821

v3.23.2

FINANCE LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Changes in Right-of-Use Asset and Lease Liabilities	Our right of use asset for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2023 83,589  Additions —  Impairment —  Depreciation (7,412) Balance as of June 30, 2023 76,177  Our lease obligations for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2023 105,975  Additions —  Repayments (12,418) Interest expense on obligations under finance lease 3,266  Balance as of June 30, 2023 96,823  Current portion 19,007  Non-current portion 77,816
Schedule of Outstanding Obligations Under Finance Leases	The outstanding obligations under finance leases at June 30, 2023 are payable as follows: (in thousands of $) 2023 (remaining six months) 12,169  2024 24,553  2025 22,551  2026 20,617  2027 20,617  2028 12,320  Minimum lease payments 112,826  Less: imputed interest (16,003) Present value of obligations under finance leases 96,823

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	As at June 30, 2023 and December 31, 2022, we had the following participation in investments that are recorded using the equity method: (% of ownership) 2023 2022 TFG Marine Pte Ltd ("TFG Marine") 10.00  % 10.00  % SwissMarine Pte. Ltd. ("SwissMarine") 15.92  % 16.40  % United Freight Carriers LLC ("UFC") 50.00  % 50.00  % Following the termination of the pool agreement, in February 2022 our 25% share in CCL was sold for $17.5 thousands. Movements in equity method investments for the six months ended June 30, 2023 are summarized as follows: (in thousands of $) SwissMarine Other Totals Balance as of December 31, 2022 51,437  13,963  65,400  Distributions received from associated companies (7,803) (9,065) (16,868) Loss on disposal of equity method investments (163) —  (163) Share of income 5,322  4,708  10,030  Balance as of June 30, 2023 48,793  9,606  58,399

v3.23.2

DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt at June 30, 2023 and December 31, 2022 is summarized as follows: (in thousands of $) 2023 2022  $275.0 million term loan and revolving facility 252,886  263,943   $304.0 million term loan and revolving facility 207,274  216,622   $250.0 million term loan 243,791  —   $233.0 million term loan 155,448  —   $80.0 million term loan 80,000  —   $155.3 million term loan —  70,890   $93.75 million term loan —  70,739   $131.79 million term loan —  88,856   $175.0 million term loan and revolving facility 132,341  112,387   $260.0 million lease financing 238,333  244,524   $120.0 million term loan 61,068  63,545  U.S. dollar denominated floating rate debt 1,371,141  1,131,506  Deferred charges (12,100) (10,650) Total debt 1,359,041  1,120,856  Less: current portion of debt (106,372) (92,865)  Long-term portion of debt 1,252,669  1,027,991  Movements during the six months ended June 30, 2023 are summarized as follows: (in thousands of $)  Floating rate debt Deferred charges Total Balance at December 31, 2022 1,131,506  (10,650) 1,120,856   Loan draw downs 537,140  —  537,140  Loan repayments (297,505) —  (297,505) Capitalized financing fees and expenses —  (4,516) (4,516)  Amortization/ write off of capitalized fees and expenses —  3,066  3,066  Balance at June 30, 2023 1,371,141  (12,100) 1,359,041
Schedule of Maturities of Long-term Debt	The total outstanding debt at June 30, 2023 is repayable as follows: (in thousands of $) 2023 (remaining six months) 53,182  2024 106,364  2025 447,774  2026 170,437  2027 216,696  2028 318,688  2029 4,000  2030 54,000  Total 1,371,141  Deferred charges (12,100) Balance at June 30, 2023 1,359,041

v3.23.2

OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	As of June 30, 2023 and December 31, 2022 our current liabilities were as follows: (in thousands of $) 2023 2022 Deferred charter revenue 30,949  29,153  Other current liabilities 7,719  4,341   Total other current liabilities 38,668  33,494

v3.23.2

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	Our derivative instruments are not designated as hedging instruments and the positions at June 30, 2023 and December 31, 2022 are summarized as follows: (in thousands of $) 2023 2022 Interest rate swaps 35,895  32,858  Bunker derivatives 374  265  Foreign currency swaps 48  —   Asset Derivatives - Fair Value 36,317  33,123  (in thousands of $) 2023 2022 Interest rate swaps 160  —  Foreign currency swaps 79  10  Bunker derivatives 590  1,303   Liability Derivatives - Fair Value 829  1,313
Derivative Instruments Gain (Loss)	During the six months ended June 30, 2023 and June 30, 2022, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives":  (in thousands of $) 2023 2022 Interest rate swaps Mark to market gain 9,625  23,798  Foreign currency swaps Mark to market loss (21) (189) Forward freight agreements Mark to market gain (loss) (2,689) 481  Bunker derivatives Mark to market gain 47  1,787  Total 6,962  25,877

v3.23.2

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Stock By Class	Authorized share capital: (in thousands of $, except per share amount) 2023 2022 300 million common shares of $0.05 par value 15,000  15,000

v3.23.2

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	A summary of net amounts recorded as expense from related parties in the six months ended June 30, 2023 and June 30, 2022 is as follows: (in thousands of $) 2023 2022 Frontline Management 1,069  1,163  SFL 13,482  18,375  Seatankers 1,365  4,793  CCL —  395  Front Ocean Management AS 1,037  155  16,953  24,881  Net amounts recorded as expense from related parties comprise of charter hire costs, bunker costs, general management and commercial management fees. A summary of net amounts charged to related parties in the six months ended June 30, 2023 and June 30, 2022 is as follows: (in thousands of $) 2023 2022 SFL 132  64  Seatankers 226  256  SwissMarine 279  2,033  UFC 900  —  Other —  22  1,537  2,375  Net amounts charged to related parties mainly comprise of commercial management fees and charter hire. A summary of related parties income (expense) amounts included into Consolidated Statements of Operations as of June 30, 2023 and June 30, 2022 is as follows: (in thousands of $) 2023 2022 Time charter revenues 279  2,033  Other revenues 1,258  342  Other operating income (expenses) —  (413) Ship operating expenses (1,069) (1,163) Charter hire expenses1) (14,556) (22,716) Administrative expenses (1,328) (589) (15,416) (22,506) 1) Including charter hire expense for SFL finance leases which is subsequently credited to Depreciation and Interest expense A summary of balances due from related parties as of June 30, 2023 and December 31, 2022 is as follows: (in thousands of $) 2023 2022 Frontline 2,305  1,506  UFC 900  497  Seatankers 198  352  SFL 196  —  Credit loss allowance (21) (21) 3,578  2,334  A summary of balances owed to related parties as of June 30, 2023 and December 31, 2022 is as follows: (in thousands of $) 2023 2022 CCL 40  40  TFG Marine 11,505  9,219  Other 216  233  11,761  9,492

v3.23.2

FINANCIAL ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swaps Designated as Hedging Instruments	Our interest rate swap contracts as of June 30, 2023 of which none are designated as hedging instruments are summarized as follows: (in thousands of $) Notional amount Inception date Maturity date Fixed Interest Rate Receiving floating pay fixed 50,000 August 2017 1) August 2025 2.41% Receiving floating pay fixed 50,000 August 2017 1) August 2025 2.58% Receiving floating pay fixed 50,000 August 2019 1) August 2024 1.39% Receiving floating pay fixed 50,000 September 2019 1) September 2024 1.29% Receiving floating pay fixed 100,000 October 2019 1) October 2025 2.51% Receiving floating pay fixed 50,000 March 2020 1) March 2027 0.94% Receiving floating pay fixed 50,000 March 2020 1) March 2027 0.74% Receiving floating pay fixed 50,000 April 2022 2) December 2030 2.53% Receiving floating pay fixed 50,000 July 2022 2) September 2030 1.77% Receiving floating pay fixed 50,000 January 2023 January 2033 3.37% Receiving floating pay fixed 50,000 January 2023 3) January 2033 2.90% Receiving floating pay fixed 50,000 March 2023 3) March 2033 3.00% Receiving floating pay fixed 50,000 March 2023 March 2025 3.90% 700,000 1) On June 30, 2023, our interest rate swap derivative contracts with LIBOR reference rate transitioned to SOFR reference rate in accordance with Interbank Offered Rate (''IBOR'') fallback protocol, as published by International Swaps and Derivatives Association (ISDA), Inc and adheared by us in April 2023. As a result, the floating rate will transition from LIBOR to SOFR and the fixed rate will decrease based on the Credit Adjustment Spread ("CAS") of 26.1 basis points upon the next interest reset date. 2) SOFR-based forward-looking swaps: first payment date for the interest rate swaps is September 2024. 3) Forward-looking swaps: first payment date for the $50 million 2.90% interest rate swap (SOFR) and $50 million 3.00% interest rate swap is January and March 2025, respectively.
Carrying Value and Fair Value of Financial Instruments	The carrying value and estimated fair value of our financial instruments at June 30, 2023 and December 31, 2022 are as follows:   2023 2023 2022 2022  (in thousands of $) Level Fair value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 1 103,897  103,897  134,784  134,784  Restricted cash 1 3,426  3,426  3,289  3,289  Marketable securities 1 2,635  2,635  2,187  2,187  Related party shareholder loans 2 —  —  837  837  Derivative assets 2 36,317  36,317  33,123  33,123  Liabilities Long term debt - floating 2 1,371,141  1,371,141  1,131,506  1,131,506  Derivative liabilities 2 829  829  1,313  1,313

v3.23.2

EARNINGS PER SHARE - Summary of earnings per share (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 26,068	$ 289,072
Weighted average number of shares outstanding - basic (in shares)	200,337	200,540
Dilutive effect of share options (in shares)	541	906
Weighted average number of shares outstanding - diluted (in shares)	200,878	201,446

v3.23.2

EARNINGS PER SHARE - Narrative (Details) - shares	1 Months Ended
	May 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding (shares)		650,000	1,100,000
Management
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options exercised (in shares)	450,000

v3.23.2

EARNINGS PER SHARE - Dividends (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Cash dividends per share declared (in dollars per share)	$ 0.0020	$ 0.0110

v3.23.2

SEGMENT INFORMATION (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	1

v3.23.2

OPERATING REVENUES - Schedule of revenues earned from time charters, voyage charters and other revenues (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Lease	$ 181,693
Non-lease	228,207
Total	409,900	$ 581,849
Time charter revenues
Disaggregation of Revenue [Line Items]
Lease	181,693
Non-lease	0
Total	181,693	345,241
Voyage charter revenues
Disaggregation of Revenue [Line Items]
Lease	0
Non-lease	226,946
Total	226,946	236,158
Other revenues
Disaggregation of Revenue [Line Items]
Lease	0
Non-lease	1,261
Total	$ 1,261	$ 450

v3.23.2

OPERATING REVENUES - Narrative (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Non-lease	$ 228,207,000
Capitalized contract assets	13,200,000
Capitalized contract cost, accumulated amortization	9,500,000
Capitalized contract assets, remaining balance	3,700,000
Capitalized contract assets, amortization	4,900,000
Revenue recognized that was deferred	16,200,000
Credit loss allowance	100,000
Capitalized contract assets, impairment loss			$ 0
Demurrage Revenue
Disaggregation of Revenue [Line Items]
Non-lease	6,800,000	$ 14,500,000
Time charter revenues
Disaggregation of Revenue [Line Items]
Non-lease	0
Variable lease income	11,700,000	$ 6,800,000
Ongoing Voyages
Disaggregation of Revenue [Line Items]
Total deferred charter revenue	$ 20,100,000

v3.23.2

OPERATING REVENUES - Schedule of contract assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Voyages in progress (contract assets)	$ 10,806	$ 14,690
Trade accounts receivable	15,000	4,468
Other current assets (capitalized fulfillment costs)	3,743	4,894
Total	$ 29,549	$ 24,052

v3.23.2

IMPAIRMENT LOSS ON VESSELS (Details)	1 Months Ended	6 Months Ended
	Mar. 31, 2023 USD ($) vessel	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Impairment loss on vessels		$ 11,780,000	$ 0
Capesize vessels, Golden Feng and Golden Shui
Property, Plant and Equipment [Line Items]
Number of vessels held for sale | vessel	2
Proceeds from sale of vessels	$ 43,600,000
Impairment loss on vessels held for sale	$ 11,800,000	$ 11,800,000
Vessels
Property, Plant and Equipment [Line Items]
Impairment loss on vessels			$ 0

v3.23.2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Cash and cash equivalents	$ 103,897	$ 134,784	$ 163,981
Short-term restricted cash	3,426	3,289	4,340
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	107,323	$ 138,073	168,321	$ 210,017
Cash and cash equivalents covenanted to be retained	72,800		$ 65,600
Recourse Debt
Debt Instrument [Line Items]
Debt instrument, covenant compliance, minimum cash requirement	$ 20,000
Debt instrument, covenant compliance, minimum cash requirement, percentage	5.00%

v3.23.2

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Equity Securities [Roll Forward]
Equity securities, beginning balance	$ 2,187
Unrealized gain, net	448	$ (348)
Equity securities, ending balance	$ 2,635

v3.23.2

OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized fulfillment costs	$ 3,743,000	$ 4,894,000
Agent receivables	1,811,000	2,207,000
Advances	712,000	2,023,000
Claims receivables	6,998,000	5,967,000
Bunker receivables on time charter-out contracts	18,441,000	28,555,000
Other receivables	8,418,000	10,784,000
Other current assets	248,000	0
Total other current assets	40,371,000	54,430,000
Allowance for credit losses	46,300	46,300
Provision for doubtful debts	$ 0	$ 0

v3.23.2

VESSELS AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Movement in Property, Plant and Equipment [Roll Forward]
Transfer from newbuildings	$ 143,300
Impairment loss	(11,780)	$ 0
Depreciation	(64,087)	(64,968)
Vessels and Equipment
Movement in Property, Plant and Equipment [Roll Forward]
Cost, beginning balance	3,300,778
Accumulated depreciation beginning balance	(634,993)
Vessels and equipment, net, beginning balance	2,665,785
Acquired vessels	247,304
Other additions	8,524
Disposals and transfer to Vessels Held for Sale		(66,404)
Transfers and changes, accumulated depreciation		22,835
Vessel and equipment, transfer to held for sale, net		$ (43,569)
Transfer from newbuildings	143,305
Transfers from newbuildings, accumulated depreciation	0
Transfers from newbuildings, net	143,305
Impairment loss	(11,780)
Depreciation	(56,675)
Cost, ending balance	3,621,727
Accumulated depreciation ending balance	(668,833)
Vessels and equipment, net, ending balance	$ 2,952,894

v3.23.2

VESSELS AND EQUIPMENT, NET - Narrative (Details)	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2023 USD ($) vessel	Feb. 28, 2023 USD ($) dwt vessel	Jun. 30, 2023 USD ($) vessel	Jun. 30, 2023 USD ($) vessel	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) vessel
Property, Plant and Equipment [Line Items]
Deferred charter revenue			$ 30,949,000	$ 30,949,000		$ 29,153,000
Transfer from newbuildings				143,300,000
Depreciation				64,087,000	$ 64,968,000
Finance leased asset, depreciation				$ 7,412,000
Kamsarmax
Property, Plant and Equipment [Line Items]
Number of newbuildings acquired | vessel			4	4
Newcastlemax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at period end | vessel			18	18		13
Number of vessels acquired | vessel		6		5
Vessel tonnage | dwt		208,000
Asset acquisition, consideration transferred		$ 291,000,000		$ 241,000,000
Duration of time charter		36 months
Daily time charter rate		$ 21,000
Deposit percentage				0.10
Deposit amount				$ 5,000,000
Newcastlemax Vessels | Time charter revenues
Property, Plant and Equipment [Line Items]
Number of vessels acquired | vessel				5
Total deferred charter revenue			$ 6,300,000	$ 6,300,000
Deferred charter revenue, asset			600,000	600,000
Deferred charter revenue			$ 6,900,000	$ 6,900,000
Capesize Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at period end | vessel			33	33		35
Panamax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at period end | vessel			30	30		27
Number of vessels held for sale | vessel	1
Capesize vessels, Golden Feng and Golden Shui
Property, Plant and Equipment [Line Items]
Number of vessels held for sale | vessel	2
Proceeds from sale of vessels	$ 43,600,000
Impairment loss on vessels held for sale	$ 11,800,000			$ 11,800,000
Ballast Water Treatment System
Property, Plant and Equipment [Line Items]
Aggregate capitalized costs				2,600,000
Scrubbers Installation
Property, Plant and Equipment [Line Items]
Aggregate capitalized costs				5,900,000
Vessels and Equipment
Property, Plant and Equipment [Line Items]
Transfer from newbuildings				143,305,000
Aggregate capitalized costs				247,304,000
Depreciation				$ 56,675,000

v3.23.2

NEWBUILDINGS - Vessels and Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Movement in Property, Plant and Equipment [Roll Forward]
Balance as of December 31, 2022	$ 91,898
Installments paid	113,739	$ 13,727
Balance as of June 30, 2023	62,397
Newbuildings
Movement in Property, Plant and Equipment [Roll Forward]
Installments paid	107,091
Capitalized interest expense	3,326
Other	3,387
Transfer to vessels and equipment	(143,305)
Kamsarmax
Movement in Property, Plant and Equipment [Roll Forward]
Installments paid	107,100
Capitalized interest expense	$ 3,300

v3.23.2

NEWBUILDINGS (Details)		2 Months Ended	3 Months Ended	6 Months Ended
	Sep. 05, 2023 vessel	Sep. 05, 2023 USD ($) vessel	Jun. 30, 2023 USD ($) vessel	Jun. 30, 2023 USD ($) vessel	Jun. 30, 2022 USD ($) vessel	Dec. 31, 2022 USD ($)	Jun. 30, 2021 vessel
Property, Plant and Equipment [Line Items]
Installments paid				$ 113,739,000	$ 13,727,000
Newbuildings			$ 62,397,000	62,397,000		$ 91,898,000
Newbuildings
Property, Plant and Equipment [Line Items]
Installments paid				107,091,000
Capitalized interest expense			$ 3,326,000	3,326,000
Construction in progress, consideration transferred				$ 143,305,000
Kamsarmax
Property, Plant and Equipment [Line Items]
Number of newbuildings under construction | vessel			6	6	10		10
Number of newbuildings acquired | vessel			4	4
Installments paid				$ 107,100,000
Number of newbuildings			$ 10	10
Capitalized interest expense			$ 3,300,000	3,300,000
Purchase commitment				$ 149,700,000
Kamsarmax | Subsequent Event
Property, Plant and Equipment [Line Items]
Number of newbuildings under construction | vessel	10	10
Number of newbuildings acquired | vessel	6	6
Installments paid		$ 51,900,000
Number of newbuildings delivered | vessel	2	2

v3.23.2

VESSELS HELD FOR SALE (Details) $ in Millions	1 Months Ended		6 Months Ended
	Mar. 31, 2023 USD ($) vessel	Jun. 30, 2022 USD ($) vessel	Jun. 30, 2023 USD ($)
Capesize vessels, Golden Feng and Golden Shui
Long Lived Assets Held-for-sale [Line Items]
Number of vessels held for sale | vessel	2
Proceeds from sale of vessels	$ 43.6
Impairment loss on vessels held for sale	$ 11.8		$ 11.8
Ultramax vessels, Golden Cecilie and Golden Cathrine
Long Lived Assets Held-for-sale [Line Items]
Number of vessels held for sale | vessel		2
Proceeds from sale of vessels		$ 63.0

v3.23.2

OPERATING LEASES - Narrative (Details)	1 Months Ended		3 Months Ended	6 Months Ended		12 Months Ended
	Feb. 28, 2022 USD ($)	Apr. 30, 2015 vessel	Sep. 30, 2015 USD ($)	Jun. 30, 2023 USD ($) vessel lease	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) lease vessel	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($) lease_renewal T	Dec. 31, 2015 USD ($) vessel
Lessee, Lease, Description [Line Items]
Variable lease expense					$ 900,000
Service element, under ship operating expense				$ 14,400,000	7,500,000
Operating lease, impairment loss				0
Future minimum rental payments				18,390,000
Charter hire expense minimum rentals				17,000,000	34,900,000
Short term lease				27,000,000	26,200,000
Payments				$ 23,300,000	$ 25,800,000
Weighted average discount rate, percent				5.15%	4.81%
Weighted average remaining lease term				4 years 3 months 18 days	4 years
Vessels leased out, fixed rate time charter | vessel				7		5
Number of vessels leased out index linked time charters | vessel				35		30
Number of vessels leased out | vessel				42		35
Minimum
Lessee, Lease, Description [Line Items]
Term of contract				1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract				10 years
General and Administrative Expense
Lessee, Lease, Description [Line Items]
Ship operating expenses				$ 300,000	$ 300,000
Golden Hawk Lease
Lessee, Lease, Description [Line Items]
Daily time charter rate	$ 13,200
Daily charter rate, extension						$ 14,200	$ 13,700
Lessee, Operating Lease, Renewal Term						1 year	1 year
MV Admiral Schmidt and Vitus Bering
Lessee, Lease, Description [Line Items]
Daily time charter rate								$ 9,000
Vessels' deadweight capacity | T								104,550
Term of contract								3 years
Number of annual lease renewals | lease_renewal								4
Office Leases
Lessee, Lease, Description [Line Items]
Future minimum rental payments				$ 1,300,000	1,900,000
Vessels leased to third parties
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel				1
Vessels leased out to third parties				$ 2,256,000,000		$ 1,826,700,000
Accumulated depreciation				$ 458,100,000		$ 404,100,000
SFL Leases
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel				1
Number of vessels reclassified as finance leases | vessel				7
Daily time charter rate				$ 19,135
Variable interest rate level									0.10%
Variable lease expense				1,700,000	900,000
Purchase option net of sellers credit				$ 112,000,000
Charter term, extension				3 years
Daily charter rate, extension				$ 14,900
SFL Leases | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel		8		8					8
Number of operating leases | lease				2		2
Number of leased vessels under operating leases | vessel				1
Daily time charter rate									$ 17,600
Daily operating expenses rate									7,000
Daily time charter rate			$ 14,900						$ 14,900
Profit share percentage (percent)									33.00%
Base LIBOR rate (percent)				0.40%
Daily time charter rate, adjusted									$ 50
Daily time charter rate, adjusted									25
Operating leases average daily rate				$ 16,041
Profit share				$ 0	$ 1,500,000
Purchase option net of sellers credit			$ 112,000,000						$ 112,000,000
Purchase option timing from lease inception									10 years
Charter term, extension									3 years
Daily charter rate, extension									$ 14,900
Total minimum lease period									13 years

v3.23.2

OPERATING LEASES - Schedule of operating lease, right of use assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Schedule Of Right Of Use Assets [Roll Forward]
Balance as of January 1, 2023	$ 15,646
Additions	0
Amortization	(2,658)
Balance as of June 30, 2023	12,988
SFL Leases
Schedule Of Right Of Use Assets [Roll Forward]
Balance as of January 1, 2023	10,361
Additions	0
Amortization	(903)
Balance as of June 30, 2023	9,458
Golden Hawk Lease
Schedule Of Right Of Use Assets [Roll Forward]
Balance as of January 1, 2023	3,764
Additions	0
Amortization	(1,494)
Balance as of June 30, 2023	2,270
Office Leases
Schedule Of Right Of Use Assets [Roll Forward]
Balance as of January 1, 2023	1,521
Additions	0
Amortization	(261)
Balance as of June 30, 2023	$ 1,260

v3.23.2

OPERATING LEASES - Schedule of operating lease obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	$ 18,597
Additions	0
Repayments	(2,785)
Foreign exchange translation	(5)
Operating lease obligation, ending balance	15,807
Current portion	4,900	$ 5,546
Non-current portion	10,907	$ 13,051
SFL Leases
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	13,355
Additions	0
Repayments	(1,003)
Foreign exchange translation	0
Operating lease obligation, ending balance	12,352
Current portion	2,080
Non-current portion	10,272
Golden Hawk Lease
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	3,837
Additions	0
Repayments	(1,479)
Foreign exchange translation	0
Operating lease obligation, ending balance	2,358
Current portion	2,358
Non-current portion	0
Office Leases
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	1,405
Additions	0
Repayments	(303)
Foreign exchange translation	(5)
Operating lease obligation, ending balance	1,097
Current portion	462
Non-current portion	$ 635

v3.23.2

OPERATING LEASES - Charter hire and office rent expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Lease Liabilities, Payments Due [Abstract]
2023 (remaining six months)	$ 3,274
2024	4,169
2025	3,369
2026	2,809
2027	2,809
2028	1,960
Thereafter	0
Total minimum lease payments	18,390
Less: Imputed interest	(2,583)
Present value of operating lease liabilities	$ 15,807	$ 18,597

v3.23.2

OPERATING LEASES - Schedule of future minimum operating lease revenue receipts (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (remaining six months)	$ 22,247
2024	38,384
2025	32,083
2026	107
Thereafter	0
Total minimum lease receipts	$ 92,821

v3.23.2

FINANCE LEASES - Narrative (Details)	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended	36 Months Ended
	Apr. 30, 2015 vessel	Sep. 30, 2015 USD ($)	Jun. 30, 2023 USD ($) vessel	Jun. 30, 2022 USD ($)	Dec. 31, 2015 USD ($) vessel	Jun. 30, 2025 USD ($)	Dec. 31, 2022 vessel
Lessee, Lease, Description [Line Items]
Number of vessels under finance lease | vessel			7				7
Variable lease expense				$ 900,000
Finance lease ROU impairment			$ 0
Weighted average discount rate (percent)			6.30%				6.30%
Weighted average lease term			5 years 1 month 6 days				5 years 7 months 6 days
SFL
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel			1
Number of vessels reclassified as finance leases | vessel			7
Daily time charter rate			$ 19,135
Variable interest rate level					0.10%
Number of vessels sold and leased back | vessel			8
Purchase option net of sellers credit			$ 112,000,000
Charter term, extension			3 years
Daily charter rate, extension			$ 14,900
Variable lease expense			$ 1,700,000	900,000
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Lessee, Lease, Description [Line Items]
Number of vessels under finance lease | vessel			7
Number of vessels sold and leased back | vessel	8		8		8
Number of leased vessels under operating leases | vessel			1
Daily time charter rate		$ 14,900			$ 14,900
Daily operating expenses rate					$ 7,000
Profit share percentage (percent)					33.00%
Base LIBOR rate (percent)			0.40%
Daily time charter rate, adjusted					$ 50
Daily time charter rate, adjusted					25
Profit share			$ 0	$ 1,500,000
Number of vessels sold and leased back | vessel			8
Purchase option net of sellers credit		$ 112,000,000			$ 112,000,000
Purchase option timing from lease inception					10 years
Charter term, extension					3 years
Daily charter rate, extension					$ 14,900
Total minimum lease period					13 years
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | Charter Hire Expenses
Lessee, Lease, Description [Line Items]
Finance leases average daily rate			$ 17,576
SFL | Forecast | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Lessee, Lease, Description [Line Items]
Daily time charter rate						$ 16,435

v3.23.2

FINANCE LEASES - Right-of-use asset for finance leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Finance Lease Right-Of-Use Asset [Roll Forward]
Balance as of January 1, 2023	$ 83,589
Additions	0
Impairment	0
Depreciation	(7,412)
Balance as of June 30, 2023	$ 76,177

v3.23.2

FINANCE LEASES - Changes in finance lease obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Finance Lease Obligations [Roll Forward]
Balance as of January 1, 2023	$ 105,975
Additions	0
Repayments	(12,418)
Interest expense on obligations under finance lease	3,266
Balance as of June 30, 2023	96,823
Current portion	19,007	$ 18,387
Non-current portion	$ 77,816	$ 87,588

v3.23.2

FINANCE LEASES - Outstanding obligations under capital leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finance Lease Liabilities, Payments, Due [Abstract]
2023 (remaining six months)	$ 12,169
2024	24,553
2025	22,551
2026	20,617
2027	20,617
2028	12,320
Minimum lease payments	112,826
Less: imputed interest	(16,003)
Present value of obligations under finance leases	$ 96,823	$ 105,975

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Feb. 28, 2023	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Jan. 31, 2020
Equity Method Investment [Roll Forward]
Balance as of December 31, 2022		$ 65,400
Distributions received from associated companies		(16,868)	$ (7,497)
Loss on disposal of equity method investments		(163)
Share of income		10,030
Balance as of June 30, 2023		$ 58,399
TFG Marine Pte Ltd ("TFG Marine")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)		10.00%			10.00%		10.00%
Equity Method Investment [Roll Forward]
Distributions received from associated companies	$ (4,900)
SwissMarine Pte. Ltd. ("SwissMarine")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)		15.92%		15.92%	16.40%	16.40%
Equity Method Investment [Roll Forward]
Balance as of December 31, 2022		$ 51,437
Distributions received from associated companies		(7,803)
Loss on disposal of equity method investments		(163)
Share of income		5,322
Balance as of June 30, 2023		$ 48,793
United Freight Carriers LLC ("UFC")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)		50.00%			50.00%
Equity Method Investment [Roll Forward]
Distributions received from associated companies		$ (4,200)
Balance as of June 30, 2023		2,200
Other
Equity Method Investment [Roll Forward]
Balance as of December 31, 2022		13,963
Distributions received from associated companies		(9,065)
Loss on disposal of equity method investments		0
Share of income		4,708
Balance as of June 30, 2023		$ 9,606

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES - Narrative (Details) - USD ($)	1 Months Ended			6 Months Ended		12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Jan. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2023	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Repayment of loans receivable from related parties				$ 925,000	$ 5,350,000
Investments in associated companies				58,399,000		$ 65,400,000
Dividends received from associated companies				$ 16,868,000	$ 7,497,000
Capesize Chartering Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Equity method ownership percentage sold		25.00%
Proceeds from sale of shares in associated companies		$ 17,500
SwissMarine Pte. Ltd. ("SwissMarine")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)				15.92%		16.40%			15.92%	16.40%
Increased availability								$ 10,700,000
Loan term								5 years
Repayment of loans receivable from related parties						$ 5,350,000
Dividends received				$ 7,800,000
Investments in associated companies				48,793,000		$ 51,437,000
Dividends received from associated companies				$ 7,803,000
TFG Marine Pte Ltd ("TFG Marine")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)			10.00%	10.00%		10.00%
Increased availability			$ 1,000,000
Loan term			5 years
Repayment of loans receivable from related parties	$ 900,000
Loan converted to equity			$ 75,000				$ 75,000
Balance of shareholder loan	900,000		$ 900,000				$ 900,000
Dividends received from associated companies	$ 4,900,000
TFG Marine Pte Ltd ("TFG Marine") | (LIBOR) London Interbank Offered Rate
Schedule of Equity Method Investments [Line Items]
Spread on variable rate (percent)			7.00%
United Freight Carriers LLC ("UFC")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)				50.00%		50.00%
Investments in associated companies				$ 2,200,000
Dividends received from associated companies				$ 4,200,000

v3.23.2

DEBT - Schedule of debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Apr. 21, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 1,371,141
Deferred charges	(12,100)			$ (10,650)
Total debt	1,359,041			1,120,856
Less: current portion of debt	(106,372)			(92,865)
Long-term portion of debt	1,252,669			1,027,991
U.S. dollar denominated floating rate debt
Debt Instrument [Line Items]
Long-term debt	1,371,141			1,131,506
$275.0 million term loan and revolving facility
Debt Instrument [Line Items]
Debt instrument, face amount	275,000
Long-term debt	252,886			263,943
$304.0 million term loan and revolving facility
Debt Instrument [Line Items]
Debt instrument, face amount	304,000
Long-term debt	207,274			216,622
$250.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	250,000
Long-term debt	243,791			0
$233.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	233,000		$ 233,000
Long-term debt	155,448			0
$80.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	80,000	$ 80,000
Long-term debt	80,000			0
$155.3 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	155,300
Long-term debt	0			70,890
$93.75 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	93,750
Long-term debt	0			70,739
$131.79 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	131,790
Long-term debt	0			88,856
$175.0 million term loan and revolving facility
Debt Instrument [Line Items]
Debt instrument, face amount	175,000
Long-term debt	132,341			112,387
$260.0 million lease financing
Debt Instrument [Line Items]
Debt instrument, face amount	260,000
Long-term debt	238,333			244,524
$120.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	120,000
Long-term debt	$ 61,068			$ 63,545

v3.23.2

DEBT - Summary of movements in debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Movement In Debt Balance [Roll Forward]
Deferred charges, beginning balance	$ (10,650)
Long-term debt, beginning balance	1,120,856
Loan draw downs	537,140
Proceeds from issuance of debt	0
Loan repayments	(297,505)
Repayment of debt issuance cost	0
Capitalized financing fees and expenses	(4,516)
Amortization of deferred charges	3,066	$ 1,662
Long-term debt, gross, ending balance	1,371,141
Deferred charges, ending balance	(12,100)
Long-term debt, ending balance	1,359,041
Floating rate debt
Movement In Debt Balance [Roll Forward]
Long-term debt, gross, beginning balance	1,131,506
Loan draw downs	537,140
Loan repayments	(297,505)
Capitalized financing fees and expenses	0
Amortization of deferred charges	0
Long-term debt, gross, ending balance	$ 1,371,141

v3.23.2

DEBT - Narrative (Details) $ in Thousands		1 Months Ended			3 Months Ended	6 Months Ended
	Apr. 21, 2023 USD ($)	Mar. 31, 2023 USD ($) vessel	Feb. 28, 2023 vessel	Jan. 31, 2023 USD ($) vessel creditFacility	Jun. 30, 2023 USD ($) vessel	Jun. 30, 2023 USD ($) vessel	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) vessel
Debt Instrument [Line Items]
Repayments of debt						$ 297,505
Long-term debt					$ 1,359,041	1,359,041		$ 1,120,856
Repayment of long-term debt						297,505	$ 338,648
Number of credit facilities | creditFacility				3
Net deferred charges						12,100
Current portion of long-term debt					106,372	106,372		92,865
Vessels and equipment, net					$ 2,952,894	$ 2,952,894		$ 2,665,785
Kamsarmax
Debt Instrument [Line Items]
Number of newbuildings acquired | vessel					4	4
Term Loan Facilities of $93.75 Million, $131.79 Million, and $155.3 Million
Debt Instrument [Line Items]
Repayments of debt						$ 230,500
$93.75 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount					$ 93,750	93,750
$131.79 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount					131,790	131,790
$155.3 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount					155,300	155,300
$233.0 million term loan
Debt Instrument [Line Items]
Repayments of debt						25,800
Debt instrument, face amount		$ 233,000			233,000	233,000
Loan term		2 years
Amount drawn on facility						182,000
Available undrawn amounts					17,800	17,800
$233.0 million term loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable interest rate, basis points		1.90%
$250.0 million term loan and revolving credit facility
Debt Instrument [Line Items]
Debt instrument, face amount				$ 250,000
Number of vessels serving as security | vessel				20
$250.0 million term loan and revolving credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable interest rate, basis points				1.85%
$80.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 80,000				80,000	80,000
Loan term	7 years
$80.0 million term loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable interest rate, basis points		1.80%
$260.0 million lease financing
Debt Instrument [Line Items]
Debt instrument, face amount					$ 260,000	$ 260,000
$260.0 million lease financing | (SOFR) Secured Overnight Financing Rate
Debt Instrument [Line Items]
Variable interest rate, basis points						0.261%
Newcastlemax Vessels
Debt Instrument [Line Items]
Number of vessels acquired | vessel			6			5
Newcastlemax Vessels | $233.0 million term loan
Debt Instrument [Line Items]
Number of vessels financed | vessel		6
Newcastlemax Vessels | $250.0 million term loan and revolving credit facility
Debt Instrument [Line Items]
Number of vessels acquired | vessel						5
U.S. dollar denominated floating rate debt
Debt Instrument [Line Items]
Repayments of debt						$ 297,500
Repayment of long-term debt						$ 41,200
Number of vessels serving as security | vessel					81	81		74
U.S. dollar denominated floating rate debt | Collateral Pledged
Debt Instrument [Line Items]
Vessels and equipment, net					$ 2,952,900	$ 2,952,900		$ 2,665,800
$250.0 million term loan and revolving credit facility
Debt Instrument [Line Items]
Long-term debt								$ 230,400

v3.23.2

DEBT - Schedule of debt maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023 (remaining six months)	$ 53,182
2024	106,364
2025	447,774
2026	170,437
2027	216,696
2028	318,688
2029	4,000
2030	54,000
Total	1,371,141
Deferred charges	(12,100)
Total debt	$ 1,359,041	$ 1,120,856

v3.23.2

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Deferred charter revenue	$ 30,949	$ 29,153
Other current liabilities	7,719	4,341
Total other current liabilities	$ 38,668	$ 33,494

v3.23.2

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative [Line Items]
Asset Derivatives - Fair Value	$ 36,317		$ 33,123
Liability Derivatives - Fair Value	829		1,313
Mark to market derivative gain (loss)	6,962	$ 25,877
Interest rate swaps
Derivative [Line Items]
Asset Derivatives - Fair Value	35,895		32,858
Liability Derivatives - Fair Value	160		0
Mark to market derivative gain (loss)	9,625	23,798
Bunker derivatives
Derivative [Line Items]
Asset Derivatives - Fair Value	374		265
Liability Derivatives - Fair Value	79		10
Mark to market derivative gain (loss)	47	1,787
Foreign currency swaps
Derivative [Line Items]
Asset Derivatives - Fair Value	48		0
Liability Derivatives - Fair Value	590		$ 1,303
Mark to market derivative gain (loss)	(21)	(189)
Forward freight agreements
Derivative [Line Items]
Mark to market derivative gain (loss)	$ (2,689)	$ 481

v3.23.2

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Summary of authorized capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Common stock, shares, authorized (in shares)	300,000,000
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05
Common stock, value, authorized	$ 15,000	$ 15,000

v3.23.2

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Oct. 04, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)				199,503,293		200,485,621
Par value per share (in USD per share)				$ 0.05		$ 0.05
Number of treasury shares (in shares)				1,687,328		705,000
Dividends to shareholders		$ 100.4	$ 180.4	$ 60.1	$ 280.8
Dividends per share (in dollars per share)				$ 0.30	$ 1.40
Share Buy Back Program
Class of Stock [Line Items]
Buy-back program authorized amount	$ 100.0
Buy-back program, shares authorized to be repurchased (in shares)	10,000,000
Buy-back program, term	12 months
Treasury shares acquired				982,328
Shares repurchased average price (in usd per share)				$ 7.58
Repurchase of shares				$ 7.5
Buy-back program, remaining authorized repurchase amount				$ 8.6
Share Buy Back Program | Maximum
Class of Stock [Line Items]
Buy-back program price (in usd per share)	$ 10.0
2020 Exercised Options
Class of Stock [Line Items]
Shares issued for equity incentive plan (in shares)				450,000
Loss on distributed treasury shares				$ 1.7

v3.23.2

RELATED PARTY TRANSACTIONS - Ship Finance Limited (Details) - SFL Leases $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2015 vessel	Jun. 30, 2023 vessel	Dec. 31, 2015 USD ($) vessel
Related Party Transaction [Line Items]
Number of vessels sold and leased back		1
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Related Party Transaction [Line Items]
Number of vessels sold and leased back	8	8	8
Aggregate price sold en-bloc | $			$ 272.0
Duration of time charter			10 years

v3.23.2

RELATED PARTY TRANSACTIONS - Seatankers Management Co (Details) - Dry Bulk Carriers - Seatankers Management Co, Ltd	6 Months Ended
	Jun. 30, 2023 vessel $ / d	Jun. 30, 2022 vessel $ / d
Related Party Transaction [Line Items]
Number of vessels managed | vessel	10	12
Commercial management fee revenue per day for managing vessels (in dollars per day) | $ / d	125	125

v3.23.2

RELATED PARTY TRANSACTIONS - United Freight Carriers (Details) - United Freight Carriers LLC ("UFC") - t	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Ownership percentage (percent)	50.00%	50.00%
Vessel tonnage	50,000

v3.23.2

RELATED PARTY TRANSACTIONS - Capesize Chartering LTD (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Revenues	$ 409,900	$ 581,849

v3.23.2

RELATED PARTY TRANSACTIONS - SwissMarine (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	May 31, 2020	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2019	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenues			$ 409,900,000	$ 581,849,000
Repayment of loans receivable from related parties			925,000	5,350,000
Other receivables			8,418,000			$ 10,784,000
SwissMarine
Related Party Transaction [Line Items]
Revenues			300,000	$ 2,000,000	$ 10,700,000
Subordinated shareholder loan, term					5 years
Variable interest rate (percent)					2.00%
Proceeds from repayments of shareholder loan - principal portion	$ 5,350,000
Repayment of loans receivable from related parties		$ 5,350,000
Other receivables			$ 0

v3.23.2

RELATED PARTY TRANSACTIONS - TFG Marine (Details) - USD ($)	1 Months Ended			6 Months Ended		12 Months Ended
	Feb. 28, 2023	May 31, 2022	Jan. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020	Dec. 31, 2022
Related Party Transaction [Line Items]
Other receivables				$ 8,418,000			$ 10,784,000
Repayment of loans receivable from related parties				925,000	$ 5,350,000
Guarantee issued in respect of subsidiary performance under bunker supply agreement				16,953,000	24,881,000
Performance guarantee of subsidiaries under a bunker supply arrangement | Trafigura
Related Party Transaction [Line Items]
Maximum liability under guarantee				4,000,000
Amount payable under guarantee				0
TFG Marine Pte Ltd ("TFG Marine")
Related Party Transaction [Line Items]
Loan converted to equity			$ 75,000			$ 75,000
Balance of shareholder loan	$ 900,000		$ 900,000			900,000
Repayment of loans receivable from related parties	$ 900,000
TFG Marine Pte Ltd ("TFG Marine")
Related Party Transaction [Line Items]
Other receivables						$ 1,000,000
Subordinated shareholder loan, term						5 years
TFG Marine Pte Ltd ("TFG Marine") | Bunker procurement
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement				$ 72,500,000	$ 88,100,000
TFG Marine Pte Ltd ("TFG Marine") | Guarantee of bunker supply agreement
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement		$ 30,000,000				$ 20,000,000
TFG Marine Pte Ltd ("TFG Marine") | (LIBOR) London Interbank Offered Rate
Related Party Transaction [Line Items]
Variable interest rate (percent)						7.00%

v3.23.2

RELATED PARTY TRANSACTIONS - Management Agreements (Details) - $ / vessel	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Frontline Management (Bermuda) Ltd
Related Party Transaction [Line Items]
Technical management fees expenses (per vessel)	25,170	26,714

v3.23.2

RELATED PARTY TRANSACTIONS - Summary of net amounts charged by related parties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	$ 16,953	$ 24,881
Frontline Management
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	1,069	1,163
SFL
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	13,482	18,375
Seatankers
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	1,365	4,793
CCL
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	0	395
Front Ocean Management AS
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	$ 1,037	$ 155

v3.23.2

RELATED PARTY TRANSACTIONS - Summary of net amounts charged to related parties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Affiliated Entity
Related Party Transaction [Line Items]
Commercial management fees and charter hire expenses	$ 1,537	$ 2,375
SFL
Related Party Transaction [Line Items]
Commercial management fees and charter hire expenses	132	64
Seatankers
Related Party Transaction [Line Items]
Commercial management fees and charter hire expenses	226	256
United Freight Carriers LLC ("UFC")
Related Party Transaction [Line Items]
Commercial management fees and charter hire expenses	900	0
SwissMarine
Related Party Transaction [Line Items]
Commercial management fees and charter hire expenses	279	2,033
Other
Related Party Transaction [Line Items]
Commercial management fees and charter hire expenses	$ 0	$ 22

v3.23.2

RELATED PARTY TRANSACTIONS - Summary of related parties income / (expense) amounts included into consolidated statements of operations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Ship operating expenses	$ (124,061)	$ (108,534)
Charter hire expenses	(26,992)	(25,683)
Total operating revenues	409,900	581,849
Related Party
Related Party Transaction [Line Items]
Other revenues	1,258	342
Other operating income (expenses)	0	(413)
Ship operating expenses	(1,069)	(1,163)
Charter hire expenses	(14,556)	(22,716)
Administrative expenses	(1,328)	(589)
Income (loss) from related party transaction	(15,416)	(22,506)
Time charter revenues
Related Party Transaction [Line Items]
Total operating revenues	181,693	345,241
Time charter revenues | Related Party
Related Party Transaction [Line Items]
Total operating revenues	$ 279	$ 2,033

v3.23.2

RELATED PARTY TRANSACTIONS - Summary of balances due from related parties (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other receivables	$ (3,578)	$ (2,334)
Frontline
Related Party Transaction [Line Items]
Other receivables	(2,305)	(1,506)
UFC
Related Party Transaction [Line Items]
Other receivables	(900)	(497)
Seatankers
Related Party Transaction [Line Items]
Other receivables	(198)	(352)
SFL Leases
Related Party Transaction [Line Items]
Other receivables	(196)	0
Credit loss allowance
Related Party Transaction [Line Items]
Other receivables	(21)	(21)
Related Party
Related Party Transaction [Line Items]
Other receivables	$ (3,578)	$ (2,334)

v3.23.2

RELATED PARTY TRANSACTIONS - Summary of balance due to related parties (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party payables	$ 11,761	$ 9,492
CCL
Related Party Transaction [Line Items]
Related party payables	40	40
TFG Marine
Related Party Transaction [Line Items]
Related party payables	11,505	9,219
Other
Related Party Transaction [Line Items]
Related party payables	216	233
Related Party
Related Party Transaction [Line Items]
Related party payables	$ 11,761	$ 9,492

v3.23.2

RELATED PARTY TRANSACTIONS - Narrative (Details) - SFL Leases - vessel	1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2015	Jun. 30, 2023	Dec. 31, 2015
Related Party Transaction [Line Items]
Number of vessels sold and leased back		1
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Related Party Transaction [Line Items]
Number of vessels sold and leased back	8	8	8

v3.23.2

FINANCIAL ASSETS AND LIABILITIES - Narrative (Details) $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2023 vessel	Feb. 28, 2023 vessel	Jun. 30, 2023 USD ($) vessel t	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) t
Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour
Derivative [Line Items]
Number of vessels held for sale			3
Capesize vessels, Golden Feng and Golden Shui
Derivative [Line Items]
Number of vessels held for sale	2
Panamax Vessels
Derivative [Line Items]
Number of vessels held for sale	1
Newcastlemax Vessels
Derivative [Line Items]
Number of vessels acquired		6	5
Newcastlemax Vessels | Time charter revenues
Derivative [Line Items]
Number of vessels acquired			5
Interest rate swaps
Derivative [Line Items]
Derivative notional amount | $			$ 700,000		$ 500,000
Capesize, Forward Freight Agreements, Maturing in 2021 | Long
Derivative [Line Items]
Remaining maturities			225 days		735 days
Capesize, Forward Freight Agreements, Maturing in 2022 | Long
Derivative [Line Items]
Remaining maturities			60 days
Bunker Derivatives, Remaining Year
Derivative [Line Items]
Outstanding bunker derivatives | t			33,400
Bunker Derivatives, Year One
Derivative [Line Items]
Outstanding bunker derivatives | t			1,400
Bunker Derivatives, Year Two
Derivative [Line Items]
Outstanding bunker derivatives | t			1,400
Bunker Derivatives
Derivative [Line Items]
Outstanding bunker derivatives | t					26,800
Currency swap
Derivative [Line Items]
Foreign currency swap, loss | $			$ 21	$ 200
Currency swap | Norway, Krone
Derivative [Line Items]
Derivative notional amount | $			$ 5,400		$ 200

v3.23.2

FINANCIAL ASSETS AND LIABILITIES - Interest rate contracts (Details)	1 Months Ended
	Apr. 30, 2023	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Interest rate swaps
Derivative [Line Items]
Derivative notional amount		$ 700,000,000	$ 500,000,000
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Derivative notional amount		700,000,000
Derivative fixed rate, increase (decrease)	0.00261
Designated as Hedging Instrument | 2.41% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		2.41%
Designated as Hedging Instrument | 2.58% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		2.58%
Designated as Hedging Instrument | 1.39% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		1.39%
Designated as Hedging Instrument | 1.29% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		1.29%
Designated as Hedging Instrument | 2.51% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 100,000,000
Fixed interest rate (percent)		2.51%
Designated as Hedging Instrument | 0.94% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		0.94%
Designated as Hedging Instrument | 0.74% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		0.74%
Designated as Hedging Instrument | 2.53% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		2.53%
Designated as Hedging Instrument | 1.77% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		1.77%
Designated as Hedging Instrument | 3.37% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		3.37%
Designated as Hedging Instrument | 2.91% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		2.90%
Designated as Hedging Instrument | 3.00% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		3.00%
Designated as Hedging Instrument | 3.90% Interest rate swap
Derivative [Line Items]
Derivative notional amount		$ 50,000,000
Fixed interest rate (percent)		3.90%

v3.23.2

FINANCIAL ASSETS AND LIABILITIES - Fair values (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Fair Value | Level 1
Assets
Cash and cash equivalents	$ 103,897	$ 134,784
Restricted cash	3,426	3,289
Marketable securities	2,635	2,187
Fair Value | Level 2
Assets
Related party shareholder loans	0	837
Derivative assets	36,317	33,123
Liabilities
Derivative liabilities	829	1,313
Fair Value | Level 2 | Floating rate debt
Liabilities
Long term debt - floating	1,371,141	1,131,506
Carrying Value | Level 1
Assets
Cash and cash equivalents	103,897	134,784
Restricted cash	3,426	3,289
Marketable securities	2,635	2,187
Carrying Value | Level 2
Assets
Related party shareholder loans	0	837
Derivative assets	36,317	33,123
Liabilities
Derivative liabilities	829	1,313
Carrying Value | Level 2 | Floating rate debt
Liabilities
Long term debt - floating	$ 1,371,141	$ 1,131,506

v3.23.2

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Feb. 28, 2023 vessel	Sep. 30, 2015 USD ($) vessel	Jun. 30, 2023 USD ($) vessel	Dec. 31, 2015 USD ($)	May 31, 2022 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels under construction | vessel			6
Outstanding contractual commitments			$ 149,700,000
Newcastlemax Vessels
Unrecorded Unconditional Purchase Obligation [Line Items]
Outstanding contractual commitments			$ 45,000,000
Remaining number of vessels acquired | vessel			1
Number of vessels acquired | vessel	6		5
TFG Marine | Performance guarantee of subsidiaries under a bunker supply arrangement
Unrecorded Unconditional Purchase Obligation [Line Items]
Guarantee issued with respect to performance of subsidiary					$ 20,000,000
Maximum liability under guarantee					$ 30,000,000
Amount payable under guarantee			$ 0
Trafigura | Performance guarantee of subsidiaries under a bunker supply arrangement
Unrecorded Unconditional Purchase Obligation [Line Items]
Guarantee issued with respect to performance of subsidiary			4,000,000
Amount payable under guarantee			0
SFL
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels under finance leases | vessel		8
Charter term		10 years
Purchase option net of sellers credit			112,000,000
Daily time charter rate			$ 19,135
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase option net of sellers credit		$ 112,000,000		$ 112,000,000
Charter contract term		10 years
Charter term extension		3 years
Daily time charter rate		$ 14,900		$ 14,900

v3.23.2

SUBSEQUENT EVENTS (Details) $ / shares in Units, shares in Thousands, $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended	6 Months Ended
	Sep. 05, 2023 vessel	Jul. 31, 2023 USD ($) vessel	Sep. 05, 2023 USD ($) vessel $ / shares shares	Jun. 30, 2023 vessel	Jun. 30, 2023 USD ($) vessel	Jun. 30, 2022 USD ($) vessel	Aug. 29, 2023 $ / shares	Jun. 30, 2021 vessel
Subsequent Event [Line Items]
Installments paid | $					$ 113,739	$ 13,727
Kamsarmax
Subsequent Event [Line Items]
Number of newbuildings acquired				4	4
Number of newbuildings under construction				6	6	10		10
Installments paid | $					$ 107,100
Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in USD per share) | $ / shares							$ 0.10
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Treasury shares acquired | shares			125
Shares repurchased average price (in usd per share) | $ / shares			$ 7.3
Repurchase of shares | $			$ 900
Subsequent Event | Term Loan Facility of $40.0 Million
Subsequent Event [Line Items]
Debt instrument, face amount | $		$ 40,000
Loan term		7 years
Subsequent Event | Term Loan Facility of $40.0 Million | (SOFR) Secured Overnight Financing Rate
Subsequent Event [Line Items]
Variable interest rate, basis points		1.75%
Subsequent Event | Kamsarmax
Subsequent Event [Line Items]
Number of newbuildings acquired	6		6
Number of newbuildings under construction	10		10
Number of newbuildings delivered	2		2
Installments paid | $			$ 51,900
Subsequent Event | Kamsarmax | Term Loan Facility of $40.0 Million
Subsequent Event [Line Items]
Number of newbuildings acquired		2

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