SFL buys four Frontline LR2s

SFL Corporation has swooped for four modern aframax LR2 product tankers, paying John Fredriksen’s Frontline $160m for the quartet which come with long-term charters to Trafigura attached. The scrubber-fitted ships were all built in 2014 and 2015.

The charter period of the vessels will be for a minimum of five years with extension options thereafter, adding approximately $160m to SFL’s fixed-rate backlog. The charterer will also have the option to develop a sale of the vessels during the charter period, subject to a profit share mechanism with SFL.

Ole Hjertaker, CEO of SFL Management, commented: “We are very pleased to further expand our presence in the tanker market and the transaction demonstrates our ability to develop opportunities and achieve sustained growth through repeat transactions with our customers. We have this year added more than $1bn to our charter backlog and will continue to explore new opportunities going forward”.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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