9. LEASES

The Company has operating leases for vessels, containers, equipment, office and warehouse space and terminal facilities for periods of 1 to 50 years, expiring between 2014 and 2036. Rent expense under operating leases totaled $58.2 million in 2013, $52.3 million in 2012 and $49.6 million in 2011, which includes volume-based terminal rent. Additionally, rent expense for short-term and cancelable equipment rentals was $20.5 million, $17.8 million and $38.4 million in 2013, 2012, and 2011, respectively. Management expects that in the normal course of business most operating leases will be renewed or replaced by other similar leases.

Future minimum payments under operating leases as of December 31, 2013 were as follows (in millions):

	Total Operating
Year	Leases
2014	$	22.0
2015	18.1
2016	11.9
2017	8.0
2018	2.8
Thereafter	7.1
Total minimum lease payments	$	69.9

In addition to the future minimum lease payments above, the Company’s operating lease for terminal facilities in Honolulu includes a minimum annual commitment, which is calculated by the lessor based on capital improvements by the lessor and an allocation of lessor operating expenses. The Company’s payments of volume-based charges to the lessor must meet or exceed the minimum annual commitment. The Company’s volume-based payments to the lessor were $35.6 million in 2013, $31.7 million in 2012, and $26.5 million in 2011, which exceeded the minimum annual commitment.