Ship Finance Bags Three 9,000 TEU Boxship Resales

first_imgzoom Bermuda-headquartered Ship Finance International Limited has entered into an agreement to acquire three 9,000 TEU container ships from an unrelated third party.The vessels are currently under construction and are expected to be delivered to Ship Finance between 4Q 2015 and 1Q 2016, subject to customary closing conditions and approval by the charterer.The vessels have similar technical specifications as the company’s recently delivered 8,700 TEU container vessels, with the latest in eco-design features.The vessels have been chartered out for a minimum period of five years to a European-based container line, with options to extend the charter period by up to two years.The company’s charter backlog will increase by approximately USD 200 million and the aggregate annual EBITDA contribution from the vessels is estimated to more than USD 30 million on average during the five year firm period of the charter.“We are very pleased to further grow our presence in the containership segment with these state-of-the-art vessels, and at the same time expand our chartering counterparties with one of the leading container lines,” said Ole B. Hjertaker, CEO of Ship Finance Management AS.”Our charter backlog and long-term distribution capacity is building in an accretive manner, and there is still significant capacity for more investments without raising additional equity capital.”last_img read more

Consensus forming on golden thread of development says cochair of UN panel

Addressing journalists at the UN Headquarters in New York, Mr. Cameron said that members of the High Level Panel on the Post-2015 Development Agenda, which includes President Susilo Bambang Yudhoyono of Indonesia and President Ellen Johnson Sirleaf of Liberia, “nailed our colours to the mast with one clear overarching aim – end extreme poverty in our world.”Building a framework to succeed the eight anti-poverty targets known as the Millennium Development Goals (MDGs), the panel, appointed last year by Secretary-General Ban Ki-moon, aims to create a development agenda that will also focus on protection of the rule of law, good governance and holding Governments to account, which comprise what Mr. Cameron called “the golden thread of development.”“It is a real breakthrough that agreement is emerging to include goals that go to the heart of this golden thread that links open economies and open societies, fair and accountable institutions, equal economic and political opportunities for women, open and fair rules to boost enterprises and growth,” Mr. Cameron told reporters. A statement released after the conclusion of the three-day meeting, said the panel reiterated “the imperative need for a renewed global partnership that enables a transformative, people-centred and planet-sensitive development agenda, realized through the equal partnership of all stakeholders.” The panel is due to present its report on 30 May to the Secretary-General, who participated in today’s discussions.Also today, Mr. Ban and Mr. Cameron met privately to discuss a host of issues, including the best means of getting the warring parties in Syria to come to the proposed international conference to be held in Geneva next month “with serious delegations and a real willingness to make compromises,” especially on the issue of a transition. The two leaders also underlined the importance of UN investigations on allegations of the use of chemical weapons, according to a readout from the office of Mr. Ban’s Spokesperson. Also during the meeting, Mr. Ban thanked Mr. Cameron for his leadership and his support to the United Nations on several issues, including Somalia, Mali, Syrian refugees, the impressive level of UK development assistance, and the UN-backed Global Fund to Fight AIDS, Tuberculosis and Malaria. The importance of using the coming period as an opportunity to make progress on the Cyprus issue was also discussed. read more