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SFL Acquires Eight Capesize Bulkers

Photo of VANGUARD Courtesy Ship Finance International Limited

  Ship Finance International Limited today announced the agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited ("Golden Ocean"). The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia, Golden Zheijang, Golden Future and KSL China and were built in Korea and China between 2009 and 2013. The total acquisition price will be $272 million, or $34 million on average per vessel. The vessels are expected to be delivered to Ship Finance within July 2015, subject to customary closing conditions. The vessels will be chartered on a time-charter basis to a subsidiary of Golden Ocean for a period of 10 years. The daily base charter rate will be $17,600 during the first seven years, and $14,900 thereafter. In addition, there will be a 33% profit share for revenues above the base rate, calculated and paid on a quarterly basis. Our charter backlog will increase by nearly $500 million and aggregate annual EBITDA contribution from the vessels, excluding profit share, is estimated to more than $30 million on average during the first seven years of the charter. Golden Ocean will have a purchase option after year 10, and if such option is not exercised, Ship Finance will have the option to extend the charters by three years.

Ship Finance Posts Third Quarter Results

Ship Finance International Limited announced its preliminary financial results for the quarter ended September 30, 2013, reporting preliminary 3Q 2013 results and quarterly dividend of $0.39 per share Hamilton. Highlights Declares third quarter dividend of $0.39 per share Refinanced $390 million bank debt related to an ultra-deepwater drilling rig Disposal of two older VLCCs Selected key financial data: Three Months Ended:

Drewry Report Examines Investment in Ships

Drewry research highlights a buoyant industry but aims to prevent over-optimism by pointing to previous shipping cycles “Investment in Ships” examines the crucial factors and shipping sectors but advises caution to maintain current growth rates Drewry Shipping Consultants announced that its latest report, “Investment in Ships” is now available to purchase. This independent assessment of all the shipping markets identified that most of the world’s leading shipbuilders are in possession of

Key Maritime Insights Offered at Shanghai Forum

The International Shipping Strategic Development Forum met in Shanghai for wide-ranging discusion on the shipping industry. With high profile support from the Lord Mayor of London David Wooton who opened the forum, the event was attended by 450 and brought together some of the UK’s leading maritime professionals and China’s shipowners and charterers. Key presentations from the forum included: Economic outlook: Standard Chartered China Chief Economist Shen Lan gave a modest

SFL Buys Two Car Carriers, Charters Them Out

Ship Finance International Limited (SFL) acquire two car carriers & both have been chartered out. The Japan-built vessels have a capacity of approximately 6,500 car equivalent units (CEU) and were built in 2005 and 2006, respectively. The vessels will be time chartered to an investment grade logistics company, publicly listed in Asia. The charter period will be five years, adding approximately $85 million to our charter backlog

SFL Sells 1995-built Suezmax Tanker

Ship Finance International Limited (SFL), has agreed to sell the 1995-built Suezmax Front Glory to an unrelated third party. The company has simultaneously agreed to terminate the corresponding charter party for the 20-year old crude oil carrier with a subsidiary of Frontline Ltd. The vessel is expected to be delivered to its new owner at the end of the third quarter, 2015. Net sales price is agreed to approximately $16 million, and Ship Finance will receive a net amount of approximately $13

Independent Online Shipping Exchange Launched

Shipping finance specialist Tufton Oceanic is reportedly launching an independent web-based shipping chartering exchange with a group of e-commerce and investment companies. The exchange, to be called ShipDesk, aims to become the definitive independent chartering exchange, benefiting all market participants, a spokesperson said. ShipDesk, which will go live later this year, has been developed in conjunction with U.S

Cyprus Financial Crisis: Effect on Shipping Interests

Cypriot Transport Minister, Tasos Mitsopoulos, states the nation's shipping registry will not be affected by turmoil in banking sector. The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing, reports Tax-News. Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments

Lloyds to Sell $500m in Shipping Loans

Lloyds Banking Group has reached an agreement to sell $500 million of shipping loans from its remaining ship finance portfolio, finance and banking sources familiar with the matter said on Wednesday. Bank of America and U.S. hedge fund Davidson Kempner Capital Management were expected to buy the loans, one of the sources said. Lloyds, Bank of America and Davidson Kempner all declined to comment. (Reporting by Jonathan Saul and Matt Scuffham; Editing by Pravin

NordLB Back to Profit

Image by NordLB

 Although the crisis is not over in all segments, Germany's second-largest marine lender, Nord LB, said its shipping loan portfolio turned a corner in the first quarter after several years of hefty losses, says a report in Reuters.   The net profit of the company jumped up 70 percent in the first quarter as commission and lending income rose and as a one-off accounting gain boosted results.   NordLB witnessed a turnaround in its shipping unit

Billion-dollar MoU for Shipping Finance

$1 billion Memorandum of Understanding between the Eximbank of China and ING Bank for shipping finance   On October 26, 2015 in the presence of President Xi Jinping and King Willem-Alexander of the Netherlands, ING Bank NV and The Export-Import Bank of China signed a three year Memorandum

Commerzbank Slashes Ship Finance Portfolio

Pic: Commerzbank

 The German lender Commerzbank is making money in tough market as it sheds another $1.2bn of ship loans.   For the first time ever, Commerzbank's shipping portfolio stands at less than EUR 10 billion, according to the third quarter interim report

SFL Sells 1998-built Suezmax Tanker

Mindanao (Photo: SFL)

Ship Finance International Limited (SFL) has agreed to sell the 1998-built Suezmax tanker Mindanao to an undisclosed unrelated third party, simultaneously terminating the corresponding charter party for the 17-year old crude oil carrier with a subsidiary of Frontline Ltd.  

Frontline Reports Strongest 3Q

Frontline has one of the worlds largest fleets of VLCC and Suezmax tankers Credit Frontline

  * Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.

China to be the Top Shipping Nation by 2030

Image:  Shanghai International Shipping Institute

 China’s total international shipping volume will reach 6.2bn tons, which will account for 17% of the world’s shipping volume, says 2030 China Shipping Development Outlook report published by the Shanghai International Shipping Institute.  

Ship Finance Buys Three Boxships

Pic: Ship Finance International Limited

 Ship Finance International Limited has acquired three 9,000 teu capacity container ships that are under construction from an unrelated third party.   The Fredriksen-led company said that the three vessels are currently being constructed to a fuel-efficient design at an undisclosed yard

RBS to Exit Greek Shipping Portfolio

Image: Royal Bank of Scotland Group PLC

 Royal Bank of Scotland Group PLC is winding down its Greek operation and is looking to sell its USD5 billion shipping loans portfolio, Reuters reported on Saturday.   Citing finance sources familiar with the plans, Reuters said the move was part of the UK state-backed bank's efforts

Biggest Spenders of 2015


Online ships data platform has rounded up the top spenders in terms of second hand tonnage for the first half of 2015.   Leading the industry in total amount spent on second hand tonnage so far in 2015 is U.S.-based Gener8 Maritime, who spent roughly $1

GE Shipping Q1 Net Up 45%

Photo: Great Eastern Shipping Company

 India's  largest domestic ship liner Great Eastern Shipping Company today reported a 45 percent jump in its consolidated net profit to Rs 323.67 crore ($50 million) for the quarter ended June 30, on the back of higher income.  

Singapore Shipping Association to Boost Prospects

Image: Singapore Shipping Association

 The Singapore Shipping Association (SSA) has unveiled a slew of plans to boost the prospects of its members amid tough global industry conditions, reports The Straits Times.   The key initiatives include building up the finance capability of shipping firms here by promoting more stock

SSA Names Manpower Issues a Top Priority

Esben Poulsson (Photo: SSA)

Playing an active role and making meaningful contributions to the workings and development of the Tripartite Maritime Manpower Taskforce initiatives for both seafaring and shore-based jobs will be one of the major priorities for the new Singapore Shipping Association (SSA) Council

BIMCO’s Analyst at Singapore Ship Finance Forum

Peter Sand, Chief Shipping Analyst at BIMCO

  Chief Shipping Analyst at BIMCO, Peter Sand will be one of the speakers at the upcoming Marine Money Ship Finance Forum in Singapore. This is the 14th annual forum and it will take place at 22-23 September 2015. Peter Sand will deliver the introductory presentation to the panel discussion

London Tops Xinhua/Baltic Exchange Index for Maritime Services

Image: Gibraltar Port Authority (GPA)

 London has come top of a listing of maritime service centres published by the Baltic Exchange and Xinhua, China’s news agency, whilst Singapore heads the overall list for its combined port and maritime services offering.  

Hapag-Lloyd Secures Financing for Five Newbuilds

The new ships are being built by the South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI). (Photo Hapag-Lloyd)

Container shipper Hapag-Lloyd announced it has signed a 12-year $372 million facility agreement with a banking syndicate to finance the construction of five new vessels ordered from a South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) in April 2015.  

Hong Kong Terminals Mark 200 Million TEU

Professor Anthony Cheung Bing-leung. Photo by Transport and Housing Bureau

 Hutchison Port Holdings' (HPH) Hong Kong assets marked a significant milestone with cumulative throughput of 200 million teu.   Congratulating HPH Trust on this important chapter in the history of Hong Kong’s container port industry

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