Denmark’s DFDS has sold three of its freight ro-ros to Navigare Capital in a leaseback deal.
Navigare is paying DKK 1.5bn ($212m) for the 6,690-lane-metre Flandria Seaways, Humbria Seaways (both built 2020) and Scandia Seaways (built 2021).
The deal comes with charters back to DFDS over five years.
DFDS said the move was made to increase financial flexibility. Karina Deacon, chief financial officer of the Copenhagen-listed ro-ro and ropax group, said cash will be released.
“We retain control of the assets, ensuring that reliability and customer service levels are upheld,” she added.
Delivery is expected this week.
The agreement includes a right of first refusal to buy the ships at the end of the leasing period.
The transaction cuts invested capital at DFDS by DKK 600m and reduces net interest-bearing debt by DKK 700m.
The company will book a gain of about DKK 145m on the sale.
Following the transaction, its investment outlook for 2023, excluding acquisitions, is lowered to DKK 100m from DKK 1.6bn earlier.
The Navigare fleet of nine vessels includes a VLCC, two suezmaxes, an LNG carrier and a VLGC, as well as container ships.
This is the Danish company’s first acquisition since paying $70m for the 84,000-cbm VLGC Sea Bird (built 2015) last November.
The vessel was leased back to operator Petredec Global of the UK.
Eight sales are listed for Navigare in 2023 by brokers, including an MR2 tanker offloaded to Union Maritime and an aframax to Kyklades Maritime.
