SFL Buys LR2 Tanker Pair from Frontline
SFL Corporation Ltd. on Monday announced it has agreed to acquire four Aframax LR2 product tankers from tanker shipping company Frontline for an aggregate purchase price of $160 million in combination with long term time charters to a subsidiary of commodity trading and logistics company Trafigura.The vessels are built in 2014 and 2015 and have modern eco-design features including exhaust gas cleaning systems, SFL said. The vessels are expected to be delivered to their new owner between December 2021 and February 2022.Hemen Holdings Ltd., who owns approximately 20% of the SFL’s issued and outstanding shares, is also a major shareholder in the seller Frontline.The charter period of the vessels will be for minimum five years with extension options thereafter…
Weak Drybulk Market Hurts VLCCF Results
Knightsbridge reports net income of $6.3 million and earnings per share of $0.14 for the second quarter of 2014. Knightsbridge reports EBITDA of $10.5 million and EBITDA per share of $0.24 for the second quarter of 2014. Knightsbridge receives $3.2 million as partial settlement for a claim for damages and unpaid charter hire. Knightsbridge announces a cash distribution of $0.20 per share for the second quarter of 2014. Knightsbridge completes the purchase of five Capesize newbuilding contracts and one 2013-built Capesize drybulk carrier from Frontline 2012 Ltd and Hemen Holdings Ltd, respectively. Knightsbridge announces the combination of Frontline 2012's remaining fleet of 25 fuel efficient Capesize newbuildings with Knightsbridge's fleet.
