Ship Finance in $270M lease financing pacts for three vessels

|About: Ship Finance International ... (SFL)|By:, SA News Editor

Ship Finance International (NYSE:SFL) enters lease financing agreements totaling $270M to finance three 10,600-TEU container vessels acquired this year.

The vessels are employed under long-term time charters to Maersk Line A/S until 2024, with options to extend the charters by up to four additional years.

A portion of the proceeds from the lease financings have been used to refinance the $200M loan facility arranged at the time of the acquisition.

The transactions free up about $70M of investment capacity, which is expected to be deployed in new investments.

Also, Ship Finance delivered the 2002-built VLCC Front Falcon to its new owner. As a result, the company only has one vessel remaining from its initial fleet in 2004.

Previously: Ship Finance International to sell 2002-built VLCC Front Falcon (Nov. 19)

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