Ship Finance International Ltd , which owns and operates ships, said it would acquire two container vessels from French container shipping company CMA CGM for $342 million, Reuters reports.
The acquisition of the two 13,800 TEU vessels -- Magellan and Corte Real -- is expected to generate a free cash flow of about 9 cents a share per year, after operating costs and debt service, Ship Finance said in a statement.
The deal is expected be completed in next few weeks and will add nearly $275 million to the company's charter backlog.
The demand for containers is expected to rise as goods move around the world to meet the growth of the consumer classes in China, Brazil, the Indian subcontinent and the Middle East.
Shares of Ship Finance, which runs a fleet of 72 vessels, closed at $19.70 on Friday on the New York Stock Exchange.
The acquisition of the two 13,800 TEU vessels -- Magellan and Corte Real -- is expected to generate a free cash flow of about 9 cents a share per year, after operating costs and debt service, Ship Finance said in a statement.
The deal is expected be completed in next few weeks and will add nearly $275 million to the company's charter backlog.
The demand for containers is expected to rise as goods move around the world to meet the growth of the consumer classes in China, Brazil, the Indian subcontinent and the Middle East.
Shares of Ship Finance, which runs a fleet of 72 vessels, closed at $19.70 on Friday on the New York Stock Exchange.