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OPERATING LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Operating lease income
The components of operating lease income were as follows:
Year ended December 31,
(in thousands of $)202420232022
Operating lease income9,597 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 $)202420232022
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 $) 
20251,534 
20261,620 
20271,718 
2028797 
2029 and thereafter1,041 
Total minimum lease payments6,710