New York Stock Exchange-listed SFL Corporation has announced it will acquire three 2019-built Suezmax tankers in combination with long-term time charters to an unnamed commodity trading and logistics company
SFL expects to take delivery of the vessels, which have the latest eco-design features including exhaust gas cleaning systems, in Q4 2021.
The charter period for the vessels will be for five years with extension options, adding approximately US$140M to SFL’s fixed-rate backlog.
The charterer will also have the option to develop a sale of the vessels during the charter period, subject to a profit-share mechanism with SFL.
SFL Management chief executive Ole B Hjertaker said, “This acquisition demonstrates our ability to achieve sustained growth through new transactions with strong counterparties in multiple shipping segments.”
He added, “The spot tanker market is soft currently, and asset values have not moved like several other shipping segments. From a counter-cyclical perspective, we therefore believe this could be an attractive entry point in combination with long-term charters.”
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