Frontline Sells Three VLCCs as 2015 Looms

Rather than go through the costly process of the 15-year special survey, Frontline has agreed to sell three of their 1999-built VLCCs, Front Opalia, Front Comanche and Front Commerce. Along with the sale, Frontline will also terminate the charter parties with Ship Finance International Ltd. (SFL) for the above vessels as of Q4 2014. In exchange, Frontline will pay SFL a … [Read more...]

SFL Acquires Kamsarmaxes

PRESS RELEASE - Ship Finance International Limited (NYSE: SFL) today announced the agreement to acquire two 82,000 dwt Kamsarmax dry-bulk carriers built in 2012, in combination with long-term time-charters to a state-owned Chinese charterer. The vessels are expected to be delivered to SFL within the next two months, and the aggregate annual EBITDA contribution from the vessels … [Read more...]

Ship Finance International Acquires Two Post-Panamax Containerships

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company") today announced the agreement to acquire two 5,800 teu post-panamax container vessels built in 2001/2002 in combination with long-term charters. 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 … [Read more...]

Ship Finance International Back In Acquisition Mode [Analysis]

By Roger King, CreditSights (re-published with permission via Castalia Blog) Separated at birth: The Reasonable Man and GAAP. Somewhere along the line, lease accounting lost itself in the trees. A long lease tenor usually triggers finance lease accounting where part of the monthly cash payments are not considered revenue; if there are additional put/call features to … [Read more...]

Ship Finance International to Acquire West Linus Jack-Up

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company") today announced that the Company has agreed to acquire the harsh-environment jack-up drilling rig West Linus from a subsidiary of North Atlantic Drilling Limited (NADL). West Linus is currently under construction at Jurong Shipyard in Singapore with scheduled delivery in December 2013. The total … [Read more...]