XML 25 R18.htm IDEA: XBRL DOCUMENT
v3.21.2

VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET | 6 Months Ended
--- | ---
Jun. 30, 2021
Leases [Abstract] |
VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET | VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET As of June 30, 2021, the Company leased in two vessels on long-term time charter from SFL (December 2020: two vessels) which are classified as finance leases.
(in thousands of $) | Cost | Accumulated Depreciation | Net Carrying Value
Balance at December 31, 2020 | 103,888 |  | (50,370) |  | 53,518 |
Depreciation | — |  | (4,283) |  | — |
Balance at June 30, 2021 | 103,888 |  | (54,653) |  | 49,235 |
The outstanding obligations under finance leases as of June 30, 2021 are payable as follows:
(in thousands of $) |  |  |
Year 1 |  | 10,946 |  |
Year 2 |  | 11,705 |  |
Year 3 |  | 11,737 |  |
Year 4 |  | 10,946 |  |
Year 5 |  | 11,706 |  |
Thereafter |  | 7,512 |  |
Minimum lease payments |  | 64,552 |  |
Less: imputed interest |  | (12,108) |  |
Present value of obligations under finance leases |  | 52,444 |  |
The outstanding obligations under finance leases as of December 31, 2020 are payable as follows:
(in thousands of $) |  |
2021 |  | 11,705 |
2022 |  | 10,946 |
2023 |  | 11,705 |
2024 |  | 10,978 |
2025 |  | 11,705 |
Thereafter |  | 13,347 |
Minimum lease payments |  | 70,386 |
Less: imputed interest |  | (14,109) |
Present value of obligations under finance leases |  | 56,277 |
The Company recognized the following income (expenses) in relation to the amortization of finance lease assets and obligations in the six months ended June 30, 2021 and June 30, 2020:
(in thousands of $) | June 30, 2021 | June 30, 2020
Depreciation of vessels under finance leases | (4,283) |  | (7,282) |
Interest expense on obligations under finance leases | (2,002) |  | (4,833) |
Contingent rental income (expense) | 1,624 |  | (8,270) |
Gain on termination of vessel lease | — |  | 7,409 |
Total finance lease expense, net | (4,661) |  | (12,976) |
The remaining periods on these leases as of June 30, 2021 was approximately six years (December 31, 2020: six years). The weighted average discount rate in relation to the vessels leased from SFL is 7.5%.

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

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration