Profile: Ship Finance International Ltd (SFL)
24 Apr 2014
Ship Finance International Limited (Ship Finance), 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 April 12, 2013, its assets consisted of 24 oil tankers, 12 drybulk carriers, 11 container vessels (including two chartered-in 13,800 twenty-foot equivalent unit (TEU) vessels), two car carriers, one jack-up drilling rig, three ultra-deepwater drilling units, six offshore supply vessels and two chemical tankers. Its oil tankers and chemical tankers are all double-hull vessels.
During the year ended December 31, 2012, the Company took delivery of SFL Humber, SFL Trent, Western Australia, SFL Kent and Western Houston. In October 2012, it announced the acquisition of two 6,500 car equivalent unit (CEU) car carriers Glovis Conductor and Glovis Composer, which were delivered in October 2012 and November 2012, respectively. During 2012, it sold OBO Front Rider, OBO Front Climber, OBO Front Driver and OBO Front Viewer. In March 2012, the single hull VLCC Front Duke was delivered to its new owner. In November 2012, the single hull VLCC Front Lady was delivered to its new owner. In March 2013, it took delivery of the newbuilding Handysize drybulk carrier Western Copenhagen. In January 2013, the non-double hull VLCC Edinburgh was delivered to its new owner. In February 2013, it sold the 1993 built Suezmax tanker Front Pride to an unrelated third party. In March 2013, it sold the OBO Front Guider to an unrelated third party.
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, North China Shipping Holdings Co. Ltd. (NCS), Sinochem Shipping Co. Ltd. (Sinochem), Heung-A Shipping Co. Ltd. (Heung-A), XO Shipping A/S (XO), Deep Sea, CMA CGM S.A. (CMA CGM), Hyundai Glovis Co. Ltd. (Hyundai Glovis), Western Bulk A/S (Western Bulk), Hamburg Sud Group, PT Apexindo Pratama Duta (Apexindo), Orient Overseas Container Line Ltd (OOCL), GMT Shipping Line Ltd (GMT), MCC Transport Singapore Pte Ltd. (MCC), Clipper Bulk Shipping Ltd. (Clipper), Oman Shipping Company S.A.O.C. (Oman) and United Freight Carriers LLC (UFC).
Ship Finance International Ltd
14 Par-la-Ville Road, 1593
PO Box HM
HAMILTON HM 08