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OPERATING REVENUES
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
OPERATING REVENUES OPERATING REVENUES
The following table shows the revenues earned from time charters, voyage charters and other revenues for the year ended December 31, 2021, 2020 and 2019:
(in thousands of $)202120202019
Time charter revenues603,959 235,673 299,946 
Voyage charter revenues597,812 370,130 404,184 
Other revenues1,410 2,140 1,669 
Total operating revenues1,203,181 607,943 705,799 

In 2021, 2020 and 2019, we recognized a total of $49.1 million, $16.6 million and $26.8 million, respectively, in demurrage which is included under voyage charter revenues. Most of our voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we, as the shipowner, retain control over the operations of the vessel such as directing the routes taken or the vessel speed. However, some of our voyage charter contracts could be considered to contain a lease. A voyage charter contains a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. When a lessor, we have elected the practical expedient for our time charter contracts and voyage charter contracts that qualify as leases to not separate the non-lease component, or service element, from the lease. Furthermore, ASC 842 requires us to account for the combined component in accordance with ASC 606 revenues from contracts with customers if the non-lease components are the predominant components. Under this guidance we have assessed that the lease components were the predominant component for all of our time charter contracts. Furthermore, for certain of our voyage charter contracts the lease components were the predominant components.

For the year ended December 31, 2021 the split between lease and non-lease component was as follows:
(in thousands of $)LeaseNon-leaseTotal
Time charter revenues603,959 — 603,959 
Voyage charter revenues192,895 404,917 597,812 
Other revenues— 1,410 1,410 
Total operating revenues796,854 406,327 1,203,181 

For the year ended December 31, 2020 the split between lease and non-lease component was as follows:
(in thousands of $)LeaseNon-leaseTotal
Time charter revenues235,673 — 235,673 
Voyage charter revenues26,111 344,019 370,130 
Other revenues— 2,140 2,140 
Total operating revenues261,784 346,159 607,943 


Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $20.2 million of contract assets were capitalized in the year ended December 31, 2021 under "Other current assets", of which $17.0 million was amortized up to December 31, 2021, leaving a remaining balance of $3.2 million. In 2021, $3.2 million of contract assets were amortized in relation to voyages in progress at the end of December 31, 2020.

$16.5 million of contract assets were capitalized in the year ended December 31, 2020 under "Other current assets", of which $13.3 million was amortized up to December 31, 2020, leaving a remaining balance of $3.2 million. $5.9 million of contract assets were amortized in 2020 in relation to voyages in progress at the end of December 31, 2019. In 2019, we amortized an aggregate of $22.0 million of capitalized voyage expenses, or contract assets classified as other current assets.

No impairment losses related to capitalized fulfillment costs were recognized in any of the periods.

As of December 31, we reported trade accounts receivable and the following contract assets in relation to our contracts with customers, including contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606:
(in thousands of $)20212020
Voyages in progress (contract assets)14,476 13,105 
Trade accounts receivable15,916 14,774 
Other current assets (capitalized fulfillment costs)3,249 3,233 
Total33,641 31,112 

As of December 31, 2021, we recorded $20.0 million (2020: $15.9 million) in total deferred charter revenue for consideration received or unearned revenue related to ongoing voyages at period end. In 2021, we recognized $15.9 million in revenue, which was deferred as at December 31, 2020, as the performance obligations were met. Credit loss allowance as of December 31, 2021 relating to the contract assets above amounted to $0.1 million. No impairment losses were recognized as of December 31, 2021.

Total revenues for 2021, 2020 and 2019 relating to our owned vessels that were under the CCL RSA or arrangements where we are considered the principal were $378.7 million, $264.1 million and $263.5 million, respectively. In addition to these amounts, we retained or paid a net pro/contra amount based on a net settlement of our relative share of the pool results. The net pro/contra amounts relating to the pool arrangements where we were considered the principal were net negative $2.0 million, and $1.2 million for 2019, and positive $3.0 million for 2020. These amounts are presented under the line item “other operating income (expenses), net”.

Total lease revenues for 2021, 2020 and 2019 relating to our owned Supramax vessels that were under the C Transport Holding Ltd ("CTM") RSA and which have been accounted for as operating leases were $17.3 million, $8.6 million and $11.9 million, respectively.