XML 37 R18.htm IDEA: XBRL DOCUMENT
v3.25.1

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS | 12 Months Ended
--- | ---
Dec. 31, 2024
Component of Operating Income [Abstract] |
GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS | GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS The Company has recorded gains on sale of assets as follows:
| Year ended December 31,
(in thousands of $) | 2024 |  | 2023 |  | 2022
Gain on sale of vessels and rig | 5,374 |  |  | 18,670 |  |  | 13,228 |
During the year ended December 31, 2024, the 1,700 twenty-foot equivalent unit (“TEU”) container vessel Green Ace was sold and delivered to an unrelated third party. The Company received net sale proceeds of $10.8 million and recorded a gain of $5.4 million on the disposal. Also, during the year ended December 31, 2024, the two 5,800 TEU container vessels MSC Margarita and MSC Vidhi, which were previously accounted for as investments in sales type leases, were sold to unrelated third parties. The Company received net sale procee ds of $12.0 million and recorded a loss of $17.0 thousand on th eir disposal. During the year ended December 31, 2023, the very large crude carrier (“VLCC”) Landbridge Wisdom, which was previously accounted for as an investment in leaseback asset, was sold and delivered to Landbridge following exercise of the applicable purchase option in the charter contract. The Company received net sale proceeds of $52.0 million and recorded a gain of $2.2 million on the disposal. During the year ended December 31, 2023, the two Suezmax tankers, Glorycrown and Everbright, which were trading in the spot market, were sold to an unrelated third party. The Company received net sale proceeds of $84.9 million and recorded a gain of $16.4 million on the disposal. Also, during the year ended December 31, 2023, the two chemical tankers, SFL Weser and SFL Elbe, which were trading in the spot market, were sold to an unrelated third party. The Company received net sale proceeds of $19.4 million and recorded a gain of $30.0 thousand on the disposal. The Company recorded an impairment loss of $7.4 million prior to the disposal. During the year ended December 31, 2022, the two VLCCs, Front Energy and Front Force, which were previously accounted for as direct financing leases, were sold to an unrelated third party. A gain of $1.5 million was recorded on the disposal of the vessels. The Company received net sale proceeds of $65.4 million and an additional compensation payment of $4.5 million from Frontline Shipping for the early termination of the corresponding charters. (See Note 25: Related Party Transactions). Also during the year ended December 31, 2022, the 1,700 TEU container vessel, MSC Alice, which was previously accounted for as a sales-type lease, was sold and delivered to Mediterranean Shipping Company S.A. and its affiliate Conglomerate Shipping Ltd. (collectively “MSC”) following execution of the applicable purchase obligation in the charter contract. The Company received proceeds totaling $13.5 million and recognized a net gain of $11.7 million on the disposal.

X
- References No definition available. + Details
Name: | us-gaap_OtherIncomeAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for other operating income and other operating expense items. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(d)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 + Details
Name: | us-gaap_OtherOperatingIncomeAndExpenseTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration