Ship Finance International News

Shipowner SFL Corporation has agreed to buy three Suezmax tankers in combination with long-term time charters with what SFL said was "a world-leading commodity trading and logistics company." "The vessels are built in 2019 and have the latest eco-design features, including exhaust gas cleaning systems. The company expects to take delivery of the vessels in the fourth quarter," SFL, formerly known as Ship Finance International, said. It did not say how much it would pay for the…

Bermuda-based SFL Corporation has sold and delivered Front Hakata, a 2002-built very large crude carrier (VLCC).The international ship owning and chartering company said that the net cash proceeds to SFL was approximately $30 million after a compensation to Frontline Ltd. for the early termination of the charter.SFL Corp, formerly Ship Finance International, does not expect a material book effect from the transaction.The Front Hakata was the last vessel in the fleet remaining from the Company’s inception in 2004 and divesting of older vessels is part of SFL’s strategy to continuously renew and diversify its fleet.Following this transaction…

Hunter Tankers, a wholly owned subsidiary of the Norwegian investment company Hunter Group, has taken delivery of the second of seven identical ECO design VLCC newbuildings, the Hunter Saga.The vessel was handed over from Daewoo Shipbuilding & Marine Engineering (DSME) on October 19.One additional VLCC is scheduled for delivery in 2019, while the remaining four vessels will delivered between March and July 2020.All seven of the Company’s VLCCs are built to the highest standards and will be fitted with scrubbers.With reference to the sale-and-leaseback transaction announced on 6 September 2019, Hunter Saga was today, simultaneously with acceptance from DSME, delivered to and immediately bareboat chartered back from Ship Finance International Limited.

Hunter Tankers, a wholly owned subsidiary of the Norwegian investment company Hunter Group, has taken delivery of its first of seven identical ECO design VLCC newbuildings, the Hunter Atla.The vessel was handed over from the South Korean shipbuilding giant Daewoo Shipbuilding & Marine Engineering (DSME), said the company.Two additional VLCCs are scheduled for deliveries in 2019, while the remaining four vessels will delivered between March and July 2020.All seven of the Company’s VLCCs are built to the highest standards and will be fitted with scrubbers.With reference to the sale-and-leaseback transaction announced on 6 September 2019…

Bermuda-based ship-owning and ship chartering firm Ship Finance International Limited (SFL) has agreed to purchase three very large crude carriers (VLCCs) from Norwegian investment company Hunter Group. The 300,000 dwt oil tankers are currently being constructed by South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME). Hunter Group placed the order for the VLCCs last year. SFI will pay almost $60 million for each tanker and a total of $180 million for all three. The vessels are scheduled to be delivered within the next two months.The tankers will be fitted with exhaust gas cleaning systems to reduce the emissions of sulfur oxides (SOx) and other pollutants, and to meet IMO regulations.

The international ship owning and chartering company Ship Finance International (SFL) announced that it has agreed to acquire three 300,000 dwt crude oil carriers, or VLCCs, currently under construction at Daewoo Shipbuilding & Marine Engineering (DSME) in Korea.The Bermuda-headquartered company said that the net purchase price will be $180 million, or $60 million per vessel and they are expected to be delivered to SFL within the next two months.The vessels were ordered in 2018 by affiliates of the Norwegian listed company Hunter Group, and have all the latest eco-design features, including exhaust gas cleaning systems. After delivery…

The international ship owning and chartering company Ship Finance International Limited (SFL) announced 60th consecutive quarterly dividend declared, $0.35 per share for the quarter ended December 31, 2018.Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "The strength of SFL's business model has been repeatedly proven over 60 consecutive quarters of profitability and dividends. This has been achieved over multiple shipping cycles, and we have been able to accomplish this by taking a very active approach to structuring our investments and managing our balance sheet.""The proceeds from total charter hire was $160m in the quarter from our 100% owned vessels and rigs…

Ship Finance International,  affiliated with the shipping magnate John Fredriksen, has acquired two 2016-built 19,400 TEU container vessels and contracted the vessels until late 2033, or for nearly 15 years, to a leading container line on long term bareboat charters.The contracts increase the Company's fixed rate charter backlog by nearly $470 million, and the charterer has agreed to purchase obligations at the end of the charter period, effectively eliminating residual risk. Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "This new acquisition broadens our relationship with one of the world's largest liner companies.

Bermuda-based Ship Finance International (SFL) has entered into lease financing agreements totaling $270 million with an Asian-based institution to finance three 10,600 TEU container vessels acquired in 2018.The vessels are employed under long term time charters to Maersk Line A/S  until 2024, with options to extend the charters by up to four additional years, the ship owning and chartering company said.Each Lease Financing has a term of more than 10 years, with an option to purchase the vessel back after six years, at expiry of the firm period of the charters to Maersk. A portion of the proceeds from the Lease Financings have been used to refinance the $200 million loan facility arranged at the time of the acquisition.The interest rate of the Lease Financings is very attractive…

Bermuda-based shipowner Ship Finance International (SFL) announced that it has agreed to sell the 2002-built VLCC Front Falcon to an unrelated third party.Delivery to the new owner is expected later this quarter, and the net sales price will be approximately $30.7 million. The Company does not expect a material book effect from the transaction.Divesting of older vessels is part of Ship Finance's strategy to continuously renew and diversify its fleet.

Bermuda-based shipowner Ship Finance International (SFL) has entered into lease financing agreements totaling $400 million with an Asian-based institution to finance four 14,000 TEU container vessels acquired in May 2018.According to a press release, the vessels are employed under long term time charters to Evergreen Marine Corporation (Taiwan) until 2024, with options to extend the charters by 18 additional months.Each Lease Financing has a term of nearly nine years, with an option to purchase the vessel back after six years, around expiry of the firm period of the charters to Evergreen. A portion of the proceeds from the Lease Financings…

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.

Ship Finance International Limited announces that it has agreed to sell the 2007-built jack-up drilling rig Soehanah to an unrelated third party and three 2002-built VLCCs to ADS Crude Carriers Ltd., a newly established company in which Ship Finance has acquired a 17 percent interest.Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment, "Divesting of older vessels is a part of the company's strategy to renew and diversify the fleet. Over the last three months, Ship Finance has taken delivery of 19 vessels with long-term charters, increasing our fixed charter backlog by nearly $600 million. We see further growth opportunities across our target market segments…

Ship Finance International Limited (SFL) informs it has agreed to acquire four large container vessels in combination with long-term time-charters to a leading container line.The vessels are modern eco-design built in 2014 with approximately 14,000 TEU carrying capacity. The company said it expects to take delivery of the vessels in the near term, and the purchase price is confidential.The time-charters to a leading Asia-based container line run until 2024, with options to extend the charters by 18 months. SFL’s fixed-rate charter backlog will increase by nearly $450 million, and the EBITDA contribution from these new vessels is estimated to approximately $60 million per year.The consideration to the sellers will be cash plus approximately 4 million newly issued shares in Ship Finance.

Ship Finance International Limited announced that it has agreed to acquire a fleet of 15 feeder size container vessels, ranging from 1,100 TEU to 4,400 TEU, in combination with long term bareboat charters to a leading container line. The purchase price is confidential, but close to recycling value of the vessels. The charter term will be seven years from delivery, with subsequent purchase obligations by the charterer. Delivery of the vessels is expected in April and their aggregate EBITDA contribution is estimated to be approximately $20 million per year. Concurrently, the Company has agreed to sell the 1,700 TEU container vessel SFL Avon to an unrelated third party. This vessel has been operated in the short term charter market and net sales proceeds will be approximately $12.5 million.

Ship Finance International  announced net income of $20 million and $152 million of total charter revenues for the fourth quarter ended December 31, 2017. The company continued renewal of the fleet with the divestment of an older crude oil tanker vessel, said a press release. It said that improving market conditions led to first profit share income from eight Capesize dry bulk carriers on long term charters. Ole B. "This significantly enhances our financial profile, allowing us to further our focus on growth. We have been actively evaluating investment opportunities and expect to see new projects materialize later this year," Ole added.

Emerging recovery for segments of global shipping industry; Nordic American Tanker and Dryships Inc among popular stocks. Shipping stocks may still be in the doldrums in the view of many investors, but hedge funds have bet at least $675 million on signs of renewed buoyancy in the industry. Hedge funds made initial forays into shipping stocks in the third quarter of 2017, but significantly stepped up their bets in the final three months of the year, U.S. Securities and Exchange Commission filings compiled by Symmetric show. "Shipping has been in a terrible trough for a number of years," Chris Walvoord, global head of hedge fund research at investment consultant Aon Hewitt, said. "Hedge funds are starting to see opportunity ...

Ship Finance International Limited (SFL) said it has taken delivery of MSC Anna, the first of two 19,200 TEU container vessels from Huyndai Heavy Industries, Korea. The vessel is chartered out for a period of 15 years, and lease financing has been secured for the full term of the charter. The second vessel is expected to be delivered in the first quarter of 2017.

Ship Finance International Limited (SFL), announced today that it has agreed to build two 114,000 dwt LR2 oil product carriers at a shipyard in Korea. The vessels are scheduled to be delivered during the second half of 2017 and will thereafter commence long term time-charters to a US based investment-grade energy company.   The charter period will be minimum seven years with options to extend the charter period by up to two years, and the aggregate annual EBITDA contribution from the vessels is estimated to approximately $11 million on average during the firm period of the charter.

Ship Finance International Limited announced that it has agreed to sell the 1998 built VLCC Front Vanguard to an unrelated third party. Ship Finance has simultaneously agreed to terminate the corresponding charter party for the 18-year old crude oil carrier with a subsidiary of Frontline Ltd. The vessel is expected to be delivered to its new owner by the end of June, and the net sales price is approximately $24 million, including a compensation of $0.4 million from Frontline for the early termination of the charter. Ship Finance said the divestment of older vessels is part of its strategy to renew and diversify the fleet, and the proceeds are expected to be reinvested in new assets.

Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charter for the 1998 built VLCC Front Vanguard. Ship Finance has simultaneously sold the vessel to an unrelated third party. We expect the vessel to cease operating as a conventional tanker and the charter with Ship Finance is expected to terminate in the second quarter of 2016. Frontline has agreed a compensation payment to Ship Finance of approximately $0.4 million for the termination of the current charter. Following this termination, the number of vessels on charter from Ship Finance will be reduced to 13 vessels, including 11 VLCCs and two Suezmax tankers.

Ship Finance International Limited earnings missed the Street expectations for the second quarter. Quarterly charter revenues $159m versus $174m in last quarter. The company reported net income of $38.81 million down from $46.8 million in the year-ago quarter. Ship Finance's total operating revenues dipped from $117.58 million to $103.99 million and came in below the analysts' predictions of $110.43 million. The firm continued fleet renewal with the successful delivery of our third 9,300 - 9,500 TEU newbuilding container vessel on long term charter to Maersk Line and sale of an older VLCC. Ole B. Hjertaker, CEO of Ship Finance Management AS…

Ship Finance International Limited (SFL) has agreed to sell the 1998 built VLCC Front Century to an unrelated third party, and has simultaneously agreed to terminate the corresponding charter party for the 18-year old crude oil carrier with a subsidiary of Frontline Ltd. The vessel is expected to be delivered to its new owner in the first quarter of 2017, and the net sales price will be approximately $24 million, including a compensation from Frontline for the early termination of the charter.