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RELATED PARTY TRANSACTIONS | 6 Months Ended
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Jun. 30, 2024
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Condensed Consolidated Balance Sheets include the following amounts due from and to related parties and associated companies.
(in thousands of $) | June 30, 2024 |  | December 31, 2023
Amounts due from: |  |  |
Frontline plc | 4,337 |  |  | 2,907 |
Seatankers | 388 |  |  | 411 |
Golden Ocean | 3,750 |  |  | — |
Sloane Square Capital | — |  |  | 201 |
NorAm Drilling | 70 |  |  | 24 |
River Box* | 92 |  |  | 11 |
Other related parties | 4 |  |  | 2 |
Allowance for expected credit losses | (11) |  |  | (24) |
Total amount due from related parties | 8,630 |  |  | 3,532 |
Loans to related parties - associated companies, long-term |  |  |
River Box* | 45,000 |  |  | 45,000 |
Total loans to related parties - associated companies, long-term | 45,000 |  |  | 45,000 |
Amounts due to: |  |  |
Frontline Shipping | 1,041 |  |  | 2,813 |
Golden Ocean | 110 |  |  | 57 |
Seatankers | 30 |  |  | — |
Front Ocean | 14 |  |  | — |
Other related parties | 4 |  |  | 20 |
Total amount due to related parties | 1,199 |  |  | 2,890 |
* River Box holds investments in direct financing leases, through its subsidiaries, related to the 19,200 TEU and 19,400 TEU containerships MSC Anna, MSC Viviana, MSC Erica and MSC Reef. The Company holds 49.9% ownership in River Box using the equity method. The remaining 50.1% of the shares of River Box are held by a subsidiary of Hemen Holding Ltd ("Hemen"), the Company’s largest shareholder and a related party. Related party leasing and service contracts The Company’s most significant transactions are with Golden Ocean Group Limited (“Golden Ocean”) to whom the Company leases eight vessels. During the six months ended June 30, 2024, the Company received operating lease income of $27.4 million (six months ended June 30, 2023: $27.2 million) and paid vessels management fees of $10.2 million (six months ended June 30, 2023: $10.1 million). Other related party service contracts include payments to Front Ocean Management AS and Front Ocean Management Ltd., Seatankers Management Norway AS and Seatankers Management Co. Ltd., Frontline Management AS and Frontline (Management) Cyprus Limited for office facilities, administration service fees, newbuilding supervision fees and vessel management fees. Related parties – associated companies The Company granted a $45.0 million non-amortizing loan to River Box which is a fixed interest rate loan and is repayable in full on November 16, 2033 or earlier if River Box sells its assets. During the six months ended June 30, 2024, the Company received interest income of $2.3 million (six months ended June 30, 2023: $2.3 million). Other related party transactions During the six months ended June 30, 2024, the Company entered into agreements to acquire three LR2 product tankers under construction from entities related to the Company’s largest shareholder, Hemen, for an aggregate amount of $231.0 million. One of the vessels was delivered in June 2024 and commenced a long term charter to a third party. At June 30, 2024, the Company had paid approximately $92.4 million in relation to the vessel delivery and deposits on the remaining two vessels. During the six months ended June 30, 2024, the Company received dividend income of $0.3 million from NorAm Drilling (six months ended June 30, 2023: $0.8 million).

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/850/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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