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VESSELS AND EQUIPMENT UNDER FINANCE LEASE, NET (Tables)
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Schedule of Finance Leased Assets
(in thousands of $)CostAccumulated DepreciationNet Carrying Value
Balance at December 31, 2020103,888 (50,370)53,518 
Depreciation— (4,283)— 
Balance at June 30, 2021103,888 (54,653)49,235 
Maturities of Finance Leases
The outstanding obligations under finance leases as of June 30, 2021 are payable as follows: 
(in thousands of $) 
Year 110,946 
Year 211,705 
Year 311,737 
Year 410,946 
Year 511,706 
Thereafter7,512 
Minimum lease payments64,552 
Less: imputed interest(12,108)
Present value of obligations under finance leases52,444 

The outstanding obligations under finance leases as of December 31, 2020 are payable as follows: 
(in thousands of $) 
202111,705 
202210,946 
202311,705 
202410,978 
202511,705 
Thereafter13,347 
Minimum lease payments70,386 
Less: imputed interest(14,109)
Present value of obligations under finance leases56,277 
Lease Cost
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, 2021June 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)