SFL Corporation Ltd. has agreed new 5-year time charters on four 8,700 TEU container vessels, which will add approximately $240 million to the company’s fixed rate charter backlog, according to the company's release.
The vessels have been on charter to A.P. Moller – Maersk (“Maersk”) since they were new and the current charters were due to expire in 2025. The vessels were built in 2014-2015 with a modern, wide-beam design and fuel-efficient electronic engines. In connection with the new charters, SFL will make certain investments in the vessels, including increasing the cargo capacity to 9,500 TEU. The сompany will also add new energy efficiency features, and the total upgrade investment is estimated to be approximately $20 million in aggregate.
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 comprised of tanker vessels, bulkers, container vessels, car carriers 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.