VESSELS UNDER CAPITAL LEASE, NET (Tables)

12 Months Ended

Dec. 31, 2011

VESSELS UNDER CAPITAL LEASE, NET [Abstract]

Book value of vessels under capital lease

(in thousands of $)	2011			2010
Cost		2,073,779			2,314,915
Accumulated depreciation		(1,051,607	)		(887,389	)
Net book value at end of year		1,022,172			1,427,526

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,
2012	117,558
2013	115,435
2014	114,311
2015	147,155
2016	143,964
Thereafter	804,029
Minimum lease payments	1,442,452
Less: imputed interest	(429,216	)
Present value of obligations under capital leases	1,013,236

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, 2011:

(in thousands of $)	2011		2010		2009
Exercise of purchase option		56,090		-		-
Repayments of principal obligations under capital leases		56,113		20,579		35,215
Interest expense for capital leases		11,248		14,862		27,202