Ship Finance International Acquires Three Box Ships
Ship Finance International Limited said it has agreed to acquire three large containerships in combination with long term time charters.The vessels were built in 2015 with approximately 10,600 TEU carrying capacity. The company expects to take delivery of the vessels in the near term, and the purchase price is confidential.The charters will run for a period of minimum six years, with options for the charterer to extend the charters up to 10 years. There is also a purchase option with profit split at the end of the initial period. Ship Finance International’s fixed rate charter backlog will increase by approximately $260 million, increasing to approximately $430 million if the charter extension options are exercised.
Total Proposes 0.61 € per Share Dividend
The Board of Directors of Total met on February 10, 2016, and agreed to propose to the Annual Shareholders’ Meeting on May 24, 2016, a 2015 annual dividend of 2.44 euros per share, stable compared to the 2014 annual dividend. This corresponds to a fourth quarter 2015 dividend of 0.61 euros per share, unchanged compared to the previous three 2015 interim quarterly dividends. The Board will also propose to the Annual Shareholders’ Meeting the alternative for shareholders to receive the fourth quarter 2015 dividend in cash or in new shares of the company discounted by 10%. - the payment of the dividend in cash or the delivery of shares issued in lieu of the cash dividend is set for June 23, 2016. Registered ADR holders may also contact JP Morgan Chase Bank for additional information.
Decision in Winter Storm Shipping, Ltd Versus TPI
Sullivan & Cromwell Partners reported on the October 16 decision from the U.S. Court of Appeals for the Second Circuit which overrules the controversial 2002 decision in Winter Storm Shipping, Ltd v. TPI. Winter Storm Shipping, Ltd v. TPI dealt with havoc wreaked upon the administration of hundreds of electronic funds transfers passing through intermediary banks in New York every day. This Court of Appeals decision, which was pursued by the New York banking community, is significant in that it will significantly strengthen New York's standing as a key center for international fund transfers and bolster the U.S. dollar as the currency of choice for international business transactions.
