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VESSELS UNDER CAPITAL LEASE, NET (Tables)
 12 Months Ended
Dec. 31, 2013
Leases, Capital [Abstract]  
Book value of vessels under capital lease [Table Text Block]

(in thousands of $)
Cost

Accumulated Depreciation

Net Carrying Value

Balance at December 31, 2010
2,314,915

(887,389
)
1,427,526

Disposals
(153,136
)
87,678

 
Transfers to vessels and equipment
(88,000
)
34,267

 
Lease modification
—

(156,310
)
 
Depreciation
—

(129,853
)
 
Balance at December 31, 2011
2,073,779

(1,051,607
)
1,022,172

Disposals
(110,625
)
100,806

 
Impairment loss
(32,042
)
—

 
Lease modification
9,115

—

 
Depreciation
—

(96,337
)
 
Balance at December 31, 2012
1,940,227

(1,047,138
)
893,089

Disposals
(159,016
)
155,848

 
Impairment loss
(153,508
)
49,784

 
Depreciation
—

(81,389
)
 
Balance at December 31, 2013
1,627,703

(922,895
)
704,808
Schedule of future minimum lease payments for capital leases
The outstanding obligations under capital leases are payable as follows: 
(in thousands of $)
 
Year ending December 31,
 
2014
95,663

2015
94,373

2016
158,300

2017
121,442

2018
115,283

Thereafter
474,621

Minimum lease payments
1,059,682

Less: imputed interest
(270,334
)
Present value of obligations under capital leases
789,348
Summary of company activity with non consolidated lessor entities
The following table discloses information about the Company's activity with these non-consolidated lessor entities in the three year period ended December 31, 2013:
(in thousands of $)
2013

 
2012

 
2011

Exercise of purchase option
—

 
—

 
56,090

Repayments of principal obligations under capital leases
12,260

 
11,665

 
56,113

Contingent rental (income) expense
(7,761
)
 
2,436

 
—

Interest expense for capital leases
5,389

 
6,301

 
11,248

Deferred lease obligation
—

 
3,795

 
—