SFL Corporation Ltd. has agreed to sell its seven handysize dry bulk vessels to an Asian based buyer for an aggregate price of approximately $100 million, according to the company's release.
Delivery of the vessels is expected to take place before year end, and net cash proceeds are estimated to be more than $50 million after repayment of associated debt. The Company expects to record aggregate book gains of more than $40 million from the sale of the vessels.
The vessels have cargo capacity between 32-34,000 dwt and have been employed in the spot market the last 5 years, after redelivery from their initial charters. With limited long term chartering opportunities for small dry bulk vessels, the intention has been to trade the vessels in the spot market until the markets improved.
About SFL
SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of vessels is split between container vessels, bulkers, tankers and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time.