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OPERATING LEASES (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Schedule of payments to be received by maturity | The minimum contractual future revenues to be received on time charters in respect of our vessels as of December 31, 2020, were as follows:
Year ending December 31 |
(in thousands of $) |
2021 | 120,077 |
2022 | 58,696 |
2023 | 21,591 |
2024 | 11,024 |
Total minimum contractual future revenues | 211,388 |
Operating lease income | The components of operating lease income were as follows:
(in thousands of $) | 2020 | 2019
Operating lease income(1) | 186,706 |  | 123,292 |
Variable lease income (2) | 5,175 |  | 18,783 |
Total operating lease income | 191,881 |  | 142,075 |
(1) Total operating lease income is included in the income statement line-item “Time and voyage charter revenues”. During the year ended December 31, 2020, we chartered in an external vessel and recognized $4.6 million of operating lease income. (2) “Variable lease income” is excluded from lease payments that comprise the minimum contractual future revenues from non-cancellable operating leases.
Operating lease costs | The components of operating lease cost were as follows:
(in thousands of $) | 2020 | 2019
Operating lease cost (1) | 8,951 |  | 5,603 |
Variable lease cost (2) | 4,000 |  | 2,983 |
Total operating lease cost | 12,951 |  | 8,586 |
(1) "Operating lease cost" includes short-term lease cost. During the year ended December 31, 2020, we sub-chartered out an external vessel and recognized $3.8 million of operating lease income cost in the income statement line-item "Voyage, charterhire and commission expenses". (2) "Variable lease cost" is excluded from lease payments that comprise the operating lease liability.
Schedule of maturity of operating lease liabilities | The maturity of our lease liabilities is as follows:
Year ending December 31 |
(in thousands of $) |
2021 | 4,821 |
2022 | 2,967 |
2023 | 2,042 |
2024 | 1,581 |
2025 and thereafter | 4,228 |
Total minimum lease payments | 15,639 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121576215&loc=SL77919396-209981 + Details
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- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121576215&loc=SL77919372-209981 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 6A -URI http://asc.fasb.org/extlink&oid=121640914&loc=SL77927221-108306 + Details
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