VESSELS UNDER FINANCE LEASE, NET

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

VESSELS UNDER FINANCE LEASE, NET

VESSELS UNDER FINANCE LEASE, NET

Movements in the year ended December 31, 2021 summarized as follows:

(in thousands of $)	Cost	Accumulated Depreciation	Vessels under Finance Lease, net
Balance as of December 31, 2020	777,939	(80,559)	697,380
Depreciation	—	(41,308)	(41,308)
Balance as of December 31, 2021	777,939	(121,867)	656,072

As of December 31, 2021, seven vessels were accounted for as vessels under finance lease, made up of four 14,000 TEU container vessels and three 10,600 TEU container vessels. The vessels are leased back for an original term ranging from six to 11 years, with options to purchase each vessel after six years.

Total depreciation expense for vessels under finance lease amounted to $41.3 million for the year ended December 31, 2021 and is included in depreciation in the consolidated statements of operations. (2020: $40.0 million; 2019: $36.1 million).