Going Long – SFL Leases

As a “leasing company”, Ship Finance has a different perspective. They are in deals for the long haul, which was evident in today’s announced acquisition of three 57,000 DWT Supramax bulkers for $100.7 million. One of the vessels is on the water, having been built in 2009 with the others coming in 4Q 2010 and 1Q 2011. The vessels are encumbered with existing time charters from an investment grade Asia-based logistics company with a market cap of ~$5 billion. The charters have an average term of 9 years, with an average net charter rate of approximately $17,000 per vessel per day.

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