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, 2023 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, 2023, filed with the Securities and Exchange Commission (the "SEC") on March 20, 2024 (our "Annual Report").

The condensed balance sheet at December 31, 2023, 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, 2024 are not necessarily indicative of the results for the year ending December 31, 2024.

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.

Recently issued accounting pronouncements are not expected to materially impact the Company.

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, 2024 and 2023 are as follows:

(in thousands of $)						2024						2023
Net income						127,881						26,068

(in thousands)						2024						2023
Weighted average number of shares outstanding - basic						199,851						200,337
Dilutive effect of stock options						163						541
Weighted average number of shares outstanding - diluted						200,014						200,878

In March 2024, 400,000 share options held by the management were exercised and settled using treasury shares. As of June 30, 2024, there were no outstanding share options. In the six months ended June 30, 2023, all 650,000 of outstanding share options during the period were dilutive.

						2024						2023
Cash dividends per share declared						$	0.60					$	0.20

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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, 2024 and 2023 respectively:

(in thousands of $)						2024						2023
Time charter revenues						314,736						181,693
Voyage charter revenues						180,897						226,946
Other revenues						1,193						1,261
Total operating revenues						496,826						409,900

In the six months ended June 30, 2024 and June 30, 2023, we recognized a total of $9.2 million and $6.8 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 certain of our voyage charter contracts the lease components were the predominant components.

For the six months ended June 30, 2024, the split between lease and non-lease component was as follows:

(in thousands of $)						Lease						Non-lease						Total
Time charter revenues						314,736						—						314,736
Voyage charter revenues						12,797						168,100						180,897
Other revenues						—						1,193						1,193
Total operating revenues						327,533						169,293						496,826

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. $10.8 million of contract assets were capitalized in the period ended June 30, 2024 under "Other current assets", of which $8.4 million was amortized up to June 30, 2024, leaving a remaining balance of $2.4 million. $3.6 million of capitalized fulfillment costs were amortized in the six months ended June 30, 2024, in relation to voyages in progress at the end of December 31, 2023.

Variable lease income included into our time-charter agreements amounted to $17.6 million and $11.7 million for the six months ended June 30, 2024 and 2023, respectively.

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As of June 30, 2024 and December 31, 2023, 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 $)						2024						2023
Voyages in progress (contract assets)						10,801						15,651
Trade accounts receivable						7,144						11,066
Other current assets (capitalized fulfillment costs)						2,436						3,558
Total						20,381						30,275

No impairment loss on vessels was recognized in the first six months of 2024.

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.

As of June 30, 2024 and June 30, 2023, 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 $)						2024						2023
Cash and cash equivalents						99,454						103,897
Short-term restricted cash						3,601						3,426
Total cash, cash equivalents and restricted cash shown in the statement of cash flows						103,055						107,323

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 $70.7 million of cash and cash equivalents as at June 30, 2024 (June 30, 2023: $72.8 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.

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(in thousands of $)						June 30, 2024						December 31, 2023
Capitalized fulfillment costs						3,101						3,558
Agent receivables						560						969
Advances						1,348						1,238
Claims receivables						4,550						8,784
Bunker receivables on time charter-out contracts						26,241						21,659
Funding provided to ship managers						18,680						6,983
Other receivables						2,790						4,621
Total other current assets						57,270						47,812

Other receivables are presented net of allowances for credit losses amounting to $46.3 thousands as of June 30, 2024 and December 31, 2023. Provision for doubtful debts amounted to nil as of June 30, 2024 and December 31, 2023.

(in thousands of $)						Cost						Accumulated Depreciation						Net Book Value
Balance as of December 31, 2023						3,706,726						(719,366)						2,987,360
Other additions						14						—						14
Transfer from newbuildings						76,325						—						76,325
Transfer to Vessels Held for Sale						(23,385)						6,930						(16,455)
Depreciation						—						(62,836)						(62,836)
Balance as of June 30, 2024						3,759,680						(775,272)						2,984,408

At June 30, 2024, we owned 19 Newcastlemaxes, 33 Capesizes and 31 Panamaxes (At December 31, 2023: 19 Newcastlemaxes, 33 Capesizes and 31 Panamaxes). This only includes vessels part of "Vessels and Equipment, net" (not including the Panamax vessel listed as "Held for sale" as per June 30, 2024, referenced in the paragraph below).

In June 2024, the Company entered into an agreement to sell one Panamax vessel for a net consideration of $20.8 million. With reference to Note 23, "Subsequent Events", the vessel was delivered to its new owner in August 2024 and we expect to record a gain from sale of approximately $4.3 million in the third quarter of 2024. As of June 30, 2024, the vessel is classified as held for sale.

In December 2023, the Company entered into an agreement to sell one Panamax vessel for a net consideration of $15.7 million. As of June 30, 2024, the vessel was delivered to its new owner and a gain from sale of $1.1 million was recorded upon delivery.

With reference to Note 11, "Newbuildings", two newbuildings were delivered to the Company during the period and related accumulated costs were transferred to the "Vessel and equipment" in the total amount of $76.3 million.

For the six months ended June 30, 2024, we did not capitalize any costs in relation to the installation of BWTS and scrubbers on our vessels.

Total depreciation expense for own vessels and equipment was $62.8 million for the six months ended June 30, 2024. In addition, we depreciated $7.5 million of our finance leased assets during the six months ended June 30, 2024.

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Movements in the six months ended June 30, 2024 are summarized as follows:

(in thousands of $)
Balance as of December 31, 2023						54,777
Installments paid						50,218
Capitalized interest expense						1,548
Other						1,203
Transfer to vessels and equipment						(76,325)
Balance as of June 30, 2024						31,421

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

In the six months ended June 30, 2024, the Company paid installments in total of $50.2 million related to three newbuildings. During six months ended June 30, 2024, we capitalized interest expense of $1.5 million for four Kamsarmax newbuildings.

Remaining Kamsarmax newbuildings commitments of $43.2 million will be financed by the $85 million sale and leaseback agreement entered into in December 2023.

In the six months ended June 30, 2024, two out of the four Kamsarmax newbuildings were delivered to the Company and related accumulated costs were transferred to "Vessels and Equipment, net" in the total amount of $76.3 million. As of June 30, 2024, the Company had capitalized costs of $31.4 million relating to construction contracts for the two remaining Kamsarmax newbuildings. With reference to Note 23, "Subsequent Events", one out of two Kamsarmax newbuildings under construction was delivered to the Company subsequent to June 30, 2024, bringing the total to nine delivered Kamsarmax.

In June 2024, we entered into an agreement to sell one Panamax vessel to an unrelated third party for a net sale price of $20.8 million. With reference to Note 23, "Subsequent Events", the vessel was delivered to its new owner in August 2024. The vessel is classified as held for sale as of June 30, 2024.

As of June 30, 2024, we had leased in one vessel from SFL which was classified as operating lease. Additionally, as of June 30, 2024 and December 31, 2023 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, 2024. 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. The daily hire payments are adjusted if the actual three-month reference rate should deviate from a base SOFR of 0.233% 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 $16,171 for SFL operating lease in the first six months of 2024 and we incurred $3.7 million in total profit share for all eight SFL vessels in the first six months of 2024 (nil in profit share in the first six months of 2023).

Contingent or variable lease expense for the eight SFL leases was recorded in 2024 as interest expense of $1.8 million (six months ended June 30, 2023: $1.7 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 is 13 years and expires in 2028.

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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 $3.8 million and $14.4 million of the non-lease component, or service element, under ship operating expenses for the first half of 2024 and 2023, 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 2024 and for the first six months of 2023, respectively.

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

(in thousands of $)						SFL Leases						Office Leases						Total
Balance as of January 1, 2024						8,541						997						9,538
Additions						—						—						—
Amortization						(908)						(263)						(1,171)
Balance as of June 30, 2024						7,633						734						8,367

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 2024, 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						Office Leases						Total
Balance as of January 1, 2024						11,345						908						12,253
Additions						—						—						—
Repayments						(1,073)						(272)						(1,345)
Foreign exchange translation						—						4						4
Balance as of June 30, 2024						10,272						640						10,912
Current portion						2,209						488						2,697
Non-current portion						8,063						152						8,215

Charter hire and office rent expense

The future minimum rental payments under our non-cancelable operating leases as of June 30, 2024 are as follows:

(in thousands of $)
2024 (remaining six months)						1,681
2025						3,306
2026						2,809
2027						2,809
2028						1,960
Total minimum lease payments						12,565
Less: Imputed interest						(1,652)
Present value of operating lease liabilities						10,912

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.

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In the six months ended June 30, 2024, the future rental payments include $0.8 million (in the six months ended June 30, 2023: $1.3 million) in relation to office rent costs and $11.8 million (six months ended June 2023: $17.0 million) in relation to charter hire costs for leased in vessels.

Total expense for operating leases, including short term leases, was $12.2 million for the six months ended June 30, 2024 (six months ended June 30, 2023: $27.0 million). Total cash paid in respect of operating leases was $12.4 million in six months ended June 30, 2024 (six months ended June 30, 2023: $23.3 million). The weighted average discount rate in relation to our operating leases was 6.50% and 5.15% for the six months ended June 30, 2024 and June 30, 2023, respectively. The weighted average lease term was 4.0 years and 4.3 years for the period ended June 30, 2024 and June 30, 2023, respectively.

Rental income

As of June 30, 2024, we leased out nine vessels on fixed time charter rates (December 31, 2023: nine vessels) and 29 vessels (December 31, 2023: 31 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, 2024 are as follows:

(in thousands of $)
2024 (remaining six months)						26,738
2025						37,871
2026						2,353
Thereafter						—
Total minimum lease receipts						66,962

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, 2024, the cost and accumulated depreciation of the 38 vessels which were leased out to third parties, were $2,001.4 million and $467.1 million, respectively. As of December 31, 2023, the cost and accumulated depreciation of the 40 vessels which were leased out to third parties, were $2,134.3 million and $475.0 million, respectively.

As of June 30, 2024, we held seven SFL vessels under finance lease (December 31, 2023: seven vessels). With reference to Note 13, "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, 2024. From the third quarter of 2022 until June 30, 2025 the daily time charter rate is $16,435, of which $7,000 is for operating expenses (including drydocking costs). 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 13, "Operating Leases". The average daily rate was calculated to be $17,706 for finance leases in 2024 and there was $3.7 million in profit share in the first six months of 2024 for all eight SFL vessels (nil in profit share in the first six months of 2023). Contingent or variable lease expense for the eight SFL leases was recorded in the six months ended June 30, 2024 as interest expense of $1.8 million. In the six months ended June 30, 2023 we recorded a variable lease expense of $1.7 million.

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

(in thousands of $)
Balance as of January 1, 2024						68,643
Additions						—
Impairment						—
Depreciation						(7,452)
Balance as of June 30, 2024						61,191

In the first six months of 2024, 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, 2024						87,588
Additions						—
Repayments						(12,382)
Interest expense on obligations under finance lease						2,611
Balance as of June 30, 2024						77,817
Current portion						20,149
Non-current portion						57,668

The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 4.1 years as of June 30, 2024. The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 4.6 years as of December 31, 2023.

The outstanding obligations under finance leases at June 30, 2024 are payable as follows:

(in thousands of $)
2024 (remaining six months)						12,169
2025						22,551
2026						20,617
2027						20,617
2028						12,320
Minimum lease payments						88,274
Less: imputed interest						(10,457)
Present value of obligations under finance leases						77,817

As at June 30, 2024 and December 31, 2023, we had the following participation in investments that are recorded using the equity method:

(% of ownership)						2024						2023
TFG Marine Pte Ltd ("TFG Marine")						10.00		%				10.00		%
SwissMarine Pte. Ltd. ("SwissMarine")						15.92		%				15.92		%
United Freight Carriers LLC ("UFC")						50.00		%				50.00		%

Movements in equity method investments for the six months ended June 30, 2024 are summarized as follows:

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(in thousands of $)						SwissMarine						Other						Totals
Balance as of December 31, 2023						48,622						9,914						58,536
Distributions received from associated companies						—						(978)						(978)
Share of income/ (loss)						(4,025)						(951)						(4,976)
Balance as of June 30, 2024						44,597						7,985						52,582

Debt at June 30, 2024 and December 31, 2023 is summarized as follows:

(in thousands of $)						2024						2023
$180.0 million term loan						180,000						—
$360.0 million term loan and revolving facility						302,862						—
$85.0 million term loan						41,339						—
$40.0 million term loan						38,500						39,500
$80.0 million term loan						76,000						78,000
$233.0 million term loan						—						181,368
$250.0 million term loan						204,813						224,021
$275.0 million term loan and revolving facility						180,773						241,830
$175.0 million term loan and revolving facility						97,251						127,297
$260.0 million lease financing						225,952						232,143
$304.0 million term loan and revolving facility						—						197,926
$120.0 million term loan						—						58,588
U.S. dollar denominated floating rate debt						1,347,490						1,380,673
Deferred charges						(11,972)						(10,606)
Total debt						1,335,518						1,370,067
Less: current portion of debt						(115,361)						(109,309)
Long-term portion of debt						1,220,157						1,260,758

Movements during the six months ended June 30, 2024 are summarized as follows:

(in thousands of $)						Floating rate debt						Deferred charges						Total
Balance at December 31, 2023						1,380,673						(10,606)						1,370,067
Loan draw downs						531,820						—						531,820
Loan repayments						(565,003)						—						(565,003)
Capitalized financing fees and expenses for drawn debt						—						(4,687)						(4,687)
Amortization/ write off of capitalized fees and expenses						—						3,321						3,321
Balance at June 30, 2024						1,347,490						(11,972)						1,335,518

In the six months ended June 30, 2024, we made total repayments of $565.0 million including full repayment of outstanding debt amounting to $437.9 million in connection with refinancing of the $120 million facility, the $304 million facility and the $233 million facility, repayment of $7.7 million on the $250 million debt facility as a result of the sale of the vessel Golden Bull previously securing this facility, repayment of $75 million on the revolving credit facilities and ordinary repayment of long-term debt of $44.4 million.

In April 2024, the Company signed a $180 million sustainability-linked term loan facility to refinance six Newcastlemax vessels. The financing has a five-year tenor and a linear age adjusted amortization profile of 20 years. The facility is priced with an interest rate of SOFR plus a margin of 160 basis points per annum, and includes a sustainability linked pricing element with an additional 5 basis points pricing adjustment dependent on emission reduction performance. Outstanding debt under the facility amounted to $180.0 million as of June 30, 2024.

In February 2024, the Company signed a $360 million sustainability-linked credit facility to refinance a fleet of 20 vessels. The financing has a five-year tenor and an age adjusted amortization profile of 20 years. The facility is priced with an interest rate of

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SOFR plus a margin of 175 basis points per annum, and includes a sustainability linked pricing element with an additional 5 basis points pricing adjustment dependent on emission reduction performance. During the six months ended June 30, 2024, we drew down $310 million under the facility and outstanding debt amounted to $302.9 million as of June 30, 2024.

In December 2023, the Company signed a sale and leaseback agreement for an amount of $85 million to partially finance the four Kamsarmax newbuildings to be delivered during 2024. The lease financing has a ten-year tenor and an interest rate of SOFR plus a margin of 185 basis points per annum. The lease is repaid over a straight line amortization of 21 years and with purchase options throughout the term and at maturity. As of June 30, 2024, two newbuildings were delivered and we drew down $41.8 million under the facility.

As of June 30, 2024, we recorded net deferred charges of $12.0 million as a direct deduction from the carrying amount of the related debt. In addition, for our undrawn revolving credit facilities we capitalized $1.0 million as Other current assets.

The total outstanding debt at June 30, 2024 is repayable as follows:

(in thousands of $)
2024 (remaining six months)						57,166
2025						114,333
2026						186,358
2027						207,617
2028						353,695
2029						310,770
Thereafter						117,551
Total						1,347,490
Deferred charges						(11,972)
Balance at June 30, 2024						1,335,518

As of June 30, 2024, our current portion of bank long-term debt was $115.4 million.

Assets pledged

As of June 30, 2024, 84 vessels (December 31, 2023: 83 vessels) with an aggregate carrying value of $3,000.9 million (December 31, 2023: $2,987.4 million) were pledged as security for our floating rate debt.

As of June 30, 2024 and December 31, 2023 our current liabilities were as follows:

(in thousands of $)						2024						2023
Deferred charter revenue						27,246						22,840
Other current liabilities						5,482						4,419
Total other current liabilities						32,728						27,259

Our derivative instruments are not designated as hedging instruments and the positions at June 30, 2024 and December 31, 2023 are summarized as follows:

(in thousands of $)						2024						2023
Interest rate swaps						31,888						27,930
Bunker derivatives						381						140
Foreign currency swaps						118						—
Forward freight agreements						—						—
Asset Derivatives - Fair Value						32,387						28,070

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(in thousands of $)						2024						2023
Foreign currency swaps						—						2
Bunker derivatives						107						170
Forward freight agreements						—						—
Liability Derivatives - Fair Value						107						172

During the six months ended June 30, 2024 and June 30, 2023, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives":

(in thousands of $)						2024						2023
Interest rate swaps						12,261						9,625
Foreign currency swaps						5						(21)
Forward freight agreements						1,620						(2,689)
Bunker derivatives						532						47
Total						14,418						6,962

Authorized share capital:

(in thousands of $, except per share amount)						2024						2023
300 million common shares of $0.05 par value						15,000						15,000

As of June 30, 2024, 200,028,293 common shares were outstanding (December 31, 2023: 199,628,293 common shares), each with a par value of $0.05. As of June 30, 2024, we hold 1,162,328 treasury shares. As of December 31, 2023, we held 1,562,328 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 $10.00, or equivalent in NOK for shares acquired at 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. In October 2023, the Board of Directors resolved to extend the existing share buy-back program for another 12 months with the main terms of the program remaining unchanged.

During the six months ended June 30, 2024, the Company did not acquire any of its own shares. In 2023, the Company acquired an aggregate of 1,107,328 shares in open market transactions on the Oslo Stock Exchange and the NASDAQ Global Select Market under its share buy-back program, with aggregate purchase price totaling $8.4 million. As of June 30, 2024, there was 8.5 million of the Company's common shares yet to be repurchased under the plan.

As of June 30, 2024 and December 31, 2023, the management exercised 400,000 and 250,000 share options, respectively. The applicable options were settled using an equal amount of treasury shares as part of the 2022 share buy-back program and we recorded a loss of $2.4 million and $1.2 million in the equity statement as of June 30, 2024 and December 31, 2023, respectively.

In the six months ended June 30, 2024, we paid an aggregate of $119.9 million in dividends to our shareholders, or $0.60 per share (six months ended June 30, 2023: $60.1 million, or $0.30 per share). We have recorded the 2024 distributions as a reduction of Accumulated earnings.

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 13, "Operating Leases" and Note 14, "Finance Leases" for additional information related to these contracts.

Seatankers Management Co. Ltd. ("Seatankers")

---

During the first six months of 2024, we have been a commercial and a technical manager of 10 dry bulk vessels owned and operated by Seatankers, with the number reduced to nine in March 2024 (six months ended June 30, 2023: 10). Pursuant to the management agreements, we receive $210 (six months ended June 30, 2023: $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 15, "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

We have entered into several time charter agreements with SwissMarine and total time charter revenues from SwissMarine amounted to $0.7 million in the six months ended June 30, 2024 (six months ended June 30, 2023: $0.3 million).

TFG Marine

With reference to Note 15, "Investments in Associated Companies", we have an equity investment in TFG Marine. In 2020, we provided a shareholder loan to TFG Marine. The loan had a five-year term and bore interest of LIBOR plus a margin of 7%. In February 2023, TFG Marine fully repaid the outstanding loan of $0.9 million.

In six months ended June 30, 2024, we have paid $69.1 million to TFG Marine in relation to bunker procurement (six months ended June 30, 2023: $72.5 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.

We issued a $30.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with the joint venture. As of June 30, 2024, 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 Pte Ltd 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, 2024.

Management Agreements

Technical Supervision Services

Up to December 2023, we received technical supervision services from Frontline Management (Bermuda) Ltd ("Frontline Management"), a subsidiary of Frontline plc. In 2023, Frontline Management received an annual management fee of $25,170 per vessel related to the Golden Ocean fleet. From 2024, technical supervision is performed by Golden Ocean's in-house technical team, with the exception of newbuilding supervision services, which are continued to be performed by Frontline Management.

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, 2024 and June 30, 2023 is as follows:

(in thousands of $)						2024						2023
Frontline Management						602						1,069
SFL						17,314						13,482
Seatankers						344						1,365
Front Ocean Management AS						1,333						1,037
						19,593						16,953

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

---

A summary of net amounts charged to related parties in the six months ended June 30, 2024 and June 30, 2023 is as follows:

(in thousands of $)						2024						2023
SFL						85						132
Seatankers						361						226
SwissMarine						666						279
UFC						—						900
						1,112						1,537

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, 2024 and June 30, 2023 is as follows:

(in thousands of $)						2024						2023
Time charter revenues						666						279
Other revenues						446						1,258
Ship operating expenses						(602)						(1,069)
Charter hire expenses1)						(17,304)						(14,556)
Administrative expenses						(1,687)						(1,328)
						(18,481)						(15,416)

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, 2024 and December 31, 2023 is as follows:

(in thousands of $)						2024						2023
Frontline						6,097						3,145
Seatankers						579						528
SFL						—						82
Credit loss allowance						(21)						(21)
						6,655						3,734

A summary of balances owed to related parties as of June 30, 2024 and December 31, 2023 is as follows:

(in thousands of $)						2024						2023
TFG Marine						9,310						8,479
Other						3,854						678
						13,164						9,157

As of June 30, 2024 and December 31, 2023, 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 (three-months SOFR) on an original principal amount of $650 million (December 31, 2023: $650 million) are swapped to fixed rate.

---

Our interest rate swap contracts as of June 30, 2024 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

August 2025

2.41%

Receiving floating pay fixed

50,000

August 2017

August 2025

2.58%

Receiving floating pay fixed

50,000

August 2019

August 2024

1.39%

Receiving floating pay fixed

50,000

September 2019

September 2024

1.29%

Receiving floating pay fixed

100,000

October 2019

October 2025

2.51%

Receiving floating pay fixed

50,000

March 2020

March 2027

0.94%

Receiving floating pay fixed

50,000

March 2020

March 2027

0.74%

Receiving floating pay fixed

50,000

April 2022 1)

December 2030

2.53%

Receiving floating pay fixed

50,000

July 2022 1)

September 2030

1.77%

Receiving floating pay fixed

50,000

January 2023

March 2030

3.07%

Receiving floating pay fixed

50,000

January 2023 2)

January 2030

2.55%

Receiving floating pay fixed

50,000

March 2023 2)

January 2030

2.64%

650,000

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

2) SOFR-based forward-looking swaps: first payment date for the $50 million 2.55% interest rate swap and $50 million 2.64% 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, 2024, we had positions through FFA of net 330 days with maturity in 2024. As of December 31, 2023, we had long positions through FFA of net 300 days with maturity in 2024.

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, 2024, we had outstanding bunker swap agreements for about 14.8 thousand metric tonnes for 2024. As of December 31, 2023, we had outstanding bunker swap agreements for about 4.2 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, 2024, we had contracts to swap United States dollars to Norwegian kroner for a notional amount of $4.5 million. In the six months ended June 30, 2024, we recognized a net gain of $4.9 thousand related to foreign currency swaps (six months ended June 30, 2023: net loss of $21.0 thousand). As of December 31, 2023, we had contracts to swap USD to NOK for a notional amount of $2.1 million.

The fair value and changes in fair value of our derivative instruments are further disclosed in Note 18, ''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, 2024 and December 31, 2023 are as follows:

									2024						2024						2023						2023
(in thousands of $)			Level						Fair Value						Carrying Value						Fair Value						Carrying Value
Assets
Cash and cash equivalents			1						99,454						99,454						116,382						116,382
Restricted cash			1						3,601						3,601						2,254						2,254
Derivative assets			2						32,387						32,387						28,070						28,070
Liabilities
Long term debt - floating			2						1,347,490						1,347,490						1,380,673						1,380,673
Derivative liabilities			2						107						107						172						172

Please refer to Note 18, "Derivative Instruments Payable and Receivable", for a breakdown of the derivative assets.

In the six months ended June 30, 2024 and 2023, 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.

•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

---

During the six months ended June 30, 2024, the value of Panamax vessel, Golden Bull, sold in 2023 and delivered to new owner in 2024, was measured at fair value. The fair value was based on level three inputs and the expected market values based on sales agreement. Upon delivery of the vessel in February 2024, we recorded a gain of $1.1 million.

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 amounting to $241.0 million 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. 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.

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. Upon delivery of Golden Strength in January 2023, we recorded a gain of $2.6 million, and upon delivery of Golden Feng and Golden Shui in May 2023, we recorded an impairment loss of 11.8 million in connection with the sale.

Assets Measured at Fair Value on a Recurring Basis

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, 2024, we had two vessels under construction and outstanding contractual commitments of $43.2 million due by the fourth quarter of 2024. Contractual commitments will be financed by the $85 million sale and leaseback agreement entered into in December 2023.

With reference to Note 15, "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, 2024, 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, 2024.

---

Subsequent to the quarter ended June 30, 2024, one Kamsarmax newbuilding under construction was delivered to the Company in August 2024, bringing the total to nine delivered Kamsarmaxes, and the last Kamsarmax newbuilding vessel is scheduled to be delivered to us by the fourth quarter of 2024. As a result, we drew down $21.6 million on the $85 million facility and we paid final installment of $19.8 million for the related newbuilding contract.

In August 2024, the Panamax vessel, Golden Ruby, was delivered to its new owner and we expect to record a gain of approximately $4.3 million in the third quarter of 2024.

On August 28, 2024, the Company announced a cash dividend to the Company's shareholders of $0.30 per share in respect of the second quarter of 2024, which is payable on or about September 20, 2024, to shareholders of record on September 11, 2024. Shareholders holding the Company's shares through the Euronext VPS may receive this cash dividend later, on or about September 23, 2024.

v3.24.2.u1

Cover Page	6 Months Ended
	Jun. 30, 2024
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, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.24.2.u1

Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating revenues
Total operating revenues	$ 496,826	$ 409,900
Gain on sale of assets	1,133	2,583
Operating expenses
Voyage expenses and commissions	102,779	123,626
Ship operating expenses	128,924	124,061
Charter hire expenses (including related party amounts of $17,304 and $14,556 for the six months ended June 30, 2024 and 2023, respectively)	12,154	26,992
Administrative expenses	12,539	9,329
Impairment loss on vessels	0	11,780
Depreciation	70,254	64,087
Total operating expenses	326,650	359,875
Net operating income	171,309	52,608
Other income (expenses)
Interest income	3,671	2,685
Interest expense	(56,186)	(46,197)
Share of results of associated companies	(4,976)	9,868
Gain on derivatives	14,418	6,962
Other financial items	(255)	202
Net other income (expenses)	(43,328)	(26,480)
Net income before tax	127,981	26,128
Income tax expense	100	60
Net income	$ 127,881	$ 26,068
Per share information:
Basic earnings per share (in dollars per share)	$ 0.64	$ 0.13
Diluted earnings per share (in dollars per share)	$ 0.64	$ 0.13
Related Party
Operating expenses
Ship operating expenses	$ 602	$ 1,069
Charter hire expenses (including related party amounts of $17,304 and $14,556 for the six months ended June 30, 2024 and 2023, respectively)	17,304	14,556
Time charter revenues
Operating revenues
Total operating revenues	314,736	181,693
Time charter revenues | Related Party
Operating revenues
Total operating revenues	666	279
Voyage charter revenues
Operating revenues
Total operating revenues	180,897	226,946
Other revenues
Operating revenues
Total operating revenues	1,193	1,261
Other revenues | Related Party
Operating revenues
Total operating revenues	$ 446	$ 1,258

v3.24.2.u1

Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 99,454	$ 116,382
Restricted cash	3,601	2,254
Trade accounts receivable, net	29,977	29,809
Other current assets	57,270	47,812
Other current assets (capitalized fulfillment costs)	6,655	3,734
Derivative instruments receivable	12,779	12,480
Favorable charter party contracts	793	796
Inventories	40,921	40,887
Prepaid expenses	11,507	6,771
Voyages in progress	21,526	17,992
Total current assets	284,483	278,917
Long-term assets
Vessels and equipment, net	2,984,408	2,987,360
Vessels held for sale	16,455	14,486
Finance leases, right of use assets, net	61,191	68,643
Operating leases, right of use assets, net	8,367	9,538
Newbuildings	31,421	54,777
Investments in associated companies	52,582	58,536
Derivative instruments receivable long-term	19,608	15,590
Favorable charter party contracts	362	755
Other intangible assets	1,727	0
Other long-term assets	1,256	416
Total assets	3,461,860	3,489,018
Current liabilities
Current portion of long-term debt	115,361	109,309
Current portion of finance lease obligations - related party	20,149	19,601
Current portion of operating lease obligations (including related party balances of $2,209 as of June 30, 2024 and $2,147 as of December 31, 2023)	2,697	2,632
Derivative instruments payable	107	172
Unfavorable charter party contracts	2,490	2,496
Related party payables	13,164	9,157
Trade accounts payable	9,421	9,524
Accrued expenses	47,267	46,041
Other current liabilities	32,728	27,259
Total current liabilities	243,384	226,191
Long-term liabilities
Long-term debt	1,220,157	1,260,758
Non-current portion of finance lease obligations - related party	57,668	67,987
Non-current portion of operating lease obligations (including related party balances of $8,063 as of June 30, 2024 and $9,198 as of December 31, 2023)	8,215	9,621
Other long-term liabilities	2,039	2,570
Total liabilities	1,531,463	1,567,127
Commitments and contingencies
Equity
Share capital (Shares issued: 2024: 201,190,621 shares. 2023: 201,190,621 shares. Outstanding shares: 2024: 200,028,293 shares. 2023: 199,628,293 shares. All shares are issued and outstanding at par value $0.05)	10,061	10,061
Treasury shares	(8,577)	(11,527)
Additional paid in capital	1,124	1,124
Contributed capital surplus	1,582,257	1,582,257
Accumulated earnings	345,532	339,976
Total equity	1,930,397	1,921,891
Total liabilities and equity	$ 3,461,860	$ 3,489,018

v3.24.2.u1

Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current liabilities
Current portion	$ 2,697	$ 2,632
Long-term liabilities
Non-current portion	$ 8,215	$ 9,621
Equity
Share capital, shares issued (in shares)	201,190,621	201,190,621
Shares outstanding (in shares)	200,028,293	199,628,293
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
Accounts Payable, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Related Party
Current liabilities
Current portion	$ 2,209	$ 2,147
Long-term liabilities
Non-current portion	$ 8,063	$ 9,198

v3.24.2.u1

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Net income	$ 127,881	$ 26,068
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	70,254	64,087
Amortization of deferred charges	3,321	3,066
Impairment loss on vessels	0	11,780
Share option expenses	0	203
Share of results of associated companies	4,976	(9,868)
Dividends received from associated companies	978	16,868
Amortization of unfavorable charter party contracts	(845)	(545)
Mark to market (gain) loss on derivatives	(4,383)	(3,679)
Mark to market (gain) loss on marketable securities	0	(448)
Non-cash lease expense	(169)	(131)
Gain on sale of assets	(1,133)	(2,583)
Other	(69)	(534)
Changes in operating assets and liabilities, net:
Trade accounts receivable	(167)	(15,588)
Related party payables and receivables balances	1,086	1,026
Other receivables	(8,464)	14,252
Inventories	(34)	(6,247)
Voyages in progress	(3,534)	3,744
Prepaid expenses	(4,735)	3,382
Other long-term assets	(2,105)	0
Trade accounts payables	(103)	4,082
Accrued expenses	3,837	7,959
Other current liabilities	5,464	5,174
Other long-term liabilities	701	0
Net cash provided by operating activities	192,757	122,068
Investing activities
Additions to vessels and right of use assets	(871)	(254,010)
Additions to newbuildings	(52,554)	(113,739)
Proceeds from sale of vessels	15,709	58,873
Repayment of loans receivable from related parties	0	925
Other investing activities, net	0	4
Net cash used in investing activities	(37,716)	(307,947)
Financing activities
Proceeds from long-term debt	531,820	537,140
Repayment of long-term debt	(565,003)	(297,505)
Repayment of finance leases (including related party amounts of $12,382 and $12,418 for the six months ended June 30, 2024 and 2023 respectively)	(12,382)	(12,418)
Debt fees paid	(5,681)	(4,516)
Distributions to shareholders	(119,897)	(60,120)
Share repurchases	0	(7,452)
Proceeds from share distributions	522	0
Net cash provided by (used in) financing activities	(170,621)	155,129
Net change in cash, cash equivalents and restricted cash	(15,580)	(30,750)
Cash, cash equivalents and restricted cash at beginning of period	118,635	138,073
Cash, cash equivalents and restricted cash at end of period	$ 103,055	$ 107,323

v3.24.2.u1

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, 2022		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
Balance at beginning of period at Dec. 31, 2022		$ 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
Distribution from retained earnings						(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
Balance at beginning of period (in shares) at Dec. 31, 2022		200,485,621
Balance at end of period (in shares) at Dec. 31, 2023	199,628,293	199,628,293
Balance at beginning of period at Dec. 31, 2022		$ 10,061	(5,014)	851	1,582,257	328,878
Balance at end of period at Dec. 31, 2023	$ 1,921,891	$ 10,061	(11,527)	1,124	1,582,257	339,976
Increase (decrease) in Equity [Roll Forward]
Distribution of treasury shares ( in shares)		400,000
Balance at end of period (in shares) at Jun. 30, 2024	200,028,293	200,028,293
Increase (decrease) in Equity [Roll Forward]
Shares distributed			2,950			(2,428)
Distribution from retained earnings						(119,897)
Loss on distributed treasury shares			2,950			(2,428)
Net income						127,881
Balance at end of period at Jun. 30, 2024	$ 1,930,397	$ 10,061	$ (8,577)	$ 1,124	$ 1,582,257	$ 345,532

v3.24.2.u1

Unaudited Interim Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Charter hire expenses	$ 12,154	$ 26,992
Related Party
Charter hire expenses	$ 17,304	$ 14,556

v3.24.2.u1

Unaudited Interim Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Financing activities
Repayment of finance leases, related party amount	$ 12,382	$ 12,418
Related Party
Financing activities
Repayment of finance leases, related party amount	$ 12,382	$ 12,418

v3.24.2.u1

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2024
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, 2023 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, 2023, filed with the Securities and Exchange Commission (the "SEC") on March 20, 2024 (our "Annual Report"). The condensed balance sheet at December 31, 2023, 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, 2024 are not necessarily indicative of the results for the year ending December 31, 2024.

v3.24.2.u1

ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
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.

v3.24.2.u1

RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS Recently issued accounting pronouncements are not expected to materially impact the Company.

v3.24.2.u1

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 are as follows: (in thousands of $) 2024 2023 Net income 127,881  26,068  (in thousands) 2024 2023 Weighted average number of shares outstanding - basic 199,851  200,337  Dilutive effect of stock options 163  541  Weighted average number of shares outstanding - diluted 200,014  200,878  In March 2024, 400,000 share options held by the management were exercised and settled using treasury shares. As of June 30, 2024, there were no outstanding share options. In the six months ended June 30, 2023, all 650,000 of outstanding share options during the period were dilutive. 2024 2023 Cash dividends per share declared $ 0.60  $ 0.20

v3.24.2.u1

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2024
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.

v3.24.2.u1

OPERATING REVENUES	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 respectively: (in thousands of $) 2024 2023 Time charter revenues 314,736  181,693  Voyage charter revenues 180,897  226,946  Other revenues 1,193  1,261  Total operating revenues 496,826  409,900  In the six months ended June 30, 2024 and June 30, 2023, we recognized a total of $9.2 million and $6.8 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 certain of our voyage charter contracts the lease components were the predominant components. For the six months ended June 30, 2024, the split between lease and non-lease component was as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 314,736  —  314,736  Voyage charter revenues 12,797  168,100  180,897  Other revenues —  1,193  1,193  Total operating revenues 327,533  169,293  496,826  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. $10.8 million of contract assets were capitalized in the period ended June 30, 2024 under "Other current assets", of which $8.4 million was amortized up to June 30, 2024, leaving a remaining balance of $2.4 million. $3.6 million of capitalized fulfillment costs were amortized in the six months ended June 30, 2024, in relation to voyages in progress at the end of December 31, 2023. Variable lease income included into our time-charter agreements amounted to $17.6 million and $11.7 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, 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 $) 2024 2023 Voyages in progress (contract assets) 10,801  15,651  Trade accounts receivable 7,144  11,066  Other current assets (capitalized fulfillment costs) 2,436  3,558  Total 20,381  30,275  As at June 30, 2024, we recorded $9.8 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 2024, we recognized $5.3 million in revenue, which was deferred as at December 31, 2023, as the performance obligations were met. Credit loss allowance as of June 30, 2024 relating to the contract assets above amounted to $0.1 million. No impairment losses were recognized as of December 31, 2023.

v3.24.2.u1

IMPAIRMENT LOSS ON VESSELS	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment Impairment or Disposal [Abstract]
IMPAIRMENT LOSS ON VESSELS	IMPAIRMENT LOSS ON VESSELS No impairment loss on vessels was recognized in the first six months of 2024. 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.

v3.24.2.u1

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of June 30, 2024 and June 30, 2023, 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 $) 2024 2023 Cash and cash equivalents 99,454  103,897  Short-term restricted cash 3,601  3,426  Total cash, cash equivalents and restricted cash shown in the statement of cash flows 103,055  107,323  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 $70.7 million of cash and cash equivalents as at June 30, 2024 (June 30, 2023: $72.8 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.

v3.24.2.u1

OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	OTHER CURRENT ASSETS (in thousands of $) June 30, 2024 December 31, 2023 Capitalized fulfillment costs 3,101  3,558  Agent receivables 560  969  Advances 1,348  1,238  Claims receivables 4,550  8,784  Bunker receivables on time charter-out contracts 26,241  21,659  Funding provided to ship managers 18,680  6,983  Other receivables 2,790  4,621  Total other current assets 57,270  47,812  Other receivables are presented net of allowances for credit losses amounting to $46.3 thousands as of June 30, 2024 and December 31, 2023. Provision for doubtful debts amounted to nil as of June 30, 2024 and December 31, 2023.

v3.24.2.u1

VESSELS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2024
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, 2023 3,706,726  (719,366) 2,987,360  Other additions 14  —  14  Transfer from newbuildings 76,325  —  76,325  Transfer to Vessels Held for Sale (23,385) 6,930  (16,455) Depreciation —  (62,836) (62,836) Balance as of June 30, 2024 3,759,680  (775,272) 2,984,408  At June 30, 2024, we owned 19 Newcastlemaxes, 33 Capesizes and 31 Panamaxes (At December 31, 2023: 19 Newcastlemaxes, 33 Capesizes and 31 Panamaxes). This only includes vessels part of "Vessels and Equipment, net" (not including the Panamax vessel listed as "Held for sale" as per June 30, 2024, referenced in the paragraph below). In June 2024, the Company entered into an agreement to sell one Panamax vessel for a net consideration of $20.8 million. With reference to Note 23, "Subsequent Events", the vessel was delivered to its new owner in August 2024 and we expect to record a gain from sale of approximately $4.3 million in the third quarter of 2024. As of June 30, 2024, the vessel is classified as held for sale. In December 2023, the Company entered into an agreement to sell one Panamax vessel for a net consideration of $15.7 million. As of June 30, 2024, the vessel was delivered to its new owner and a gain from sale of $1.1 million was recorded upon delivery. With reference to Note 11, "Newbuildings", two newbuildings were delivered to the Company during the period and related accumulated costs were transferred to the "Vessel and equipment" in the total amount of $76.3 million. For the six months ended June 30, 2024, we did not capitalize any costs in relation to the installation of BWTS and scrubbers on our vessels. Total depreciation expense for own vessels and equipment was $62.8 million for the six months ended June 30, 2024. In addition, we depreciated $7.5 million of our finance leased assets during the six months ended June 30, 2024. VESSELS HELD FOR SALE In June 2024, we entered into an agreement to sell one Panamax vessel to an unrelated third party for a net sale price of $20.8 million. With reference to Note 23, "Subsequent Events", the vessel was delivered to its new owner in August 2024. The vessel is classified as held for sale as of June 30, 2024.

v3.24.2.u1

NEWBUILDINGS	6 Months Ended
	Jun. 30, 2024
Newbuildings [Abstract]
NEWBUILDINGS	NEWBUILDINGS Movements in the six months ended June 30, 2024 are summarized as follows: (in thousands of $) Balance as of December 31, 2023 54,777  Installments paid 50,218  Capitalized interest expense 1,548  Other 1,203  Transfer to vessels and equipment (76,325) Balance as of June 30, 2024 31,421  In 2021 and 2022, the Company entered into agreements to construct a total of ten Kamsarmax vessels. Eight vessels have been delivered as of June 30, 2024, one subsequent to June 30, 2024, and the latest is expected to be delivered to the Company by fourth quarter of 2024. In the six months ended June 30, 2024, the Company paid installments in total of $50.2 million related to three newbuildings. During six months ended June 30, 2024, we capitalized interest expense of $1.5 million for four Kamsarmax newbuildings. Remaining Kamsarmax newbuildings commitments of $43.2 million will be financed by the $85 million sale and leaseback agreement entered into in December 2023. In the six months ended June 30, 2024, two out of the four Kamsarmax newbuildings were delivered to the Company and related accumulated costs were transferred to "Vessels and Equipment, net" in the total amount of $76.3 million. As of June 30, 2024, the Company had capitalized costs of $31.4 million relating to construction contracts for the two remaining Kamsarmax newbuildings. With reference to Note 23, "Subsequent Events", one out of two Kamsarmax newbuildings under construction was delivered to the Company subsequent to June 30, 2024, bringing the total to nine delivered Kamsarmax.

v3.24.2.u1

VESSELS HELD FOR SALE	6 Months Ended
	Jun. 30, 2024
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, 2023 3,706,726  (719,366) 2,987,360  Other additions 14  —  14  Transfer from newbuildings 76,325  —  76,325  Transfer to Vessels Held for Sale (23,385) 6,930  (16,455) Depreciation —  (62,836) (62,836) Balance as of June 30, 2024 3,759,680  (775,272) 2,984,408  At June 30, 2024, we owned 19 Newcastlemaxes, 33 Capesizes and 31 Panamaxes (At December 31, 2023: 19 Newcastlemaxes, 33 Capesizes and 31 Panamaxes). This only includes vessels part of "Vessels and Equipment, net" (not including the Panamax vessel listed as "Held for sale" as per June 30, 2024, referenced in the paragraph below). In June 2024, the Company entered into an agreement to sell one Panamax vessel for a net consideration of $20.8 million. With reference to Note 23, "Subsequent Events", the vessel was delivered to its new owner in August 2024 and we expect to record a gain from sale of approximately $4.3 million in the third quarter of 2024. As of June 30, 2024, the vessel is classified as held for sale. In December 2023, the Company entered into an agreement to sell one Panamax vessel for a net consideration of $15.7 million. As of June 30, 2024, the vessel was delivered to its new owner and a gain from sale of $1.1 million was recorded upon delivery. With reference to Note 11, "Newbuildings", two newbuildings were delivered to the Company during the period and related accumulated costs were transferred to the "Vessel and equipment" in the total amount of $76.3 million. For the six months ended June 30, 2024, we did not capitalize any costs in relation to the installation of BWTS and scrubbers on our vessels. Total depreciation expense for own vessels and equipment was $62.8 million for the six months ended June 30, 2024. In addition, we depreciated $7.5 million of our finance leased assets during the six months ended June 30, 2024. VESSELS HELD FOR SALE In June 2024, we entered into an agreement to sell one Panamax vessel to an unrelated third party for a net sale price of $20.8 million. With reference to Note 23, "Subsequent Events", the vessel was delivered to its new owner in August 2024. The vessel is classified as held for sale as of June 30, 2024.

v3.24.2.u1

OPERATING LEASES	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES As of June 30, 2024, we had leased in one vessel from SFL which was classified as operating lease. Additionally, as of June 30, 2024 and December 31, 2023 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, 2024. 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. The daily hire payments are adjusted if the actual three-month reference rate should deviate from a base SOFR of 0.233% 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 $16,171 for SFL operating lease in the first six months of 2024 and we incurred $3.7 million in total profit share for all eight SFL vessels in the first six months of 2024 (nil in profit share in the first six months of 2023). Contingent or variable lease expense for the eight SFL leases was recorded in 2024 as interest expense of $1.8 million (six months ended June 30, 2023: $1.7 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 is 13 years and expires in 2028. 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 $3.8 million and $14.4 million of the non-lease component, or service element, under ship operating expenses for the first half of 2024 and 2023, 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 2024 and for the first six months of 2023, respectively. We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Office Leases Total Balance as of January 1, 2024 8,541  997  9,538  Additions —  —  —  Amortization (908) (263) (1,171) Balance as of June 30, 2024 7,633  734  8,367  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 2024, 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 Office Leases Total Balance as of January 1, 2024 11,345  908  12,253  Additions —  —  —  Repayments (1,073) (272) (1,345) Foreign exchange translation —  4  4  Balance as of June 30, 2024 10,272  640  10,912  Current portion 2,209  488  2,697  Non-current portion 8,063  152  8,215  Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2024 are as follows: (in thousands of $) 2024 (remaining six months) 1,681  2025 3,306  2026 2,809  2027 2,809  2028 1,960  Total minimum lease payments 12,565  Less: Imputed interest (1,652) Present value of operating lease liabilities 10,912  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, 2024, the future rental payments include $0.8 million (in the six months ended June 30, 2023: $1.3 million) in relation to office rent costs and $11.8 million (six months ended June 2023: $17.0 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases, including short term leases, was $12.2 million for the six months ended June 30, 2024 (six months ended June 30, 2023: $27.0 million). Total cash paid in respect of operating leases was $12.4 million in six months ended June 30, 2024 (six months ended June 30, 2023: $23.3 million). The weighted average discount rate in relation to our operating leases was 6.50% and 5.15% for the six months ended June 30, 2024 and June 30, 2023, respectively. The weighted average lease term was 4.0 years and 4.3 years for the period ended June 30, 2024 and June 30, 2023, respectively. Rental income As of June 30, 2024, we leased out nine vessels on fixed time charter rates (December 31, 2023: nine vessels) and 29 vessels (December 31, 2023: 31 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, 2024 are as follows: (in thousands of $) 2024 (remaining six months) 26,738  2025 37,871  2026 2,353  Thereafter —  Total minimum lease receipts 66,962  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, 2024, the cost and accumulated depreciation of the 38 vessels which were leased out to third parties, were $2,001.4 million and $467.1 million, respectively. As of December 31, 2023, the cost and accumulated depreciation of the 40 vessels which were leased out to third parties, were $2,134.3 million and $475.0 million, respectively.
OPERATING LEASES	OPERATING LEASES As of June 30, 2024, we had leased in one vessel from SFL which was classified as operating lease. Additionally, as of June 30, 2024 and December 31, 2023 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, 2024. 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. The daily hire payments are adjusted if the actual three-month reference rate should deviate from a base SOFR of 0.233% 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 $16,171 for SFL operating lease in the first six months of 2024 and we incurred $3.7 million in total profit share for all eight SFL vessels in the first six months of 2024 (nil in profit share in the first six months of 2023). Contingent or variable lease expense for the eight SFL leases was recorded in 2024 as interest expense of $1.8 million (six months ended June 30, 2023: $1.7 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 is 13 years and expires in 2028. 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 $3.8 million and $14.4 million of the non-lease component, or service element, under ship operating expenses for the first half of 2024 and 2023, 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 2024 and for the first six months of 2023, respectively. We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Office Leases Total Balance as of January 1, 2024 8,541  997  9,538  Additions —  —  —  Amortization (908) (263) (1,171) Balance as of June 30, 2024 7,633  734  8,367  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 2024, 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 Office Leases Total Balance as of January 1, 2024 11,345  908  12,253  Additions —  —  —  Repayments (1,073) (272) (1,345) Foreign exchange translation —  4  4  Balance as of June 30, 2024 10,272  640  10,912  Current portion 2,209  488  2,697  Non-current portion 8,063  152  8,215  Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2024 are as follows: (in thousands of $) 2024 (remaining six months) 1,681  2025 3,306  2026 2,809  2027 2,809  2028 1,960  Total minimum lease payments 12,565  Less: Imputed interest (1,652) Present value of operating lease liabilities 10,912  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, 2024, the future rental payments include $0.8 million (in the six months ended June 30, 2023: $1.3 million) in relation to office rent costs and $11.8 million (six months ended June 2023: $17.0 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases, including short term leases, was $12.2 million for the six months ended June 30, 2024 (six months ended June 30, 2023: $27.0 million). Total cash paid in respect of operating leases was $12.4 million in six months ended June 30, 2024 (six months ended June 30, 2023: $23.3 million). The weighted average discount rate in relation to our operating leases was 6.50% and 5.15% for the six months ended June 30, 2024 and June 30, 2023, respectively. The weighted average lease term was 4.0 years and 4.3 years for the period ended June 30, 2024 and June 30, 2023, respectively. Rental income As of June 30, 2024, we leased out nine vessels on fixed time charter rates (December 31, 2023: nine vessels) and 29 vessels (December 31, 2023: 31 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, 2024 are as follows: (in thousands of $) 2024 (remaining six months) 26,738  2025 37,871  2026 2,353  Thereafter —  Total minimum lease receipts 66,962  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, 2024, the cost and accumulated depreciation of the 38 vessels which were leased out to third parties, were $2,001.4 million and $467.1 million, respectively. As of December 31, 2023, the cost and accumulated depreciation of the 40 vessels which were leased out to third parties, were $2,134.3 million and $475.0 million, respectively.

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FINANCE LEASES	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
FINANCE LEASES	FINANCE LEASES As of June 30, 2024, we held seven SFL vessels under finance lease (December 31, 2023: seven vessels). With reference to Note 13, "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, 2024. From the third quarter of 2022 until June 30, 2025 the daily time charter rate is $16,435, of which $7,000 is for operating expenses (including drydocking costs). 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 13, "Operating Leases". The average daily rate was calculated to be $17,706 for finance leases in 2024 and there was $3.7 million in profit share in the first six months of 2024 for all eight SFL vessels (nil in profit share in the first six months of 2023). Contingent or variable lease expense for the eight SFL leases was recorded in the six months ended June 30, 2024 as interest expense of $1.8 million. In the six months ended June 30, 2023 we recorded a variable lease expense of $1.7 million. Our right of use asset for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2024 68,643  Additions —  Impairment —  Depreciation (7,452) Balance as of June 30, 2024 61,191  In the first six months of 2024, 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, 2024 87,588  Additions —  Repayments (12,382) Interest expense on obligations under finance lease 2,611  Balance as of June 30, 2024 77,817  Current portion 20,149  Non-current portion 57,668  The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 4.1 years as of June 30, 2024. The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 4.6 years as of December 31, 2023. The outstanding obligations under finance leases at June 30, 2024 are payable as follows: (in thousands of $) 2024 (remaining six months) 12,169  2025 22,551  2026 20,617  2027 20,617  2028 12,320  Minimum lease payments 88,274  Less: imputed interest (10,457) Present value of obligations under finance leases 77,817  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.

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INVESTMENTS IN ASSOCIATED COMPANIES	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN ASSOCIATED COMPANIES	INVESTMENTS IN ASSOCIATED COMPANIES As at June 30, 2024 and December 31, 2023, we had the following participation in investments that are recorded using the equity method: (% of ownership) 2024 2023 TFG Marine Pte Ltd ("TFG Marine") 10.00  % 10.00  % SwissMarine Pte. Ltd. ("SwissMarine") 15.92  % 15.92  % United Freight Carriers LLC ("UFC") 50.00  % 50.00  % Movements in equity method investments for the six months ended June 30, 2024 are summarized as follows: (in thousands of $) SwissMarine Other Totals Balance as of December 31, 2023 48,622  9,914  58,536  Distributions received from associated companies —  (978) (978) Share of income/ (loss) (4,025) (951) (4,976) Balance as of June 30, 2024 44,597  7,985  52,582

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DEBT	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Debt at June 30, 2024 and December 31, 2023 is summarized as follows: (in thousands of $) 2024 2023  $180.0 million term loan 180,000  —   $360.0 million term loan and revolving facility 302,862  —   $85.0 million term loan 41,339  —   $40.0 million term loan 38,500  39,500   $80.0 million term loan 76,000  78,000   $233.0 million term loan —  181,368   $250.0 million term loan 204,813  224,021   $275.0 million term loan and revolving facility 180,773  241,830   $175.0 million term loan and revolving facility 97,251  127,297   $260.0 million lease financing 225,952  232,143   $304.0 million term loan and revolving facility —  197,926   $120.0 million term loan —  58,588  U.S. dollar denominated floating rate debt 1,347,490  1,380,673  Deferred charges (11,972) (10,606) Total debt 1,335,518  1,370,067  Less: current portion of debt (115,361) (109,309) Long-term portion of debt 1,220,157  1,260,758  Movements during the six months ended June 30, 2024 are summarized as follows: (in thousands of $)  Floating rate debt Deferred charges Total Balance at December 31, 2023 1,380,673  (10,606) 1,370,067   Loan draw downs 531,820  —  531,820  Loan repayments (565,003) —  (565,003) Capitalized financing fees and expenses for drawn debt —  (4,687) (4,687)  Amortization/ write off of capitalized fees and expenses —  3,321  3,321  Balance at June 30, 2024 1,347,490  (11,972) 1,335,518  In the six months ended June 30, 2024, we made total repayments of $565.0 million including full repayment of outstanding debt amounting to $437.9 million in connection with refinancing of the $120 million facility, the $304 million facility and the $233 million facility, repayment of $7.7 million on the $250 million debt facility as a result of the sale of the vessel Golden Bull previously securing this facility, repayment of $75 million on the revolving credit facilities and ordinary repayment of long-term debt of $44.4 million. In April 2024, the Company signed a $180 million sustainability-linked term loan facility to refinance six Newcastlemax vessels. The financing has a five-year tenor and a linear age adjusted amortization profile of 20 years. The facility is priced with an interest rate of SOFR plus a margin of 160 basis points per annum, and includes a sustainability linked pricing element with an additional 5 basis points pricing adjustment dependent on emission reduction performance. Outstanding debt under the facility amounted to $180.0 million as of June 30, 2024. In February 2024, the Company signed a $360 million sustainability-linked credit facility to refinance a fleet of 20 vessels. The financing has a five-year tenor and an age adjusted amortization profile of 20 years. The facility is priced with an interest rate of SOFR plus a margin of 175 basis points per annum, and includes a sustainability linked pricing element with an additional 5 basis points pricing adjustment dependent on emission reduction performance. During the six months ended June 30, 2024, we drew down $310 million under the facility and outstanding debt amounted to $302.9 million as of June 30, 2024. In December 2023, the Company signed a sale and leaseback agreement for an amount of $85 million to partially finance the four Kamsarmax newbuildings to be delivered during 2024. The lease financing has a ten-year tenor and an interest rate of SOFR plus a margin of 185 basis points per annum. The lease is repaid over a straight line amortization of 21 years and with purchase options throughout the term and at maturity. As of June 30, 2024, two newbuildings were delivered and we drew down $41.8 million under the facility. As of June 30, 2024, we recorded net deferred charges of $12.0 million as a direct deduction from the carrying amount of the related debt. In addition, for our undrawn revolving credit facilities we capitalized $1.0 million as Other current assets. The total outstanding debt at June 30, 2024 is repayable as follows: (in thousands of $) 2024 (remaining six months) 57,166  2025 114,333  2026 186,358  2027 207,617  2028 353,695  2029 310,770  Thereafter 117,551  Total 1,347,490  Deferred charges (11,972) Balance at June 30, 2024 1,335,518  As of June 30, 2024, our current portion of bank long-term debt was $115.4 million. Assets pledged As of June 30, 2024, 84 vessels (December 31, 2023: 83 vessels) with an aggregate carrying value of $3,000.9 million (December 31, 2023: $2,987.4 million) were pledged as security for our floating rate debt.

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OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES As of June 30, 2024 and December 31, 2023 our current liabilities were as follows: (in thousands of $) 2024 2023 Deferred charter revenue 27,246  22,840  Other current liabilities 5,482  4,419  Total other current liabilities 32,728  27,259

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DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE	6 Months Ended
	Jun. 30, 2024
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, 2024 and December 31, 2023 are summarized as follows: (in thousands of $) 2024 2023 Interest rate swaps 31,888  27,930  Bunker derivatives 381  140  Foreign currency swaps 118  —  Forward freight agreements —  —   Asset Derivatives - Fair Value 32,387  28,070  (in thousands of $) 2024 2023 Foreign currency swaps —  2  Bunker derivatives 107  170  Forward freight agreements —  —   Liability Derivatives - Fair Value 107  172  During the six months ended June 30, 2024 and June 30, 2023, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives":  (in thousands of $) 2024 2023 Interest rate swaps 12,261  9,625  Foreign currency swaps 5  (21) Forward freight agreements 1,620  (2,689) Bunker derivatives 532  47  Total 14,418  6,962

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SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS	SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS Authorized share capital: (in thousands of $, except per share amount) 2024 2023 300 million common shares of $0.05 par value 15,000  15,000  As of June 30, 2024, 200,028,293 common shares were outstanding (December 31, 2023: 199,628,293 common shares), each with a par value of $0.05. As of June 30, 2024, we hold 1,162,328 treasury shares. As of December 31, 2023, we held 1,562,328 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 $10.00, or equivalent in NOK for shares acquired at 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. In October 2023, the Board of Directors resolved to extend the existing share buy-back program for another 12 months with the main terms of the program remaining unchanged. During the six months ended June 30, 2024, the Company did not acquire any of its own shares. In 2023, the Company acquired an aggregate of 1,107,328 shares in open market transactions on the Oslo Stock Exchange and the NASDAQ Global Select Market under its share buy-back program, with aggregate purchase price totaling $8.4 million. As of June 30, 2024, there was 8.5 million of the Company's common shares yet to be repurchased under the plan. As of June 30, 2024 and December 31, 2023, the management exercised 400,000 and 250,000 share options, respectively. The applicable options were settled using an equal amount of treasury shares as part of the 2022 share buy-back program and we recorded a loss of $2.4 million and $1.2 million in the equity statement as of June 30, 2024 and December 31, 2023, respectively. In the six months ended June 30, 2024, we paid an aggregate of $119.9 million in dividends to our shareholders, or $0.60 per share (six months ended June 30, 2023: $60.1 million, or $0.30 per share). We have recorded the 2024 distributions as a reduction of Accumulated earnings.

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RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
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 13, "Operating Leases" and Note 14, "Finance Leases" for additional information related to these contracts. Seatankers Management Co. Ltd. ("Seatankers") During the first six months of 2024, we have been a commercial and a technical manager of 10 dry bulk vessels owned and operated by Seatankers, with the number reduced to nine in March 2024 (six months ended June 30, 2023: 10). Pursuant to the management agreements, we receive $210 (six months ended June 30, 2023: $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 15, "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 We have entered into several time charter agreements with SwissMarine and total time charter revenues from SwissMarine amounted to $0.7 million in the six months ended June 30, 2024 (six months ended June 30, 2023: $0.3 million). TFG Marine With reference to Note 15, "Investments in Associated Companies", we have an equity investment in TFG Marine. In 2020, we provided a shareholder loan to TFG Marine. The loan had a five-year term and bore interest of LIBOR plus a margin of 7%. In February 2023, TFG Marine fully repaid the outstanding loan of $0.9 million. In six months ended June 30, 2024, we have paid $69.1 million to TFG Marine in relation to bunker procurement (six months ended June 30, 2023: $72.5 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. We issued a $30.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with the joint venture. As of June 30, 2024, 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 Pte Ltd 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, 2024. Management Agreements Technical Supervision Services Up to December 2023, we received technical supervision services from Frontline Management (Bermuda) Ltd ("Frontline Management"), a subsidiary of Frontline plc. In 2023, Frontline Management received an annual management fee of $25,170 per vessel related to the Golden Ocean fleet. From 2024, technical supervision is performed by Golden Ocean's in-house technical team, with the exception of newbuilding supervision services, which are continued to be performed by Frontline Management. 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, 2024 and June 30, 2023 is as follows: (in thousands of $) 2024 2023 Frontline Management 602  1,069  SFL 17,314  13,482  Seatankers 344  1,365  Front Ocean Management AS 1,333  1,037  19,593  16,953  Net amounts recorded as expense from related parties comprise of charter hire costs, bunker costs, general management, technical and commercial management fees. A summary of net amounts charged to related parties in the six months ended June 30, 2024 and June 30, 2023 is as follows: (in thousands of $) 2024 2023 SFL 85  132  Seatankers 361  226  SwissMarine 666  279  UFC —  900  1,112  1,537  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, 2024 and June 30, 2023 is as follows: (in thousands of $) 2024 2023 Time charter revenues 666  279  Other revenues 446  1,258  Ship operating expenses (602) (1,069) Charter hire expenses1) (17,304) (14,556) Administrative expenses (1,687) (1,328) (18,481) (15,416) 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, 2024 and December 31, 2023 is as follows: (in thousands of $) 2024 2023 Frontline 6,097  3,145  Seatankers 579  528  SFL —  82  Credit loss allowance (21) (21) 6,655  3,734  A summary of balances owed to related parties as of June 30, 2024 and December 31, 2023 is as follows: (in thousands of $) 2024 2023 TFG Marine 9,310  8,479  Other 3,854  678  13,164  9,157  As of June 30, 2024 and December 31, 2023, 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 13, "Operating Leases" and Note 14, "Finance Leases" for additional information related to these contracts and related lease balances.

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FINANCIAL ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2024
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 (three-months SOFR) on an original principal amount of $650 million (December 31, 2023: $650 million) are swapped to fixed rate. Our interest rate swap contracts as of June 30, 2024 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 August 2025 2.41% Receiving floating pay fixed 50,000 August 2017 August 2025 2.58% Receiving floating pay fixed 50,000 August 2019 August 2024 1.39% Receiving floating pay fixed 50,000 September 2019 September 2024 1.29% Receiving floating pay fixed 100,000 October 2019 October 2025 2.51% Receiving floating pay fixed 50,000 March 2020 March 2027 0.94% Receiving floating pay fixed 50,000 March 2020 March 2027 0.74% Receiving floating pay fixed 50,000 April 2022 1) December 2030 2.53% Receiving floating pay fixed 50,000 July 2022 1) September 2030 1.77% Receiving floating pay fixed 50,000 January 2023 March 2030 3.07% Receiving floating pay fixed 50,000 January 2023 2) January 2030 2.55% Receiving floating pay fixed 50,000 March 2023 2) January 2030 2.64% 650,000 1) SOFR-based forward-looking swaps: first payment date for the interest rate swaps is September 2024. 2) SOFR-based forward-looking swaps: first payment date for the $50 million 2.55% interest rate swap and $50 million 2.64% 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, 2024, we had positions through FFA of net 330 days with maturity in 2024. As of December 31, 2023, we had long positions through FFA of net 300 days with maturity in 2024. 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, 2024, we had outstanding bunker swap agreements for about 14.8 thousand metric tonnes for 2024. As of December 31, 2023, we had outstanding bunker swap agreements for about 4.2 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, 2024, we had contracts to swap United States dollars to Norwegian kroner for a notional amount of $4.5 million. In the six months ended June 30, 2024, we recognized a net gain of $4.9 thousand related to foreign currency swaps (six months ended June 30, 2023: net loss of $21.0 thousand). As of December 31, 2023, we had contracts to swap USD to NOK for a notional amount of $2.1 million. The fair value and changes in fair value of our derivative instruments are further disclosed in Note 18, ''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, 2024 and December 31, 2023 are as follows:   2024 2024 2023 2023  (in thousands of $) Level Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 1 99,454  99,454  116,382  116,382  Restricted cash 1 3,601  3,601  2,254  2,254  Derivative assets 2 32,387  32,387  28,070  28,070  Liabilities Long term debt - floating 2 1,347,490  1,347,490  1,380,673  1,380,673  Derivative liabilities 2 107  107  172  172  Please refer to Note 18, "Derivative Instruments Payable and Receivable", for a breakdown of the derivative assets. In the six months ended June 30, 2024 and 2023, 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. •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 During the six months ended June 30, 2024, the value of Panamax vessel, Golden Bull, sold in 2023 and delivered to new owner in 2024, was measured at fair value. The fair value was based on level three inputs and the expected market values based on sales agreement. Upon delivery of the vessel in February 2024, we recorded a gain of $1.1 million. 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 amounting to $241.0 million 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. 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. 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. Upon delivery of Golden Strength in January 2023, we recorded a gain of $2.6 million, and upon delivery of Golden Feng and Golden Shui in May 2023, we recorded an impairment loss of 11.8 million in connection with the sale. Assets Measured at Fair Value on a Recurring Basis 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.

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
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, 2024, we had two vessels under construction and outstanding contractual commitments of $43.2 million due by the fourth quarter of 2024. Contractual commitments will be financed by the $85 million sale and leaseback agreement entered into in December 2023. With reference to Note 15, "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, 2024, 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, 2024.

v3.24.2.u1

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to the quarter ended June 30, 2024, one Kamsarmax newbuilding under construction was delivered to the Company in August 2024, bringing the total to nine delivered Kamsarmaxes, and the last Kamsarmax newbuilding vessel is scheduled to be delivered to us by the fourth quarter of 2024. As a result, we drew down $21.6 million on the $85 million facility and we paid final installment of $19.8 million for the related newbuilding contract. In August 2024, the Panamax vessel, Golden Ruby, was delivered to its new owner and we expect to record a gain of approximately $4.3 million in the third quarter of 2024. On August 28, 2024, the Company announced a cash dividend to the Company's shareholders of $0.30 per share in respect of the second quarter of 2024, which is payable on or about September 20, 2024, to shareholders of record on September 11, 2024. Shareholders holding the Company's shares through the Euronext VPS may receive this cash dividend later, on or about September 23, 2024.

v3.24.2.u1

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
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 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

v3.24.2.u1

EARNING PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 are as follows: (in thousands of $) 2024 2023 Net income 127,881  26,068  (in thousands) 2024 2023 Weighted average number of shares outstanding - basic 199,851  200,337  Dilutive effect of stock options 163  541  Weighted average number of shares outstanding - diluted 200,014  200,878
Schedule of Dividends Declared	2024 2023 Cash dividends per share declared $ 0.60  $ 0.20

v3.24.2.u1

OPERATING REVENUES (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 respectively: (in thousands of $) 2024 2023 Time charter revenues 314,736  181,693  Voyage charter revenues 180,897  226,946  Other revenues 1,193  1,261  Total operating revenues 496,826  409,900  For the six months ended June 30, 2024, the split between lease and non-lease component was as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 314,736  —  314,736  Voyage charter revenues 12,797  168,100  180,897  Other revenues —  1,193  1,193  Total operating revenues 327,533  169,293  496,826
Schedule of Contract Assets	As of June 30, 2024 and December 31, 2023, 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 $) 2024 2023 Voyages in progress (contract assets) 10,801  15,651  Trade accounts receivable 7,144  11,066  Other current assets (capitalized fulfillment costs) 2,436  3,558  Total 20,381  30,275

v3.24.2.u1

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	As of June 30, 2024 and June 30, 2023, 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 $) 2024 2023 Cash and cash equivalents 99,454  103,897  Short-term restricted cash 3,601  3,426  Total cash, cash equivalents and restricted cash shown in the statement of cash flows 103,055  107,323

v3.24.2.u1

OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	(in thousands of $) June 30, 2024 December 31, 2023 Capitalized fulfillment costs 3,101  3,558  Agent receivables 560  969  Advances 1,348  1,238  Claims receivables 4,550  8,784  Bunker receivables on time charter-out contracts 26,241  21,659  Funding provided to ship managers 18,680  6,983  Other receivables 2,790  4,621  Total other current assets 57,270  47,812

v3.24.2.u1

VESSELS AND EQUIPMENT, NET (Table)	6 Months Ended
	Jun. 30, 2024
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, 2023 3,706,726  (719,366) 2,987,360  Other additions 14  —  14  Transfer from newbuildings 76,325  —  76,325  Transfer to Vessels Held for Sale (23,385) 6,930  (16,455) Depreciation —  (62,836) (62,836) Balance as of June 30, 2024 3,759,680  (775,272) 2,984,408  Movements in the six months ended June 30, 2024 are summarized as follows: (in thousands of $) Balance as of December 31, 2023 54,777  Installments paid 50,218  Capitalized interest expense 1,548  Other 1,203  Transfer to vessels and equipment (76,325) Balance as of June 30, 2024 31,421

v3.24.2.u1

NEWBUILDINGS (Tables)	6 Months Ended
	Jun. 30, 2024
Newbuildings [Abstract]
Vessels and Equipment	(in thousands of $) Cost Accumulated Depreciation Net Book Value Balance as of December 31, 2023 3,706,726  (719,366) 2,987,360  Other additions 14  —  14  Transfer from newbuildings 76,325  —  76,325  Transfer to Vessels Held for Sale (23,385) 6,930  (16,455) Depreciation —  (62,836) (62,836) Balance as of June 30, 2024 3,759,680  (775,272) 2,984,408  Movements in the six months ended June 30, 2024 are summarized as follows: (in thousands of $) Balance as of December 31, 2023 54,777  Installments paid 50,218  Capitalized interest expense 1,548  Other 1,203  Transfer to vessels and equipment (76,325) Balance as of June 30, 2024 31,421

v3.24.2.u1

OPERATING LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
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 Office Leases Total Balance as of January 1, 2024 8,541  997  9,538  Additions —  —  —  Amortization (908) (263) (1,171) Balance as of June 30, 2024 7,633  734  8,367  We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Office Leases Total Balance as of January 1, 2024 11,345  908  12,253  Additions —  —  —  Repayments (1,073) (272) (1,345) Foreign exchange translation —  4  4  Balance as of June 30, 2024 10,272  640  10,912  Current portion 2,209  488  2,697  Non-current portion 8,063  152  8,215
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, 2024 are as follows: (in thousands of $) 2024 (remaining six months) 1,681  2025 3,306  2026 2,809  2027 2,809  2028 1,960  Total minimum lease payments 12,565  Less: Imputed interest (1,652) Present value of operating lease liabilities 10,912
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, 2024 are as follows: (in thousands of $) 2024 (remaining six months) 26,738  2025 37,871  2026 2,353  Thereafter —  Total minimum lease receipts 66,962

v3.24.2.u1

FINANCE LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 68,643  Additions —  Impairment —  Depreciation (7,452) Balance as of June 30, 2024 61,191  Our lease obligations for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2024 87,588  Additions —  Repayments (12,382) Interest expense on obligations under finance lease 2,611  Balance as of June 30, 2024 77,817  Current portion 20,149  Non-current portion 57,668
Schedule of Outstanding Obligations Under Finance Leases	The outstanding obligations under finance leases at June 30, 2024 are payable as follows: (in thousands of $) 2024 (remaining six months) 12,169  2025 22,551  2026 20,617  2027 20,617  2028 12,320  Minimum lease payments 88,274  Less: imputed interest (10,457) Present value of obligations under finance leases 77,817

v3.24.2.u1

INVESTMENTS IN ASSOCIATED COMPANIES (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	As at June 30, 2024 and December 31, 2023, we had the following participation in investments that are recorded using the equity method: (% of ownership) 2024 2023 TFG Marine Pte Ltd ("TFG Marine") 10.00  % 10.00  % SwissMarine Pte. Ltd. ("SwissMarine") 15.92  % 15.92  % United Freight Carriers LLC ("UFC") 50.00  % 50.00  % Movements in equity method investments for the six months ended June 30, 2024 are summarized as follows: (in thousands of $) SwissMarine Other Totals Balance as of December 31, 2023 48,622  9,914  58,536  Distributions received from associated companies —  (978) (978) Share of income/ (loss) (4,025) (951) (4,976) Balance as of June 30, 2024 44,597  7,985  52,582

v3.24.2.u1

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt at June 30, 2024 and December 31, 2023 is summarized as follows: (in thousands of $) 2024 2023  $180.0 million term loan 180,000  —   $360.0 million term loan and revolving facility 302,862  —   $85.0 million term loan 41,339  —   $40.0 million term loan 38,500  39,500   $80.0 million term loan 76,000  78,000   $233.0 million term loan —  181,368   $250.0 million term loan 204,813  224,021   $275.0 million term loan and revolving facility 180,773  241,830   $175.0 million term loan and revolving facility 97,251  127,297   $260.0 million lease financing 225,952  232,143   $304.0 million term loan and revolving facility —  197,926   $120.0 million term loan —  58,588  U.S. dollar denominated floating rate debt 1,347,490  1,380,673  Deferred charges (11,972) (10,606) Total debt 1,335,518  1,370,067  Less: current portion of debt (115,361) (109,309) Long-term portion of debt 1,220,157  1,260,758  Movements during the six months ended June 30, 2024 are summarized as follows: (in thousands of $)  Floating rate debt Deferred charges Total Balance at December 31, 2023 1,380,673  (10,606) 1,370,067   Loan draw downs 531,820  —  531,820  Loan repayments (565,003) —  (565,003) Capitalized financing fees and expenses for drawn debt —  (4,687) (4,687)  Amortization/ write off of capitalized fees and expenses —  3,321  3,321  Balance at June 30, 2024 1,347,490  (11,972) 1,335,518
Schedule of Maturities of Long-term Debt	The total outstanding debt at June 30, 2024 is repayable as follows: (in thousands of $) 2024 (remaining six months) 57,166  2025 114,333  2026 186,358  2027 207,617  2028 353,695  2029 310,770  Thereafter 117,551  Total 1,347,490  Deferred charges (11,972) Balance at June 30, 2024 1,335,518

v3.24.2.u1

OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	As of June 30, 2024 and December 31, 2023 our current liabilities were as follows: (in thousands of $) 2024 2023 Deferred charter revenue 27,246  22,840  Other current liabilities 5,482  4,419  Total other current liabilities 32,728  27,259

v3.24.2.u1

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and December 31, 2023 are summarized as follows: (in thousands of $) 2024 2023 Interest rate swaps 31,888  27,930  Bunker derivatives 381  140  Foreign currency swaps 118  —  Forward freight agreements —  —   Asset Derivatives - Fair Value 32,387  28,070  (in thousands of $) 2024 2023 Foreign currency swaps —  2  Bunker derivatives 107  170  Forward freight agreements —  —   Liability Derivatives - Fair Value 107  172
Derivative Instruments Gain (Loss)	During the six months ended June 30, 2024 and June 30, 2023, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives":  (in thousands of $) 2024 2023 Interest rate swaps 12,261  9,625  Foreign currency swaps 5  (21) Forward freight agreements 1,620  (2,689) Bunker derivatives 532  47  Total 14,418  6,962

v3.24.2.u1

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Stock By Class	Authorized share capital: (in thousands of $, except per share amount) 2024 2023 300 million common shares of $0.05 par value 15,000  15,000

v3.24.2.u1

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and June 30, 2023 is as follows: (in thousands of $) 2024 2023 Frontline Management 602  1,069  SFL 17,314  13,482  Seatankers 344  1,365  Front Ocean Management AS 1,333  1,037  19,593  16,953  Net amounts recorded as expense from related parties comprise of charter hire costs, bunker costs, general management, technical and commercial management fees. A summary of net amounts charged to related parties in the six months ended June 30, 2024 and June 30, 2023 is as follows: (in thousands of $) 2024 2023 SFL 85  132  Seatankers 361  226  SwissMarine 666  279  UFC —  900  1,112  1,537  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, 2024 and June 30, 2023 is as follows: (in thousands of $) 2024 2023 Time charter revenues 666  279  Other revenues 446  1,258  Ship operating expenses (602) (1,069) Charter hire expenses1) (17,304) (14,556) Administrative expenses (1,687) (1,328) (18,481) (15,416) 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, 2024 and December 31, 2023 is as follows: (in thousands of $) 2024 2023 Frontline 6,097  3,145  Seatankers 579  528  SFL —  82  Credit loss allowance (21) (21) 6,655  3,734  A summary of balances owed to related parties as of June 30, 2024 and December 31, 2023 is as follows: (in thousands of $) 2024 2023 TFG Marine 9,310  8,479  Other 3,854  678  13,164  9,157

v3.24.2.u1

FINANCIAL ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 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 August 2025 2.41% Receiving floating pay fixed 50,000 August 2017 August 2025 2.58% Receiving floating pay fixed 50,000 August 2019 August 2024 1.39% Receiving floating pay fixed 50,000 September 2019 September 2024 1.29% Receiving floating pay fixed 100,000 October 2019 October 2025 2.51% Receiving floating pay fixed 50,000 March 2020 March 2027 0.94% Receiving floating pay fixed 50,000 March 2020 March 2027 0.74% Receiving floating pay fixed 50,000 April 2022 1) December 2030 2.53% Receiving floating pay fixed 50,000 July 2022 1) September 2030 1.77% Receiving floating pay fixed 50,000 January 2023 March 2030 3.07% Receiving floating pay fixed 50,000 January 2023 2) January 2030 2.55% Receiving floating pay fixed 50,000 March 2023 2) January 2030 2.64% 650,000 1) SOFR-based forward-looking swaps: first payment date for the interest rate swaps is September 2024. 2) SOFR-based forward-looking swaps: first payment date for the $50 million 2.55% interest rate swap and $50 million 2.64% 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, 2024 and December 31, 2023 are as follows:   2024 2024 2023 2023  (in thousands of $) Level Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 1 99,454  99,454  116,382  116,382  Restricted cash 1 3,601  3,601  2,254  2,254  Derivative assets 2 32,387  32,387  28,070  28,070  Liabilities Long term debt - floating 2 1,347,490  1,347,490  1,380,673  1,380,673  Derivative liabilities 2 107  107  172  172

v3.24.2.u1

EARNINGS PER SHARE - Summary of earnings per share (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 127,881	$ 26,068
Weighted average number of shares outstanding - basic (in shares)	199,851	200,337
Dilutive effect of share options (in shares)	163	541
Weighted average number of shares outstanding - diluted (in shares)	200,014	200,878

v3.24.2.u1

EARNINGS PER SHARE - Narrative (Details) - Management - shares	1 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options exercised (in shares)	400,000
Options outstanding (shares)		0	650,000

v3.24.2.u1

EARNINGS PER SHARE - Dividends (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Cash dividends per share declared (in dollars per share)	$ 0.0060	$ 0.0020

v3.24.2.u1

SEGMENT INFORMATION (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

v3.24.2.u1

OPERATING REVENUES - Schedule of revenues earned from time charters, voyage charters and other revenues (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Lease	$ 327,533
Non-lease	169,293
Total	496,826	$ 409,900
Time charter revenues
Disaggregation of Revenue [Line Items]
Lease	314,736
Non-lease	0
Total	314,736	181,693
Voyage charter revenues
Disaggregation of Revenue [Line Items]
Lease	12,797
Non-lease	168,100
Total	180,897	226,946
Other revenues
Disaggregation of Revenue [Line Items]
Lease	0
Non-lease	1,193
Total	$ 1,193	$ 1,261

v3.24.2.u1

OPERATING REVENUES - Narrative (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Non-lease	$ 169,293,000
Capitalized contract assets	10,800,000
Capitalized contract cost, accumulated amortization	8,400,000
Capitalized contract assets, remaining balance	2,400,000
Capitalized contract assets, amortization	3,600,000
Credit loss allowance	100,000
Capitalized contract assets, impairment loss			$ 0
Demurrage Revenue
Disaggregation of Revenue [Line Items]
Non-lease	9,200,000	$ 6,800,000
Time charter revenues
Disaggregation of Revenue [Line Items]
Non-lease	0
Variable lease income	17,600,000	$ 11,700,000
Ongoing Voyages
Disaggregation of Revenue [Line Items]
Total deferred charter revenue	9,800,000
Revenue recognized that was deferred	$ 5,300,000

v3.24.2.u1

OPERATING REVENUES - Schedule of contract assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Voyages in progress (contract assets)	$ 10,801	$ 15,651
Trade accounts receivable	7,144	11,066
Other current assets (capitalized fulfillment costs)	2,436	3,558
Total	$ 20,381	$ 30,275

v3.24.2.u1

IMPAIRMENT LOSS ON VESSELS (Details)	1 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) vessel	Mar. 31, 2023 USD ($) vessel	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Impairment loss on vessels			$ 0	$ 11,780,000
Number of vessels held for sale | vessel	1
Proceeds from sale of vessels	$ 20,800,000
Capesize vessels, Golden Feng and Golden Shui
Property, Plant and Equipment [Line Items]
Impairment loss on vessels			11,800,000
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
Vessels
Property, Plant and Equipment [Line Items]
Impairment loss on vessels			$ 0

v3.24.2.u1

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Cash and cash equivalents	$ 99,454	$ 116,382	$ 103,897
Short-term restricted cash	3,601	2,254	3,426
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	103,055	$ 118,635	107,323	$ 138,073
Cash and cash equivalents covenanted to be retained	70,700		$ 72,800
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%

v3.24.2.u1

OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized fulfillment costs	$ 3,101,000	$ 3,558,000
Agent receivables	560,000	969,000
Advances	1,348,000	1,238,000
Claims receivables	4,550,000	8,784,000
Bunker receivables on time charter-out contracts	26,241,000	21,659,000
Funding provided to ship managers	18,680,000	6,983,000
Other receivables	2,790,000	4,621,000
Total other current assets	57,270,000	47,812,000
Allowance for credit losses	46,300	46,300
Provision for doubtful debts	$ 0	$ 0

v3.24.2.u1

VESSELS AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in Property, Plant and Equipment [Roll Forward]
Depreciation	$ (70,254)	$ (64,087)
Vessels and Equipment
Movement in Property, Plant and Equipment [Roll Forward]
Cost, beginning balance	3,706,726
Accumulated depreciation beginning balance	(719,366)
Vessels and equipment, net, beginning balance	2,987,360
Other additions	14
Transfer from newbuildings	76,325
Transfers from newbuildings, net	76,325
Transfer to Vessels Held for Sale	(23,385)
Transfers and changes, accumulated depreciation	6,930
Vessel and equipment, transfer to held for sale, net	(16,455)
Depreciation	(62,836)
Cost, ending balance	3,759,680
Accumulated depreciation ending balance	(775,272)
Vessels and equipment, net, ending balance	$ 2,984,408

v3.24.2.u1

VESSELS AND EQUIPMENT, NET - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended		42 Months Ended
	Jun. 30, 2024 USD ($) vessel	Dec. 31, 2023 USD ($) vessel	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) vessel	Jun. 30, 2023 USD ($)	Jun. 30, 2024 vessel
Property, Plant and Equipment [Line Items]
Gain on sale of assets				$ 1,133	$ 2,583
Depreciation				70,254	$ 64,087
Finance leased asset, depreciation				$ 7,452
Kamsarmax
Property, Plant and Equipment [Line Items]
Number of newbuildings acquired | vessel				2		8
Newcastlemax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at period end | vessel	19	19		19		19
Capesize Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at period end | vessel	33	33		33		33
Panamax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at period end | vessel	31	31		31		31
Number of vessels sold | vessel	1	1
Cash consideration	$ 20,800	$ 15,700
Gain on sale of assets				$ 1,100
Panamax Vessels | Forecast
Property, Plant and Equipment [Line Items]
Gain on sale of assets			$ 4,300
Vessels and Equipment
Property, Plant and Equipment [Line Items]
Transfer from newbuildings				76,325
Depreciation				$ 62,836

v3.24.2.u1

NEWBUILDINGS - Vessels and Equipment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Movement in Property, Plant and Equipment [Roll Forward]
Balance as of December 31, 2023	$ 54,777
Balance as of June 30, 2024	31,421
Newbuildings
Movement in Property, Plant and Equipment [Roll Forward]
Installments paid	50,218
Capitalized interest expense	1,548
Other	1,203
Transfer to vessels and equipment	(76,325)
Kamsarmax
Movement in Property, Plant and Equipment [Roll Forward]
Installments paid	50,200
Capitalized interest expense	$ 1,500

v3.24.2.u1

NEWBUILDINGS (Details)		2 Months Ended	6 Months Ended	42 Months Ended
	Sep. 05, 2024 vessel	Sep. 05, 2024 vessel	Jun. 30, 2024 USD ($) vessel	Jun. 30, 2024 USD ($) vessel	Dec. 31, 2023 USD ($)	Jun. 30, 2022 vessel	Jun. 30, 2021 vessel
Property, Plant and Equipment [Line Items]
Newbuildings			$ 31,421,000	$ 31,421,000	$ 54,777,000
Newbuildings
Property, Plant and Equipment [Line Items]
Installments paid			50,218,000
Number of newbuildings			3	3
Capitalized interest expense			1,548,000	$ 1,548,000
Construction in progress, consideration transferred			$ 76,300,000
Kamsarmax
Property, Plant and Equipment [Line Items]
Number of newbuildings under construction | vessel			2	2		10	10
Number of newbuildings acquired | vessel			2	8
Installments paid			$ 50,200,000
Number of newbuildings			4	$ 4
Capitalized interest expense			1,500,000	$ 1,500,000
Purchase commitment			$ 43,200,000
Sale and leaseback transaction					$ 85,000,000
Kamsarmax | Subsequent Event
Property, Plant and Equipment [Line Items]
Number of newbuildings under construction | vessel	2	2
Number of newbuildings acquired | vessel	9	1
Number of newbuildings delivered | vessel	1	1

v3.24.2.u1

VESSELS HELD FOR SALE (Details) $ in Millions	1 Months Ended
	Jun. 30, 2024 USD ($) vessel
Property, Plant and Equipment [Abstract]
Number of vessels held for sale | vessel	1
Proceeds from sale of vessels | $	$ 20.8

v3.24.2.u1

OPERATING LEASES - Narrative (Details)	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Apr. 30, 2015 vessel	Sep. 30, 2015 USD ($)	Jun. 30, 2024 USD ($) vessel lease	Jun. 30, 2023 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) vessel	Dec. 31, 2023 USD ($) vessel lease
Lessee, Lease, Description [Line Items]
Variable lease expense				$ 1,700,000
Service element, under ship operating expense			$ 3,800,000	14,400,000
Operating lease, impairment loss			0
Future minimum rental payments			12,565,000
Charter hire expense minimum rentals			11,800,000	17,000,000
Short term lease			12,200,000	27,000,000.0
Payments			$ 12,400,000	$ 23,300,000
Weighted average discount rate, percent			6.50%	5.15%
Weighted average remaining lease term			4 years	4 years 3 months 18 days
Vessels leased out, fixed rate time charter | vessel			9				9
Number of vessels leased out index linked time charters | vessel			29				31
Number of vessels leased out | vessel			38				40
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]
Operating lease			$ 300,000	$ 300,000
Office Leases
Lessee, Lease, Description [Line Items]
Future minimum rental payments			800,000	1,300,000
Vessels leased to third parties
Lessee, Lease, Description [Line Items]
Vessels leased out to third parties			2,001,400,000				$ 2,134,300,000
Accumulated depreciation			$ 467,100,000				$ 475,000,000.0
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
Variable interest rate level						0.10%
Variable lease expense			$ 1,800,000	1,700,000
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)			0.233%
Daily time charter rate, adjusted						$ 50
Daily time charter rate, adjusted						25
Operating leases average daily rate			$ 16,171
Profit share			$ 3,700,000	$ 0
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

v3.24.2.u1

OPERATING LEASES - Schedule of operating lease, right of use assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Schedule Of Right Of Use Assets [Roll Forward]
Balance as of January 1, 2024	$ 9,538
Additions	0
Amortization	(1,171)
Balance as of June 30, 2024	8,367
SFL Leases
Schedule Of Right Of Use Assets [Roll Forward]
Balance as of January 1, 2024	8,541
Additions	0
Amortization	(908)
Balance as of June 30, 2024	7,633
Office Leases
Schedule Of Right Of Use Assets [Roll Forward]
Balance as of January 1, 2024	997
Additions	0
Amortization	(263)
Balance as of June 30, 2024	$ 734

v3.24.2.u1

OPERATING LEASES - Schedule of operating lease obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	$ 12,253
Additions	0
Repayments	(1,345)
Foreign exchange translation	4
Operating lease obligation, ending balance	10,912
Current portion	2,697	$ 2,632
Non-current portion	8,215	$ 9,621
SFL Leases
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	11,345
Additions	0
Repayments	(1,073)
Foreign exchange translation	0
Operating lease obligation, ending balance	10,272
Current portion	2,209
Non-current portion	8,063
Office Leases
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	908
Additions	0
Repayments	(272)
Foreign exchange translation	4
Operating lease obligation, ending balance	640
Current portion	488
Non-current portion	$ 152

v3.24.2.u1

OPERATING LEASES - Charter hire and office rent expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Lease Liabilities, Payments Due [Abstract]
2024 (remaining six months)	$ 1,681
2025	3,306
2026	2,809
2027	2,809
2028	1,960
Total minimum lease payments	12,565
Less: Imputed interest	(1,652)
Present value of operating lease liabilities	$ 10,912	$ 12,253

v3.24.2.u1

OPERATING LEASES - Schedule of future minimum operating lease revenue receipts (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining six months)	$ 26,738
2025	37,871
2026	2,353
Thereafter	0
Total minimum lease receipts	$ 66,962

v3.24.2.u1

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 ($)	Jun. 30, 2024 USD ($) vessel	Jun. 30, 2023 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) vessel	Jun. 30, 2025 USD ($)	Dec. 31, 2023 vessel
Lessee, Lease, Description [Line Items]
Number of vessels under finance lease | vessel			7					7
Variable lease expense				$ 1,700,000
Finance lease ROU impairment			$ 0
Weighted average discount rate (percent)			6.30%					6.30%
Weighted average lease term			4 years 1 month 6 days					4 years 7 months 6 days
SFL
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel			1
Number of vessels sold and leased back | vessel			8
Variable lease expense			$ 1,800,000	1,700,000
Purchase option net of sellers credit			$ 112,000,000
Charter term, extension			3 years
Daily charter rate, extension			$ 14,900
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			$ 3,700,000	$ 0
Number of vessels sold and leased back | vessel			8
Purchase option net of sellers credit		$ 112,000,000				$ 112,000,000
Charter term, extension					3 years
Daily charter rate, extension					$ 14,900
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			$ 17,706
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

v3.24.2.u1

FINANCE LEASES - Right-of-use asset for finance leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Finance Lease Right-Of-Use Asset [Roll Forward]
Balance as of January 1, 2024	$ 68,643
Additions	0
Impairment	0
Depreciation	(7,452)
Balance as of June 30, 2024	$ 61,191

v3.24.2.u1

FINANCE LEASES - Changes in finance lease obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finance Lease Obligations [Roll Forward]
Balance as of January 1, 2024	$ 87,588
Additions	0
Repayments	(12,382)
Interest expense on obligations under finance lease	2,611
Balance as of June 30, 2024	77,817
Current portion	20,149	$ 19,601
Non-current portion	$ 57,668	$ 67,987

v3.24.2.u1

FINANCE LEASES - Outstanding obligations under capital leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finance Lease Liabilities, Payments, Due [Abstract]
2024 (remaining six months)	$ 12,169
2025	22,551
2026	20,617
2027	20,617
2028	12,320
Minimum lease payments	88,274
Less: imputed interest	(10,457)
Present value of obligations under finance leases	$ 77,817	$ 87,588

v3.24.2.u1

INVESTMENTS IN ASSOCIATED COMPANIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Equity Method Investment [Roll Forward]
Balance as of December 31, 2023	$ 58,536
Distributions received from associated companies	(978)	$ (16,868)
Share of income/ (loss)	(4,976)
Balance as of June 30, 2024	$ 52,582
TFG Marine Pte Ltd ("TFG Marine")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)	10.00%		10.00%
SwissMarine Pte. Ltd. ("SwissMarine")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)	15.92%		15.92%
Equity Method Investment [Roll Forward]
Balance as of December 31, 2023	$ 48,622
Distributions received from associated companies	0
Share of income/ (loss)	(4,025)
Balance as of June 30, 2024	$ 44,597
United Freight Carriers LLC ("UFC")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)	50.00%		50.00%
Other
Equity Method Investment [Roll Forward]
Balance as of December 31, 2023	$ 9,914
Distributions received from associated companies	(978)
Share of income/ (loss)	(951)
Balance as of June 30, 2024	$ 7,985

v3.24.2.u1

DEBT - Schedule of debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Apr. 30, 2024	Feb. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 1,347,490
Deferred charges	(11,972)			$ (10,606)
Total debt	1,335,518			1,370,067
Less: current portion of debt	(115,361)			(109,309)
Long-term portion of debt	1,220,157			1,260,758
U.S. dollar denominated floating rate debt
Debt Instrument [Line Items]
Long-term debt	1,347,490			1,380,673
$180.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	180,000	$ 180,000
Long-term debt	180,000			0
$360.0 million term loan and revolving facility
Debt Instrument [Line Items]
Debt instrument, face amount	360,000		$ 360,000
Long-term debt	302,862			0
$85.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	85,000
Long-term debt	41,339			0
$40.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	40,000
Long-term debt	38,500			39,500
$80.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	80,000
Long-term debt	76,000			78,000
$233.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	233,000
Long-term debt	0			181,368
$250.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	250,000
Long-term debt	204,813			224,021
$275.0 million term loan and revolving facility
Debt Instrument [Line Items]
Debt instrument, face amount	275,000
Long-term debt	180,773			241,830
$175.0 million term loan and revolving facility
Debt Instrument [Line Items]
Debt instrument, face amount	175,000
Long-term debt	97,251			127,297
$260.0 million lease financing
Debt Instrument [Line Items]
Debt instrument, face amount	260,000
Long-term debt	225,952			232,143
$304.0 million term loan and revolving facility
Debt Instrument [Line Items]
Debt instrument, face amount	304,000
Long-term debt	0			197,926
$120.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	120,000
Long-term debt	$ 0			$ 58,588

v3.24.2.u1

DEBT - Summary of movements in debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement In Debt Balance [Roll Forward]
Deferred charges, beginning balance	$ (10,606)
Long-term debt, beginning balance	1,370,067
Loan draw downs	531,820
Proceeds from issuance of debt	0
Loan repayments	(565,003)
Repayment of debt issuance cost	0
Capitalized financing fees and expenses for drawn debt	(4,687)
Amortization of deferred charges	3,321	$ 3,066
Long-term debt, gross, ending balance	1,347,490
Deferred charges, ending balance	(11,972)
Long-term debt, ending balance	1,335,518
Floating rate debt
Movement In Debt Balance [Roll Forward]
Long-term debt, gross, beginning balance	1,380,673
Loan draw downs	531,820
Loan repayments	(565,003)
Capitalized financing fees and expenses for drawn debt	0
Amortization of deferred charges	0
Long-term debt, gross, ending balance	$ 1,347,490

v3.24.2.u1

DEBT - Narrative (Details) $ in Thousands	1 Months Ended			6 Months Ended
	Apr. 30, 2024 USD ($) vessel	Feb. 29, 2024 USD ($) vessel	Dec. 31, 2023 USD ($) vessel	Jun. 30, 2024 USD ($) vessel	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Repayments of debt				$ 565,003
Repayment of long-term debt				565,003	$ 297,505
Number of vessels financed | vessel		20
Long-term debt				1,347,490
Current portion of long-term debt			$ 109,309	115,361
Vessels and equipment, net			2,987,360	2,984,408
Term Loan Facilities of $93.75 Million, $131.79 Million, and $155.3 Million
Debt Instrument [Line Items]
Repayments of debt				437,900
Term Loan Facility of $93.75 Million
Debt Instrument [Line Items]
Debt instrument, face amount				120,000
Term Loan Facility of $131.79 Million
Debt Instrument [Line Items]
Debt instrument, face amount				304,000
Term Loan Facility of $155.3 Million
Debt Instrument [Line Items]
Debt instrument, face amount				233,000
$233.0 million term loan
Debt Instrument [Line Items]
Repayments of debt				7,700
Debt instrument, face amount				233,000
Long-term debt			181,368	0
Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of debt				75,000
$180.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 180,000			180,000
Variable interest rate, basis points	1.60%
Adjustment	0.0005
Long-term debt			0	180,000
$360.0 million term loan and revolving facility
Debt Instrument [Line Items]
Debt instrument, face amount		$ 360,000		360,000
Tenor term		5 years
Variable interest rate, basis points		1.75%
Adjustment		0.0005
Adjusted term		20 years
Long-term line of credit				310,000
Long-term debt			0	302,862
Sale-Leaseback
Debt Instrument [Line Items]
Debt instrument, face amount			$ 85,000
Tenor term			10 years
Adjusted profile term			21 years
Variable interest rate, basis points			1.85%
Long-term line of credit				$ 41,800
Number of vessels sold and leased back | vessel			4	2
$250.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount				$ 250,000
Long-term debt			$ 224,021	204,813
Newcastlemax Vessels | $180.0 million term loan
Debt Instrument [Line Items]
Number of vessels financed | vessel	6
Tenor term	5 years
Adjusted profile term	20 years
U.S. dollar denominated floating rate debt
Debt Instrument [Line Items]
Repayments of debt				565,000
Repayment of long-term debt				44,400
Long-term debt			$ 1,380,673	$ 1,347,490
Number of vessels serving as security | vessel			83	84
U.S. dollar denominated floating rate debt | Collateral Pledged
Debt Instrument [Line Items]
Vessels and equipment, net			$ 2,987,400	$ 3,000,900
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest costs capitalized				$ 1,000

v3.24.2.u1

DEBT - Schedule of debt maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remaining six months)	$ 57,166
2025	114,333
2026	186,358
2027	207,617
2028	353,695
2029	310,770
Thereafter	117,551
Total	1,347,490
Deferred charges	(11,972)
Total debt	$ 1,335,518	$ 1,370,067

v3.24.2.u1

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Deferred charter revenue	$ 27,246	$ 22,840
Other current liabilities	5,482	4,419
Total other current liabilities	$ 32,728	$ 27,259

v3.24.2.u1

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Asset Derivatives - Fair Value	$ 32,387		$ 28,070
Liability Derivatives - Fair Value	107		172
Mark to market derivative gain (loss)	14,418	$ 6,962
Interest rate swaps
Derivative [Line Items]
Asset Derivatives - Fair Value	31,888		27,930
Mark to market derivative gain (loss)	12,261	9,625
Bunker derivatives
Derivative [Line Items]
Asset Derivatives - Fair Value	381		140
Liability Derivatives - Fair Value	107		170
Mark to market derivative gain (loss)	532	47
Foreign currency swaps
Derivative [Line Items]
Asset Derivatives - Fair Value	118		0
Liability Derivatives - Fair Value	0		2
Mark to market derivative gain (loss)	5	(21)
Forward freight agreements
Derivative [Line Items]
Asset Derivatives - Fair Value	0		0
Liability Derivatives - Fair Value	0		$ 0
Mark to market derivative gain (loss)	$ 1,620	$ (2,689)

v3.24.2.u1

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Summary of authorized capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
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

v3.24.2.u1

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended		12 Months Ended
	Oct. 04, 2022	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)			200,028,293		199,628,293
Par value per share (in USD per share)			$ 0.05		$ 0.05
Number of treasury shares (in shares)			1,162,328		1,562,328
Repurchase of shares			$ 0	$ 7,452
Dividends to shareholders			$ 119,900	$ 60,100
Dividends per share (in dollars per share)			$ 0.60	$ 0.30
Management
Class of Stock [Line Items]
Options exercised (in shares)		400,000
Share Buy Back Program
Class of Stock [Line Items]
Buy-back program authorized amount	$ 100,000
Buy-back program, shares authorized to be repurchased (in shares)	10,000,000
Buy-back program, term	12 months
Treasury shares acquired			0	1,107,328
Repurchase of shares			$ 8,400
Buy-back program, remaining authorized repurchase amount			8,500
Share Buy Back Program | Maximum
Class of Stock [Line Items]
Buy-back program price (in usd per share)	$ 10.00
2020 Exercised Options
Class of Stock [Line Items]
Loss on distributed treasury shares			$ 2,400		$ 1,200
2020 Exercised Options | Management
Class of Stock [Line Items]
Options exercised (in shares)			400,000		250,000

v3.24.2.u1

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, 2024 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

v3.24.2.u1

RELATED PARTY TRANSACTIONS - Seatankers Management Co (Details) - Dry Bulk Carriers - Seatankers Management Co, Ltd	1 Months Ended	6 Months Ended
	Mar. 31, 2024 vessel	Jun. 30, 2024 vessel $ / d	Jun. 30, 2023 vessel $ / d
Related Party Transaction [Line Items]
Number of vessels managed | vessel	9	10	10
Commercial management fee revenue per day for managing vessels (in dollars per day) | $ / d		210	125

v3.24.2.u1

RELATED PARTY TRANSACTIONS - United Freight Carriers (Details) - United Freight Carriers LLC ("UFC") - t	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Ownership percentage (percent)	50.00%	50.00%
Vessel tonnage	50,000

v3.24.2.u1

RELATED PARTY TRANSACTIONS - SwissMarine (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Revenues	$ 496,826	$ 409,900
SwissMarine
Related Party Transaction [Line Items]
Revenues	$ 666	$ 279

v3.24.2.u1

RELATED PARTY TRANSACTIONS - TFG Marine (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2020	Dec. 31, 2023	Feb. 28, 2023
Related Party Transaction [Line Items]
Other current assets	$ 57,270,000			$ 47,812,000
Guarantee issued in respect of subsidiary performance under bunker supply agreement	19,593,000	$ 16,953,000
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]
Other current assets					$ 900,000
TFG Marine Pte Ltd ("TFG Marine")
Related Party Transaction [Line Items]
Subordinated shareholder loan, term			5 years
Variable interest rate (percent)			7.00%
TFG Marine Pte Ltd ("TFG Marine") | Bunker procurement
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	$ 69,100,000	$ 72,500,000
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

v3.24.2.u1

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

v3.24.2.u1

RELATED PARTY TRANSACTIONS - Summary of net amounts charged by related parties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	$ 19,593	$ 16,953
Frontline Management
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	602	1,069
SFL
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	17,314	13,482
Seatankers
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	344	1,365
Front Ocean Management AS
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	$ 1,333	$ 1,037

v3.24.2.u1

RELATED PARTY TRANSACTIONS - Summary of net amounts charged to related parties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Revenues	$ 496,826	$ 409,900
Affiliated Entity
Related Party Transaction [Line Items]
Revenues	1,112	1,537
SFL
Related Party Transaction [Line Items]
Revenues	85	132
Seatankers
Related Party Transaction [Line Items]
Revenues	361	226
United Freight Carriers LLC ("UFC")
Related Party Transaction [Line Items]
Revenues	0	900
SwissMarine
Related Party Transaction [Line Items]
Revenues	$ 666	$ 279

v3.24.2.u1

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, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Revenues	$ 496,826	$ 409,900
Ship operating expenses	(128,924)	(124,061)
Charter hire expenses	(12,154)	(26,992)
Related Party
Related Party Transaction [Line Items]
Ship operating expenses	(602)	(1,069)
Charter hire expenses	(17,304)	(14,556)
Administrative expenses	(1,687)	(1,328)
Income (loss) from related party transaction	(18,481)	(15,416)
Time charter revenues
Related Party Transaction [Line Items]
Revenues	314,736	181,693
Time charter revenues | Related Party
Related Party Transaction [Line Items]
Revenues	666	279
Voyage charter revenues
Related Party Transaction [Line Items]
Revenues	180,897	226,946
Other revenues
Related Party Transaction [Line Items]
Revenues	1,193	1,261
Other revenues | Related Party
Related Party Transaction [Line Items]
Revenues	$ 446	$ 1,258

v3.24.2.u1

RELATED PARTY TRANSACTIONS - Summary of balances due from related parties (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other receivables	$ (6,655)	$ (3,734)
Frontline
Related Party Transaction [Line Items]
Other receivables	(6,097)	(3,145)
Seatankers
Related Party Transaction [Line Items]
Other receivables	(579)	(528)
SFL Leases
Related Party Transaction [Line Items]
Other receivables	0	(82)
Credit loss allowance
Related Party Transaction [Line Items]
Other receivables	(21)	(21)
Related Party
Related Party Transaction [Line Items]
Other receivables	$ (6,655)	$ (3,734)

v3.24.2.u1

RELATED PARTY TRANSACTIONS - Summary of balance due to related parties (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party payables	$ 13,164	$ 9,157
TFG Marine
Related Party Transaction [Line Items]
Related party payables	9,310	8,479
Other
Related Party Transaction [Line Items]
Related party payables	3,854	678
Related Party
Related Party Transaction [Line Items]
Related party payables	$ 13,164	$ 9,157

v3.24.2.u1

RELATED PARTY TRANSACTIONS - Narrative (Details) - SFL Leases - vessel	1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2015	Jun. 30, 2024	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

v3.24.2.u1

FINANCIAL ASSETS AND LIABILITIES - Narrative (Details)	1 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) vessel	Mar. 31, 2023 vessel	Jun. 30, 2024 USD ($) vessel t	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) t
Derivative [Line Items]
Gain on sale of assets			$ 1,133,000	$ 2,583,000
Number of vessels held for sale | vessel	1
Impairment loss on vessels			0	11,780,000
Golden Bull
Derivative [Line Items]
Gain on sale of assets			$ 1,100,000
Newcastlemax Vessels
Derivative [Line Items]
Number of vessels acquired | vessel			5
Cost of vessels acquired			$ 241,000,000.0
Newcastlemax Vessels | Time charter revenues
Derivative [Line Items]
Total deferred charter revenue	$ 6,300,000		6,300,000
Deferred charter revenue, asset	600,000		600,000
Deferred charter revenue, liability	6,900,000		6,900,000
Panamax Vessels
Derivative [Line Items]
Gain on sale of assets			1,100,000
Number of vessels held for sale | vessel		1
Capesize vessels, Golden Feng and Golden Shui
Derivative [Line Items]
Number of vessels held for sale | vessel		2
Impairment loss on vessels			11,800,000
Golden Strength
Derivative [Line Items]
Gain on sale of assets			2,600,000
Interest rate swaps
Derivative [Line Items]
Derivative notional amount	650,000,000		$ 650,000,000		$ 650,000,000
Capesize, Forward Freight Agreements, Maturing in 2021 | Long
Derivative [Line Items]
Remaining maturities			330 days		300 days
Bunker Derivatives, Remaining Year
Derivative [Line Items]
Outstanding bunker derivatives | t			14,800
Bunker Derivatives
Derivative [Line Items]
Outstanding bunker derivatives | t					4,200
Currency swap
Derivative [Line Items]
Foreign currency swap, loss			$ 4,900	$ (21,000)
Currency swap | Norway, Krone
Derivative [Line Items]
Derivative notional amount	$ 4,500,000		$ 4,500,000		$ 2,100,000

v3.24.2.u1

FINANCIAL ASSETS AND LIABILITIES - Interest rate contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Interest rate swaps
Derivative [Line Items]
Derivative notional amount	$ 650,000	$ 650,000
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Derivative notional amount	650,000
Designated as Hedging Instrument | 2.41% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	2.41%
Designated as Hedging Instrument | 2.58% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	2.58%
Designated as Hedging Instrument | 1.39% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	1.39%
Designated as Hedging Instrument | 1.29% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	1.29%
Designated as Hedging Instrument | 2.51% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 100,000
Fixed interest rate (percent)	2.51%
Designated as Hedging Instrument | 0.94% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	0.94%
Designated as Hedging Instrument | 0.74% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	0.74%
Designated as Hedging Instrument | 2.53% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	2.53%
Designated as Hedging Instrument | 1.77% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	1.77%
Designated as Hedging Instrument | 3.07% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	3.07%
Designated as Hedging Instrument | 2.55% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	2.55%
Designated as Hedging Instrument | 2.64% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000
Fixed interest rate (percent)	2.64%

v3.24.2.u1

FINANCIAL ASSETS AND LIABILITIES - Fair values (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Fair Value | Level 1
Assets
Cash and cash equivalents	$ 99,454	$ 116,382
Restricted cash	3,601	2,254
Fair Value | Level 2
Assets
Derivative assets	32,387	28,070
Liabilities
Derivative liabilities	107	172
Fair Value | Level 2 | Floating rate debt
Liabilities
Long term debt - floating	1,347,490	1,380,673
Carrying Value | Level 1
Assets
Cash and cash equivalents	99,454	116,382
Restricted cash	3,601	2,254
Carrying Value | Level 2
Assets
Derivative assets	32,387	28,070
Liabilities
Derivative liabilities	107	172
Carrying Value | Level 2 | Floating rate debt
Liabilities
Long term debt - floating	$ 1,347,490	$ 1,380,673

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2015 USD ($) vessel	Dec. 31, 2015 USD ($)	Jun. 30, 2024 USD ($) vessel	Dec. 31, 2023 USD ($)	May 31, 2022 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels under construction | vessel			2
Outstanding contractual commitments			$ 43,200,000
Sale-Leaseback
Unrecorded Unconditional Purchase Obligation [Line Items]
Debt instrument, face amount				$ 85,000,000
Kamsarmax | Sale-Leaseback
Unrecorded Unconditional Purchase Obligation [Line Items]
Debt instrument, face amount				$ 85,000,000
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
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

v3.24.2.u1

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended	6 Months Ended		42 Months Ended
	Sep. 05, 2024 vessel	Sep. 05, 2024 USD ($) vessel	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) vessel	Jun. 30, 2023 USD ($)	Jun. 30, 2024 vessel	Aug. 28, 2024 $ / shares	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Installments paid				$ 52,554	$ 113,739
Gain on sale of assets				1,133	$ 2,583
Panamax Vessels
Subsequent Event [Line Items]
Gain on sale of assets				$ 1,100
Forecast | Panamax Vessels
Subsequent Event [Line Items]
Gain on sale of assets			$ 4,300
Subsequent Event
Subsequent Event [Line Items]
Dividends payable (in USD per share) | $ / shares							$ 0.30
Sale-Leaseback
Subsequent Event [Line Items]
Debt instrument, face amount								$ 85,000
Sale-Leaseback | Subsequent Event
Subsequent Event [Line Items]
Amount drawn on facility		$ 21,600
Installments paid		$ 19,800
Kamsarmax
Subsequent Event [Line Items]
Number of newbuildings acquired | vessel				2		8
Kamsarmax | Subsequent Event
Subsequent Event [Line Items]
Number of newbuildings delivered | vessel	1	1
Number of newbuildings acquired | vessel	9	1
Kamsarmax | Sale-Leaseback
Subsequent Event [Line Items]
Debt instrument, face amount								$ 85,000

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