Ship Finance to terminate twp remaining charter parties with Frontline Ship Finance International (SFL) announced that it has agreed with a subsidiary of Frontline Ltd. (FRO) to terminate the charter parties for the two remaining 21-year old combination carriers Front Viewer and Front Guider. Frontline will make a net settlement payment to Ship Finance of approximately $23.5M as compensation for the early termination of the charters and the estimated loss of future cash sweep relating to the two vessels. The two vessels were previously employed on profitable sub-charters which have now been terminated early by Frontline against a cash settlement. The company has agreed to sell Front Viewer to an unrelated third party with expected delivery to the new owner in late December. Net proceeds from the sale is estimated to be approximately $9.1M. The last combination carrier, Front Guider, is expected to be sold in 1Q13, and will remain on charter to Frontline until a sale is concluded.
News For SFL;FRO From The Last 14 Days
Check below for free stories on SFL;FRO the last two weeks.
Ship Finance announces acquisition of seven container vessels Ship Finance announced that the company has agreed to acquire seven 4,100 teu container vessels built in 2002 in combination with long-term charters to a leading container line operator. The vessels are expected to be delivered to SFL over the course of the next few weeks, and the annual EBITDA contribution is estimated to be approximately $10M on average during the charter period. The charters include a purchase option with profit share after approximately 5.4 years on average.