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RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended
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Jun. 30, 2021
Related Party Transactions [Abstract] |
Schedule of leasing transactions with related party | A summary of leasing transactions with SFL in the six months ended June 30, 2021 and June 30, 2020 are as follows;
(in thousands of $) | 2021 | 2020
Charter hire payable (principal and interest) | 3,942 |  | 4,360 |
Lease interest expense | 2,002 |  | 2,455 |
Contingent rental (income) expense | (1,624) |  | 8,270 |
Remaining lease obligation | 52,444 |  | 59,974 |
Schedule of related party receivables and payables | A summary of net amounts earned from (paid to) related parties in the six months ended June 30, 2021 and June 30, 2020 are as follows:
(in thousands of $) | 2021 | 2020
Seatankers Management Co. Ltd | 1,641 |  | 6,037 |
SFL | 2,668 |  | 2,206 |
Golden Ocean | 2,409 |  | 3,311 |
Flex LNG Ltd | 929 |  | 635 |
Seatankers Management Norway AS | (344) |  | (248) |
Seadrill Limited | 137 |  | 133 |
Archer Limited | 74 |  | 225 |
Alta Trading UK Limited | 1,018 |  | 23,558 |
Avance Gas | 1,207 |  | 335 |
TFG Marine | 386 |  | — |
Other related parties | 90 |  | 76 |
Amounts earned from related parties comprise office rental income, technical and commercial management fees, newbuilding supervision fees, freights, corporate and administrative services income and interest income. Amounts paid to related parties comprise primarily rental for office space and the provision of other administrative services and guarantee fees. Related party balances A summary of balances due from related parties as of June 30, 2021 and December 31, 2020 is as follows:
(in thousands of $) | 2021 | 2020
SFL | 3,549 |  | 4,835 |
Seatankers Management Co. Ltd | 4,722 |  | 3,578 |
Archer Limited | 43 |  | 88 |
Alta Trading UK Limited | — |  | 1,263 |
Golden Ocean | 4,240 |  | 2,336 |
Seadrill Limited | 501 |  | 25 |
Flex LNG Ltd | 356 |  | 366 |
Avance Gas | 842 |  | 540 |
TFG Marine | 183 |  | 16 |
Other related parties | 193 |  | 208 |
| 14,629 |  | 13,255 |
A summary of balances due to related parties as of June 30, 2021 and December 31, 2020 is as follows:
(in thousands of $) | 2021 | 2020
SFL | 5,857 |  | 8,978 |
Seatankers Management Co. Ltd | 5,573 |  | 3,147 |
Avance Gas | 723 |  | 176 |
Flex LNG Ltd | 491 |  | 143 |
Golden Ocean | 2,594 |  | 2,040 |
TFG Marine | 14,021 |  | 5,369 |
| 29,259 |  | 19,853 |

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- Definition A tabular disclosure of leasing transactions with a related party with the company. + References No definition available. + Details
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- References No definition available. + Details
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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