INVESTMENT IN FINANCE LEASE

12 Months Ended

Dec. 31, 2013

INVESTMENT IN FINANCE LEASE [Abstract]

INVESTMENT IN FINANCE LEASE

12. INVESTMENT IN FINANCE LEASE

As of December 31, 2013, one of the Company's vessels was accounted for as a sales-type lease (2012: one). The following lists the components of the investment in sales-type lease as at December 31.

(in thousands of $)	2013		2012
Net minimum lease payments receivable	78,452		89,759
Estimated residual values of leased property (unguaranteed)	20,320		20,320
Less: unearned income	(47,398	)	(56,549	)
Total investment in sales-type lease	51,374		53,530
Current portion	2,555		2,156
Long-term portion	48,819		51,374
	51,374		53,530

The minimum future gross revenues to be received under the Company's non-cancellable sales-type lease as of December 31, 2013 are as follows:

(in thousands of $)
2014	11,307
2015	11,307
2016	11,338
2017	11,307
2018	11,307
Thereafter	21,886
Total minimum lease revenues	78,452

The counterparty to the lease is a state-owned oil company which the Company has deemed to have a low credit risk.