SHIP Finance International Limited has announced that it has acquired two 2016-built 19,400-TEU vessels and contracted the vessels until late 2033, or for nearly 15 years, to a leading container line on long term bareboat charters.
The contracts increase the Bermuda-based company's fixed rate charter backlog by nearly US$470 million, and the charterer has agreed to purchase obligations at the end of the charter period, effectively eliminating residual risk.
"This new acquisition broadens our relationship with one of the world's largest liner companies," said Ship Finance Management CEO Ole Hjertaker.
"Over the last nine months we have added more than $1.2 billion to our charter backlog in a series of accretive acquisitions," said Mr Hjertaker.
"In this case, our equity investment is limited to $15 million per vessel. We believe that our strong balance sheet and ability to source attractively priced capital will allow us to continue to grow our charter backlog and cash flow visibility going forward."