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OPERATING LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
OPERATING LEASES OPERATING LEASES
 
Rental income
 
The minimum future revenues to be received under the Company's non-cancelable operating leases on its vessels as of December 31, 2024, are as follows: 
Year ending December 31,(in thousands of $)
2025581,211 
2026516,070 
2027396,014 
2028357,829 
2029242,801 
Thereafter216,654 
Total minimum lease revenues2,310,579 

The minimum future revenues above are based on payments receivable from the charterers and do not include contingent rental income. Revenues included in income are recognized on a straight-line basis.

Contingent rental income

The Company receives contingent income as part of the agreement for the installation of scrubbers on seven container vessels and one car carrier (December 31, 2023: seven container vessels and one car carrier), which are on time charter contracts, accounted for as operating leases, based on the cost savings achieved by the charterer on fuel arising from using the scrubbers. During the year ended December 31, 2024, the Company recorded an income of $10.3 million in connection with the cost savings agreement (December 31, 2023: $13.2 million, December 31, 2022: $24.8 million).

The cost and accumulated depreciation of owned vessels leased to third parties on non-cancelable operating leases as of December 31, 2024 and 2023 were as follows:

(in thousands of $)20242023
Cost3,504,570 3,258,451 
Accumulated depreciation(717,919)(808,414)
Total2,786,651 2,450,037