SFL acquires three 9,000 teu newbuilds

Ship Finance International Limited has announced a new agreement to acquire three containerships from an unrelated third party.
SFL acquires three 9,000 teu newbuilds

The 9,000 teu vessels are currently under construction and are expected to be delivered to Ship Finance between the fourth quarter of 2015 and the first quarter of 2016, subject to customary closing conditions and approval by the charterer.

The vessels have similar technical specifications as the company's recently delivered 8,700 teu container vessels, with the latest in eco-design features giving them a very competitive operational performance.

The vessels have been chartered out for a minimum period of five years to a leading European-based container line, with options to extend the charter period by up to two years. Our charter backlog will increase by approximately $200 million and the aggregate annual EBITDA contribution from the vessels is estimated to more than $30 million on average during the five-year firm period of the charter. The company will arrange financing for the vessels in due course.

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a statement: "We are very pleased to further grow our presence in the containership segment with these state-of-the-art vessels, and at the same time expand our chartering counterparties with one of the leading container lines. Our charter backlog and long-term distribution capacity is building in an accretive manner, and there is still significant capacity for more investments without raising additional equity capital."

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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