SFL Acquires Bulk Carriers; Charters Box Ships

Acquisition of two 82,000 dwt dry-bulk carriers and long-term charters for 8,700 teu container vessels nnounced by Ship Finance International (SFL).

Ship Finance International Limited announced the agreement to acquire two 82,000 dwt Kamsarmax dry-bulk carriers built in 2012, in combination with long-term time-charters to a state-owned Chinese charterer.

The vessels are expected to be delivered to SFL within the next two months, and the aggregate annual EBITDA contribution from the vessels is estimated to approximately $7 million on average during the 8-year charter period.

The Company is also pleased to announce long-term time-charters for four 8,700 teu newbuilding container vessels, currently under construction in Korea. The charterer will be a large, European-based container line, and the charter period will be seven years from delivery of each vessel. The estimated annual EBITDA contribution from the vessels is approximately $46 million in aggregate.

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We are pleased to announce acquisitions and long-term charters to top quality counterparties that will continue to build our long-term distribution capacity. The container vessels under construction are currently ahead of schedule, and the charter-rate is reflective of the very high specifications including the latest in eco-design features."