SFL Buys Two Car Carriers, Charters Them Out

Press Release
Thursday, October 25, 2012

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. Expected delivery of the vessels will be in October and November 2012.

The funding of the vessels will be a combination of equity and loans, and Ship Finance has already received indications for 70% financing of the purchase price at favorable terms. The aggregate net cash flow after estimated operating expenses, interests and loan amortization is projected to be approximately $4.8 million in aggregate per year, or approximately 20% annual return on invested equity during the charter period.

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We are very pleased to expand our long-standing relationship with one of the premier logistics companies in Asia. The purchase price is very attractive compared to replacement cost for similar high specification assets, and there will be an immediate positive cashflow effect for the Company already in the fourth quarter."
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

OOCL Tops the Chart in Reliability

According to the latest Carrier Performance Insight, produced by Drewry Supply Chain Advisors,  the most reliable carrier in May was Orient Overseas Container Line (OOCL),

Senate Confirms Three to Serve on Federal Maritime Commission

The U.S. Senate has confirmed the nominations of three individuals to serve as Federal Maritime Commissioners: Rebecca F. Dye, Michael A. Khouri and Daniel B. Maffei.

Xeneta: No Silver Lining for Container Shipping in Brexit Storm

Xeneta, a  global benchmarking and market intelligence platform for containerized ocean freight, believes that the UK’s decision to leave the European Union will

Ship Sales

Jinhui Sells Supramax

Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month.   The purchaser is a company incorporated in Hong Kong.

Navig8 Chemical Adds New Tanker from Kitanihon

Chemical shipping company Navig8 Chemical Tankers Inc. has taken delivery of its first stainless steel chemical tanker, the Navig8 Sirius, from Japanese shipbuilder Kitanihon Shipbuilding Co.

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports the Korea Herald. A

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0856 sec (12 req/sec)