SFL Buys Seven Container Vessels

Ship Finance International Limited (SFL) has agreed to acquire seven 4,100 teu container vessels built in 2002 in combination with long-term charters to a leading container line operator.

The vessels are expected to be delivered to SFL over the course of the next few weeks, and the annual EBITDA contribution is estimated to be approximately $10 million on average during the charter period. The charters include a purchase option with profit share after approximately 5.4 years on average.

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: “This transaction originates from the German KG market, and while the exact terms of the deal is confidential, the acquisition price is seen as very attractive. We have monitored the German market closely after the financial crisis that started in 2008/2009, but there have been relatively few transactions so far where we have seen a combination of quality assets, attractive prices and long-term chartering opportunities.”

SFL, March 3, 2014

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