Profile: Ship Finance International Ltd (SFL)
27 Feb 2015
Ship Finance International Limited, incorporated on October 10, 2003, is engaged primarily in the ownership and operation of vessels and offshore related assets, and also involved in the charter, purchase and sale of assets. The Company operates through subsidiaries, partnerships and branches located in Bermuda, Cyprus, Malta, Liberia, Norway, Singapore, the United Kingdom and the Marshall Islands. As of March 27, 2014, its assets consist of 22 oil tankers, 12 drybulk carriers, 12 container vessels, two car carriers, two jack-up drilling rigs, three ultra-deepwater drilling units, six offshore supply vessels and two chemical tankers. The Company’s oil tankers and chemical tankers are all double-hull vessels.
In March 2013, the Company took delivery of the newbuilding Handysize drybulk carrier Western Copenhagen, which immediately upon delivery from the shipyard commenced a three year time charter. In May 2013, it announced the agreement to acquire four newbuilding 8,700 TEU container vessels, which are scheduled for delivery in 2014 and 2015. Seven year time charters have been agreed for the first two of these vessels to be delivered, and subject to certain conditions the additional two vessels may be chartered on similar terms. In July 2013, the Company announced the agreement to acquire the newbuilding harsh environment jack-up drilling rig West Linus from NADL, in combination with a bareboat charter back to them in excess of 15 years. In February 2014, it took delivery of West Linus, described above. The rig immediately commenced its charter to NADL. In March 2014, the Company announced the acquisition of seven 4,100 TEU container vessels built in 2002, in combination with long-term bareboat charters to MSC. In March 2014, it announced the acquisition of two 5,800 TEU container vessels, one built in 2001 and the other built in 2002, in combination with log-term bareboat charters to MSC.
The Company's revenues derive from its long-term, fixed-rate charters. It has profit sharing agreements with its charterers, in particular with the Frontline Charterers. Revenues received under profit sharing agreements depend upon the returns generated by the charterers from the deployment of its vessels. Its customers include Frontline, Seadrill, NADL, Sinochem Shipping Co. Ltd., Heung-A Shipping Co. Ltd., Hyundai Glovis Co. Ltd., Western Bulk A/S, Hamburg Sud Group, Maersk Line, PT Apexindo Pratama Duta, Orient Overseas Container Line Ltd, MCC Transport Singapore Pte Ltd., Oman Shipping Company S.A.O.C., MSC Mediterranean Shipping Company S.A., UFC, Deep Sea Supply Plc and Deep Sea Supply BTG B.V.
Ship Finance International Ltd
14 Par-la-Ville Road, 1593
PO Box HM
HAMILTON HM 08