SFL Adds Two More Bulk Carriers

Ship Finance International Limited has reached an agreement to acquire two 82,000 dwt Kamsarmax dry-bulk carriers built in 2012, in combination with long-term time-charters to a state-owned Chinese charterer.

ILLUSTRATION

The vessels are expected to be delivered to SFL within the next two months, and the aggregate annual EBITDA contribution from the vessels is estimated to approximately $7 million on average during the 8-year charter period.

The company also announced long-term time-charters for four 8,700 teu newbuilding container vessels, currently under construction in Korea.

The charterer will be a large, European-based container line, and the charter period will be seven years from delivery of each vessel. The estimated annual EBITDA contribution from the vessels is approximately $46 million in aggregate.

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: “The container vessels under construction are currently ahead of schedule, and the charter-rate is reflective of the very high specifications including the latest in eco-design features.”

Press Release, May 23, 2014; Image: SFL

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