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FINANCE LEASE LIABILITY | 12 Months Ended
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Dec. 31, 2024
Other Liabilities Disclosure [Abstract] |
FINANCE LEASE LIABILITY | FINANCE LEASE LIABILITY
(in thousands of $) | 2024 |  | 2023
Finance lease liability, current portion | — |  |  | 419,341 |
Total finance lease liabilities | — |  |  | 419,341 |
In 2018, the Company acquired seven container vessels, which were subsequently refinanced with an Asian based financial institution by entering into separate sale and leaseback financing arrangements. The vessels were leased back for terms ranging from six to 11 years, with options to purchase the vessel after six years. These sale and leaseback transactions were accounted for as vessels under finance leases. (Refer to Note 15: Vessels under Finance Lease, Net). During the year ended December 31, 2024, the Company exercised purchase options and took redelivery of the seven vessels with associated finance lease liabilities. Term loan facility agreements were signed to refinance the lease liabilities for all vessels. Interest incurred on the finance lease liability in the year ended December 31, 2024 was $14.5 million (December 31, 2023: $21.1 million; December 31, 2022: $23.5 million).

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