Ship Finance International has freed up $70m in yet another boxship lease financing agreement.
Following a similar agreement announced last month, the John Fredriksen company said it had inked a $270m deal with an unnamed Asian partner for three vessels acquired in August.
The money, the company said, will be used to fund new investments and refinance the $200m loan facility arranged when the vessels were bought.
"Our continued ability to source highly competitive capital, with nearly $700m raised in the matter of a few weeks, allows us to act swiftly on accretive opportunities," chief executive Ole Hjertaker said.
Each of the leases has a term of more than 10 years, with a repurchase option after six years when the three ships — the Cap San Juan, Cap San Vincent and Cap San Lazaro (all built 2015) — end their charter with Maersk Line.
The charters have an option to extend them another four years.
The deal is similar to the one Ship Finance International made in early November. That deal, also with an unnamed Asian institution, was for four boxships. It also came with an option to buy the ships back.
Ship Finance International has spent big on containerships this year, spending $900m to bolster its fleet. In its third quarter conference call, the Hjertaker said just under half the company's charter backlong was in liners.
He said boxships had been the best deals for the company, but eyed expansion in the tanker market.
