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OPERATING LEASES (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021, were as follows:
Year ending December 31
(in thousands of $) 
2022173,829 
202355,785 
202434,322 
202522,174 
2026 and thereafter22,807 
Total minimum contractual future revenues308,917 
Operating lease income
The components of operating lease income were as follows:
(in thousands of $)202120202019
Operating lease income(1)
185,318 186,706 123,292 
Variable lease income (1) (2)
17,650 5,175 18,783 
Total operating lease income202,968 191,881 142,075 

(1) “Total operating lease income” is included in the income statement line-item “Time and voyage charter revenues”. During the year ended December 31, 2021 and 2020, we chartered in an external vessel and recognized $0.9 million and $4.6 million of operating lease income, respectively and $2.6 million of variable lease income for the year ended December 31, 2021. No similar external vessel was chartered for the year ended December 31, 2019.
(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 $)202120202019
Operating lease cost (1)
9,628 8,951 5,603 
Variable lease cost (2)
1,621 4,000 2,983 
Total operating lease cost11,249 12,951 8,586 

(1) “Operating lease cost” includes short-term lease cost. During the year ended December 31, 2021 and 2020, we sub-chartered out an external vessel and recognized $3.0 million and $3.8 million of cost respectively, presented in the income statement line-item “Voyage, charterhire and commission expense”. No similar external vessel was chartered for the year ended December 31, 2019.
(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 $) 
20223,838 
20232,051 
20241,589 
20251,725 
2026 and thereafter2,528 
Total minimum lease payments11,731