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OPERATING LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
OPERATING LEASES | OPERATING LEASES Rental income The minimum future revenues to be received under the Company's non-cancelable operating leases on its vessels as of December 31, 2024, are as follows:
Year ending December 31, | (in thousands of $)
2025 | 581,211 |
2026 | 516,070 |
2027 | 396,014 |
2028 | 357,829 |
2029 | 242,801 |
Thereafter | 216,654 |
Total minimum lease revenues | 2,310,579 |
The minimum future revenues above are based on payments receivable from the charterers and do not include contingent rental income. Revenues included in income are recognized on a straight-line basis. Contingent rental income The Company receives contingent income as part of the agreement for the installation of scrubbers on seven container vessels and one car carrier (December 31, 2023: seven container vessels and one car carrier), which are on time charter contracts, accounted for as operating leases, based on the cost savings achieved by the charterer on fuel arising from using the scrubbers. During the year ended December 31, 2024, the Company recorded an income of $10.3 million in connection with the cost savings agreement (December 31, 2023: $13.2 million, December 31, 2022: $24.8 million). The cost and accumulated depreciation of owned vessels leased to third parties on non-cancelable operating leases as of December 31, 2024 and 2023 were as follows:
(in thousands of $) | 2024 |  | 2023
Cost | 3,504,570 |  |  | 3,258,451 |
Accumulated depreciation | (717,919) |  |  | (808,414) |
Total | 2,786,651 |  |  | 2,450,037 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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