John Fredriksen-controlled shipowning company Ship Finance International says it is selling two suezmax crude oil tanker newbuildings, currently under construction in China, at a book profit of about US$68m. The company says: “Scheduled delivery from the shipyard is in 2009, and delivery to the new owner will take place immediately after delivery from the shipyard.” Ship Finance CEO Lars Solbakken says: "We are pleased to announce this very profitable sale of two newbuildings which we ordered without long term employment two years ago. The sale is consistent with our strategy to maximize returns for our shareholders, and we will book a profit of approximately $68 million on a very moderate equity investment in this project. We see significant growth opportunities across our target segments, and the net proceeds from this sale will be redeployed as equity in new accretive projects that we expect will increase our long-term dividend capacity."
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