SFL Acquires LR2 Product Tanker Trio
Shipowner SFL Corporation on Wednesday announced it has agreed to acquire three new LR2 product tankers in combination with long term time charters to an energy and commodities company.The vessels are currently under construction in China, with the latest eco-design features, SFL said, noting the sellers are affiliates of the company’s largest shareholder Hemen Holding Ltd.SFL said it will acquire the three ships for an aggregate purchase price of approximately $230 million, in…
SFL Acquires Four 14,000 TEU Vessels
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.
Seadrill Files Chapter 11 Bankruptcy Protection
Seadrill Limited, one of the world’s largest offshore drilling companies, has filed for Chapter 11 bankruptcy protection at the Southern District Texas court, Reuters reported. The indebted oil rig firm controlled by Norwegian billionaire John Fredriksen is seeking to restructure its roughly $10 billion debts as the petroleum industry continues to grapple with low prices. Seadrill announced that the court overseeing the Company's chapter 11 restructuring proceedings has granted the relief requested by the Company in its key first-day motions related to ordinary course business activities. The approved motions give the Company the authority to…
Golden Ocean Acquires 16 Dry Bulk Ships
Golden Ocean Group Limited said it has entered into agreements to acquire 16 dry bulk vessels,14 of which will be acquired from subsidiaries of Quintana Shipping Ltd., and two ice class Panamax vessels will be acquired from subsidiaries of Seatankers, an affiliate of Hemen Holding Ltd., the company's largest shareholder. The 16 vessels will be acquired in an all-share transaction where Golden Ocean will issue in aggregate 17.8 million consideration shares and assume debt of $285.2 million.
Knightsbridge, Frontline to Form US Capesize Company
Knightsbridge Tankers Limited and Frontline 2012 Ltd. have announced an agreement to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge. The newbuildings have expected deliveries between September 2014 and September 2016, with five vessels delivering in 2014, 14 vessels in 2015 and six vessels in 2016. Knightsbridge recently acquired five Capesize newbuildings from Frontline 2012 and one vessel from Hemen Holding Ltd. The combination of Knightsbridge…
SFL 1Q 2009 Results
Ship Finance International Limited announced its preliminary financial results for the quarter ended March 31, 2009. The Board of Directors has declared a quarterly dividend of $0.30 per share in cash or, at the election of the shareholder, payable in newly issued common shares. The dividend will be paid on or about July 6, 2009 to shareholders of record as of May 27, 2009. The ex-dividend date will be May 22, 2009. Shareholders may make an election to receive the dividend in newly issued common shares after reviewing a prospectus supplement relating to the dividend payment which will be filed with the U.S. Securities and Exchange Commission ("SEC").
