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VESSELS UNDER FINANCE LEASE, NET (Tables)
 12 Months Ended
Dec. 31, 2019
Leases, Capital [Abstract]  
Schedule of Book Value of Leased Assets
Movements in the three years ended December 31, 2019 are summarized as follows:

(in thousands of $)
 
Cost

 
Accumulated Depreciation

 
Net Carrying Value

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

Lease termination
 
(218,494
)
 
83,601

 
 
Depreciation
 
—

 
(26,129
)
 
 
Balance at December 31, 2018
 
140,501

 
(49,825
)
 
90,676

Additions
 
343,564

 
—

 
 
Depreciation
 
—

 
(15,850
)
 
 
Balance at December 31, 2019
 
484,065

 
(65,675
)
 
418,390
Schedule of Finance Lease Maturities
The outstanding obligations under finance leases as of December 31, 2019 are payable as follows: 
(in thousands of $)
 
 
2020
 
291,964

2021
 
17,557

2022
 
16,419

2023
 
17,557

2024
 
16,468

Thereafter
 
25,920

Minimum lease payments
 
385,885

Less: imputed interest
 
(25,975
)
Present value of obligations under finance leases
 
359,910
Vessels Under Terminated Finance Leases
The following table sets forth certain details of vessel lease terminations in the years ended December 31, 2018 and December 31, 2017. There were no lease terminations in the year ended December 31, 2019:
(in thousands of $)
 
 
 
 
 
 
 
 
 
 
Vessel
 
Year
 
Termination agreed
 
Termination date
 
Termination (payment)/ receipt
 
Gain/ (loss) on termination
 
 
 
 
 
 
 
 
 
 
 
Front Circassia
 
2018
 
February 2018
 
February 2018
 
(8,891
)
 
(5,811
)
Front Page
 
2018
 
June 2018
 
July 2018
 
(3,375
)
 
2,638

Front Stratus
 
2018
 
June 2018
 
August 2018
 
(3,375
)
 
2,144

Front Serenade
 
2018
 
June 2018
 
September 2018
 
(3,375
)
 
2,426

Front Ariake
 
2018
 
October 2018
 
October 2018
 
(3,375
)
 
3,523

Front Falcon
 
2018
 
November 2018
 
December 2018
 
—

 
5,404

Vessels terminated in 2018
 
 
 
 
 
 
 
(22,391
)
 
10,324

 
 
 
 
 
 
 
 
 
 
 
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