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SFL buys two post-panamax boxships, resolves dispute

SFL buys two post-panamax boxships, resolves dispute
Ship Finance International Limited (SFL) has agreed to buy two 5,800 teu post-panamax boxships in combination with long-term charters and has announced the settlement of a two year old chartering dispute.

The pair, built in 2001 and 2002, will be delivered within the next few weeks and will contribute EBITDA of $5.5m during the charter, with a purchase option after five years.

The announcement follows the acquisition of seven container vessels earlier this month for SFL, as well as the placement of a $150m bond on the Norwegian market.

The settlement of a claim over the early redelivery of four of its handysize bulk carriers in 2012 will see a $25m gain for SFL. A "significant portion" of the money owed has already been paid in cash, with the balance to be paid by the end of the year.

"Similar to the acquisition of the seven 4,100 teu container vessels last week, the acquisition of these additional 5,800 teu container vessels were also sourced from the German KG market," Ole Hjertaker, ceo of Ship Finance Management commented.

"We are also happy to see the effect of our resolve and patience coming to fruition with the settlement of a two year old chartering dispute. The vessels in question have been operated in the market without any disruption, and the market has recovered from the low-point two years ago. The cash received from the settlement will be made available for new investments."

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