XML 27 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2018
SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Effect on Condensed Consolidated Balance Sheet, Statement of Operations, and Cash Flow Statement
The effects of the adoption of ASC 606 Revenue from Contracts with Customers has resulted in the following changes to our condensed consolidated balance sheet, condensed consolidated statement of operations and condensed consolidated statement of cash flows for the nine-months period ended September 30, 2018:

Effect on the condensed consolidated balance sheet
 
In thousands of USD
 
As reported
  
Adjustments
  
Amounts before ASC606
adoption
 
ASSETS
         
Total Current assets
  
110,235
   
2,964

  
113,199

Voyages in Progress
   15,808    3,731    19,539 
Prepaid expenses
   3,381    (767)
   2,614 
Total Non-Current assets
  
959,920
   
0
   
959,920
 
TOTAL ASSETS
  
1,070,155
    2,964    1,073,119 
 
EQUITY AND LIABILITIES
            
Total shareholders’ equity
  
614,020
   
2,456

  
616,476

Total Current liabilities
  
25,695
   
508

  
26,203

Accrued Voyage Expenses
   6,996    508    7,504 
Total Non-Current liabilities
  
430,440
   
0
   
430,440
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
  
1,070,155
    2,964    1,073,119 

Effect on the condensed consolidated statement of operations
 
In thousands of USD
 
As reported
  
Adjustments
  
Amounts before ASC606
adoption
 
Voyage Revenues
  
202,852
   
(1,561
)
  
204,413
 
Voyage Expenses
  
(123,042
)
  
(55
)
  
(122,987
)
Net Operating (Loss) Income
  
(44,017
)
  
(1,616
)
  
(42,401
)
Net (Loss)/Income*
  
(84,840
)
  
(1,616
)
  
(83,224
)
Total Comprehensive (Loss)/Income
  
(84,750
)
  
(1,616
)
  
(83,134
)
* Basic (Loss)/Earnings per Share is impacted by $(0.01)

Effect on the condensed cash flow statement
 
In thousands of USD
 
As reported
  
Adjustments
  
Amounts before ASC606
adoption
 
Net (Loss) Income
  
(84,840
)
  
(1,616
)
  
(83,224
)
Voyages in Progress
  
(5,792
)
  
1,561
 
  
(4,231
)
Prepaid Expenses and Other Current Assets
  
1,057

  
(109
)
  
(948
)
Accounts Payable and Accrued Liabilities
  
(4,238
)
  
164

  
(4,074
)
Net Cash (Used)/Provided by Operating Activities
  
(25,408
)
  
-

  
(25,408
)