SFL Acquires Containership

Monday, July 16, 2007
Ship Finance International Limited announced the agreement to acquire the 2003 built vessel Montemar Europa. This acquisition includes an existing time-charter to a subsidiary of Compania Sud Americana de Vapores (CSAV) of Chile, the largest liner shipping company in South America. The net purchase price will be approximately $32.5m and delivery to Ship Finance is estimated to take place in late August or early September. The charter to CSAV expires in October/November 2008, and the net time-charter rate is approximately $13,500 per day. Recently, the charter market for modern 1700 TEU container vessels has strengthened significantly, and Montemar Europa will be marketed for medium to long-term contracts following the expiry of the existing charter in 2008. The financing of the acquisition will be through cash and existing credit lines, and the transaction is expected to be immediate accretive to earnings and dividend capacity. The investment verifies the Company's strategy to grow and diversify the asset base, and we anticipate further growth opportunities in the container segment.

Navy

White House: Iranian Ships' Actions in Gulf Increase Risk of Miscalculation

Actions by Iranian vessels in several encounters with U.S. warships in the Gulf this week are cause for concern and increase risks of miscalculation, the White House said on Friday.

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

Scorpene Submarine Data Leak: Setback to Indian Navy

India has began multiple investigations to determine the extent of damage caused by the reported massive leak of secret data detailing the combat and stealth capabilities

Container Ships

Maersk Line's Innovative Smart Reefers

Have you heard about Maersk Line's smart reefers that can listen and talk? Cutting edge technology that reduces risk in customer supply chain, claims Maersk Line.

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Hapag-Lloyd: UASC Merger Benefits to show in 2017

German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year,

 
 
Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0640 sec (16 req/sec)