Business Services Industry
Ship Finance International Ltd orders 5 new container vessels
Nordic Business Report, June 14, 2007
NORDIC BUSINESS REPORT-14 June 2007-Ship Finance International Ltd orders 5 new container vessels(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian-controlled Bermuda-based ship owning company Ship Finance International Limited (NYSE: SFL) said on Thursday (14 June) that it has signed new shipbuilding contracts for a total of USD190m with Jiangsu Yangzijiang Shipbuilding Co Ltd and Guangzhou Wenchong Shipyard Co Ltd in China.
The contracts cover the building of five container vessels for delivery in 2010.
"We are very pleased with these newbuilding contracts, where a combination of very attractive construction cost for the vessels and a positive outlook for the container market is expected to generate premium returns for Ship Finance and a higher long term dividend capacity when the vessels commence trading," said Lars Solbakken, CEO of Ship Finance's Norwegian management company Ship Finance Management AS.
"These investments verify the company's strategy to grow and diversify the asset base, and we anticipate further growth opportunities in the container segment," Solbakken added.
Ship Finance is one of the world's largest shipowners. The company owns a fleet of 65 vessels with a total cargo capacity of over 11m dwt. The company is listed on the New York Stock Exchange and traded under the ticker SFL.
One British pound (GBP) is worth approximately 1.96 US dollars (USD).
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