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OPERATING LEASES (Tables)
 12 Months Ended
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 $) 
2021120,077 
202258,696 
202321,591 
202411,024 
Total minimum contractual future revenues211,388 
Operating lease income
The components of operating lease income were as follows:
(in thousands of $)20202019
Operating lease income(1)
186,706 123,292 
Variable lease income (2)
5,175 18,783 
Total operating lease income191,881 142,075 

(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 $)20202019
Operating lease cost (1)
8,951 5,603 
Variable lease cost (2)
4,000 2,983 
Total operating lease cost12,951 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 $) 
20214,821 
20222,967 
20232,042 
20241,581 
2025 and thereafter4,228 
Total minimum lease payments15,639