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OPERATING LEASES (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Operating lease income | The components of operating lease income were as follows:
| Year ended December 31,
(in thousands of $) | 2024 | 2023 | 2022
Operating lease income | 9,597 |  | 16,843 |  | 8,857 |
Variable lease income (1) | 2,749 |  | 1,082 |  | 828 |
Total operating lease income (2) | 12,346 |  | 17,925 |  | 9,685 |
(1) “Variable lease income” is excluded from lease payments that comprise the minimum contractual future revenues from non-cancellable operating leases. (2) Total operating lease income is presented in the consolidated statement of operations line item “Time and voyage charter revenues”.
Operating lease costs | The components of operating lease cost were as follows:
| Year ended December 31,
(in thousands of $) | 2024 | 2023 | 2022
Operating lease cost | 1,675 |  | 2,335 |  | 4,160 |
Variable lease cost (1) | 463 |  | 309 |  | 1,479 |
Total operating lease cost (2) | 2,138 |  | 2,644 |  | 5,639 |
(1) “Variable lease cost” is excluded from lease payments that comprise the operating lease liability. (2) Total operating lease cost is included in the consolidated statement of operations line-items “Vessel operating expenses” and “Administrative expenses”.
Schedule of maturity of operating lease liabilities | The maturity of our lease liabilities is as follows:
Year ending December 31 |
(in thousands of $) |
2025 | 1,534 |
2026 | 1,620 |
2027 | 1,718 |
2028 | 797 |
2029 and thereafter | 1,041 |
Total minimum lease payments | 6,710 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + 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 -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-6A + Details
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