Shippingtelegraph: SFL seals 5-year charter extensions $225m worth with Maersk

by Shipping Telegraph

SFL Corporation Ltd. has sealed a five-year time charter extension for three 9,500 teu container vessels with Maersk.

The renewal deals will add approximately $225m to the company’s backlog from 2026 through 2031.

Currently, the company has a container fleet of 30 vessels, including five 16,800 teu container vessels under construction scheduled for delivery in 2028. The container fleet generated around $82.3m of charter hire in the quarter, including profit share from fuel savings. 

In addition, SFL sold the 2005-built 1,700 teu container vessel Asian Ace, and a gain of approximately $4.3m has been recorded.

Furthermore, six 2002-built containerships on bareboat charter to MSC were redelivered at the end of the second quarter pursuant to the chartering agreement, with the seventh vessel delivered subsequent to quarter end.

On the dry bulk side, the company had 14 dry bulk carriers which generated approximately $19m of gross charter hire in the quarter. 

All the older supramax vessels operated in the spot market have recently been sold, with one still due to be delivered to the new owners during the third quarter. Around $45m is expected to be received in sales proceeds in the third quarter.

Also, after the quarter, SFL redelivered eight older capesize bulk carriers to Golden Ocean, as part of the chartering agreement. $115m was paid by Golden Ocean in July and the vessels were debt free at the end of the second quarter.

The company continued its fleet renewal -during the second quarter and at the end of the quarter- with the sale and redelivery of older dry bulk and container vessels for an aggregate amount of more than $200m.