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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2018
SUMMARY OF 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 has resulted in the following changes to our Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statement of Cash Flows for the twelve-months period ended December 31, 2018:
Effect on the Consolidated Balance sheets |
In thousands of USD |  | As reported |  |  | Adjustments |  |  | Amounts before ASC606 adoption |
ASSETS |  |  |  |  |  |  |  |  |
Total Current Assets |  |  | 112,945 |  |  |  | 6,991 |  |  |  | 119,936 |
Voyages in Progress |  |  | 15,075 |  |  |  | 8,111 |  |  |  | 23,186 |
Prepaid Expenses |  |  | 3,830 |  |  |  | (1,120 | ) |  |  | 2,710 |
Total Non-Current Assets |  |  | 958,166 |  |  |  | 0 |  |  |  | 958,166 |
TOTAL ASSETS |  |  | 1,071,111 |  |  |  | 6,991 |  |  |  | 1,078,102 |
EQUITY AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Total Shareholders’ Equity |  |  | 602,031 |  |  |  | 6,265 |  |  |  | 608,296 |
Total Current Liabilities |  |  | 36,290 |  |  |  | 726 |  |  |  | 37,016 |
Accrued Voyage Expenses |  |  | 5,063 |  |  |  | 726 |  |  |  | 5,789 |
Total Non-Current Liabilities |  |  | 432,790 |  |  |  | 0 |  |  |  | 432,790 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  | 1,071,111 |  |  |  | 6,991 |  |  |  | 1,078,102 |
Effect on the Consolidated Statements of Operations |
In thousands of USD |  | As reported |  |  | Adjustments |  |  | Amounts before ASC606 adoption |
Voyage Revenues |  |  | 289,016 |  |  |  | 2,819 |  |  |  | 291,835 |
Voyage Expenses |  |  | (165,012 | ) |  |  | (627 | ) |  |  | (165,639 | )
Net Operating Loss |  |  | (38,616 | ) |  |  | 2,193 |  |  |  | (36,423 | )
Net Loss * |  |  | (95,306 | ) |  |  | 2,193 |  |  |  | (93,113 | )
Total Comprehensive Loss |  |  | (95,438 | ) |  |  | 2,193 |  |  |  | (93,245 | )
* Basic Loss per Share is impacted by $(0.02) from implementation of ASC 606 Revenue from Contracts with Customers
Effect on the Consolidated Statement of Cash Flows |
In thousands of USD |  | As reported |  |  | Adjustments |  |  | Amounts before ASC606 adoption |
Net Loss |  |  | (95,306 | ) |  |  | 2,193 |  |  |  | (93,113 | )
Voyages in Progress |  |  | (5,059 | ) |  |  | (2,819 | ) |  |  | (7,879 | )
Prepaid Expenses and Other Current Assets |  |  | 1,837 |  |  |  | 503 |  |  |  | 2,340 |
Accounts Payable and Accrued Liabilities |  |  | (7,112 | ) |  |  | 124 |  |  |  | (6,988 | )
Net Cash (Used In)/Provided by Operating Activities |  |  | (16,103 | ) |  |  | - |  |  |  | (16,103 | )

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