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News Breaks | | | | October 24, 2012 | | 06:15 EDT |  | SFL | Ship Finance acquires two car carriers in combination with five-year charters
Ship Finance International announced that it has agreed to acquire two car carriers at attractive prices. The Japan-built vessels have a capacity of approximately 6,500 car equivalent units, or CEU, and were built in 2005 and 2006, respectively. The vessels will be time chartered to an investment grade logistics company, publicly listed in Asia. The charter period will be five years, adding approximately $85M to our charter backlog. Expected delivery of the vessels will be in October and November 2012. The funding of the vessels will be a combination of equity and loans, and Ship Finance has already received indications for 70% financing of the purchase price at favorable terms. The aggregate net cash flow after estimated operating expenses, interests and loan amortization is projected to be approximately $4.8M in aggregate per year, or approximately 20% annual return on invested equity during the charter period. | |
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