SFI Acquires Three VLCCs From Hunter Group

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. Once delivered to SFL, the ships will be charetered in a five-year agreement to Hunter Group with an option for Hunter Group to acquire them during the charter period.

SFL Management CEO Ole Hjertakersaid: “In an environment where traditional bank financing for maritime companies is becoming increasingly scarce, this transaction highlights SFL’s unique position as a specialty financing company."