Definition: Payments for long term rental and operational leas...

Category: Transport

Payments for long term rental include all charges arising from the renting of tangible goods for a period greater than one year.

Operational leases are those leases, which do not transfer substantially all the risks and rewards incident to legal ownership to the lessee. Included here will be payments for the operational leasing of goods made available to the enterprise through these contracts, including both the interest payments and the repayment of the principal of the debt.

Note: Within the maritime industry, terms such as "charter party", "voyage charter", "consecutive voyage charter" and "long term charter" are used in this context. http://ec.europa.eu/eurostat/ramon/statmanuals/files/KS-BI-03-002-__-N-EN.pdf