Vessels

Four Suezmax tankers acquired by SFL

Aug. 17, 2022

SFL Corp. Ltd. has agreed to acquire four modern Suezmax tankers in combination with long-term time charters to a subsidiary of Koch Industries.

A couple years ago, SFL announced its Glorycrown Suezmax tanker had completed her second special survey and was ready to commence trade in a buoyant tanker market with her newly fitted exhaust gas cleaning system. This photo was taken during her yard stay in Singapore.

Offshore staff

HAMILTON, Bermuda — SFL Corp. Ltd. has agreed to acquire four modern Suezmax tankers in combination with long-term time charters to a subsidiary of Koch Industries.

The vessels are built in 2015 and 2020, respectively, and all four have modern eco-design features including exhaust gas cleaning systems. The aggregate purchase price of the vessels is $222.5 million, and the company expects to take delivery between August and October.

The charter period of the vessels will be six years, adding approximately $250 million to SFL’s fixed-rate backlog. The charterer will have a possibility to terminate the charters after three years against a termination fee and also an option to develop a sale of one or more of the vessels from year four of the charter period, including a profit share arrangement with SFL.

08.17.2022