Ship Finance International Limited News

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 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 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.

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) 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.

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…

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 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.

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 (SFL) has agreed to sell the 1998-built Suezmax tanker Mindanao to an undisclosed unrelated third party, simultaneously terminating the corresponding charter party for the 17-year old crude oil carrier with a subsidiary of Frontline Ltd. The 159,211 dwt vessel is expected to be delivered to its new owner in December 2015. According to SFL, the sale is in line with its plans to divest older vessels in a strategy to renew and diversify its fleet.

Ship Finance International Limited (SFL), has agreed to sell the 1995-built Suezmax Front Glory to an unrelated third party. The company has simultaneously agreed to terminate the corresponding charter party for the 20-year old crude oil carrier with a subsidiary of Frontline Ltd. The vessel is expected to be delivered to its new owner at the end of the third quarter, 2015. Net sales price is agreed to approximately $16 million, and Ship Finance will receive a net amount of approximately $13.8 million, after compensation of approximately $2.2 million to Frontline for the termination of the current charter. The vessel is currently debt free.

Ship Finance International Limited has acquired three 9,000 teu capacity container ships that are under construction from an unrelated third party. The Fredriksen-led company said that the three vessels are currently being constructed to a fuel-efficient design at an undisclosed yard. Delivery is expected between the last quarter of this year and the first quarter 2016. The boxships have similar technical specifications as our recently delivered 8,700 TEU container vessels, with the latest in eco-design features giving them a very competitive operational performance. The vessels have been chartered out for a minimum period of five years to a leading European-based container line, with options to extend the charter period by up to two years.

On May 29, 2015, Ship Finance International Limited (SFL) entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The agreement is now completed, and Frontline has issued and delivered 55 million new shares to Ship Finance. The shares represent approximately 28 percent of the total number of issued and outstanding shares of Frontline. The Frontline shares are listed in New York and Oslo, and Frontline has agreed to register the new shares for resale with the US Securities and Exchange Commission and the Norwegian Financial Supervisory Authority, respectively. The new shares will then be freely tradable for Ship Finance, and may be sold or distributed to the Company's shareholders at a later stage.

Ship Finance International Limited (SFL) has sold its holding of notes and warrants in Horizon Lines, Inc. for net cash proceeds of approximately $72 million. In April 2012, Ship Finance received $40 million of Horizon Lines second-lien notes and 9.25 million warrants in Horizon Lines in connection with a termination of the charters for five container vessels. Thereafter, the second-lien notes have accumulated interest on a non-cash basis at a rate of 15 percent annually. In November 2014…

Ship Finance International Limited (SFL) announced that it has entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The company currently has 17 vessels on charter to subsidiaries of Frontline, with an average remaining charter term of nearly eight years. The new agreement will take effect from July 1, 2015 and will be a combination of reduced long-term base rates, increased profit split and an ownership share in Frontline. The operating expenses…

Ship Finance International Limited today announced the agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited ("Golden Ocean"). The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia, Golden Zheijang, Golden Future and KSL China and were built in Korea and China between 2009 and 2013. The total acquisition price will be $272 million, or $34 million on average per vessel. The vessels are expected to be delivered to Ship Finance within July 2015, subject to customary closing conditions. The vessels will be chartered on a time-charter basis to a subsidiary of Golden Ocean for a period of 10 years. The daily base charter rate will be $17,600 during the first seven years, and $14,900 thereafter.

Ship Finance International Limited (SFL) has entered an agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited, the company announced today. The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia, Golden Zheijang, Golden Future and KSL China and were built in Korea and China between 2009 and 2013. The total acquisition price will be $272 million, or $34 million on average per vessel. The vessels are expected to be delivered to Ship Finance within July 2015, subject to customary closing conditions. The vessels will be chartered on a time-charter basis to a subsidiary of Golden Ocean for a period of 10 years. The daily base charter rate will be $17,600 during the first seven years, and $14,900 thereafter.