VESSELS UNDER CAPITAL LEASE, NET (Tables)

12 Months Ended

Dec. 31, 2017

vessels under capital leases terminated [Line Items]

vessels under capital leases terminated [Table Text Block]

The following table sets forth certain details of vessel lease terminations in the years ended December 31, 2017, December 31, 2016 and December 31, 2015:

(in thousands of $)
Vessel	Year	Termination agreed	Termination date	Termination (payment)/ receipt		Gain/ (loss) on termination
Front Ardenne	2017	July 2017	August 2017	(4,853	)	(5,824	)
Front Scilla	2017	May 2017	June 2017	(6,465	)	(7,341	)
Front Brabant	2017	May 2017	May 2017	(3,578	)	(5,021	)
Front Century	2017	November 2016	March 2017	(4,110	)	20,565
Vessels terminated in 2017				(19,006	)	2,379
Front Vanguard	2016	May 2016	July 2016	(293	)	89
Vessels terminated in 2016				(293	)	89
Front Mindanao	2015	November 2015	December 2015	3,266		—
Vessels terminated in 2015				3,266		—

Schedule of book value of vessels

Movements in the three years ended December 31, 2017 may be summarized as follows:

(in thousands of $)	Cost		Accumulated Depreciation		Net Carrying Value
Balance at December 31, 2014	—		—		—
Acquired upon the Merger	706,219		—		—
Depreciation	—		(11,993	)	—
Balance at December 31, 2015	706,219		(11,993	)	694,226
Impairment loss	(63,958	)	20,478
Lease termination	(34,812	)	8,173
Depreciation	—		(87,674	)
Balance at December 31, 2016	607,449		(71,016	)	536,433
Impairment loss	(187,379	)	4,727
Lease termination	(61,075	)	23,192
Depreciation	—		(64,200	)
Balance at December 31, 2017	358,995		(107,297	)	251,698

Schedule of future minimum lease payments for capital leases

The outstanding obligations under capital leases as of December 31, 2017 are payable as follows:

(in thousands of $)
2018	63,960
2019	58,135
2020	51,679
2021	51,255
2022	44,543
Thereafter	115,846
Minimum lease payments	385,418
Less: imputed interest	(86,402	)
Present value of obligations under capital leases	299,016