John Fredriksen’s SFL Corp has bought three LR2 tanker resales from the tycoon’s private fleet in a $230m deal.
The product carriers will be chartered out long-term to a “world-leading energy and commodities company”, the US-listed sale-and-leaseback specialist said.
The trio is being built in China, with the latest eco-design features, SFL added.
They are likely to be the three 115,000-dwt vessels listed in the fleet of Fredriksen’s Seatankers that are under construction at New Times Shipbuilding.
The sellers are affiliates of Fredriksen’s Hemen Holding.
SFL said the purchase price was in line with valuations by independent shipbrokers.
The company expects to take delivery of the vessels between the second and fourth quarters of this year.
The charter period will be a minimum of five years, with options for another three years.
This adds close to $200m to SFL’s fixed-rate backlog over the firm period.
An income of $200m would break down to $36,500 per day per vessel over five years.
LR2 spot rates have doubled to nearly $80,000 in recent days on certain routes, as vessels reroute away from Houthi attacks in the Red Sea.
The charterer can exercise options to buy the tankers after the fifth and eighth years.
Any transactions will be subject to a profit share mechanism with SFL.
CEO optimistic
SFL chief executive Ole Hjertaker said he was pleased to seal another milestone transaction in a tanker market he believes is at an attractive stage of its cycle.
“These product tankers are the most desired vessels for carrying clean petroleum products over long sea distances between the largest refineries and consumer centres of the world and will be in high demand to meet the future energy needs of the world,” he added.
“We are also very proud to add another leading energy and commodity powerhouse to our list of high-quality clients,” Hjertaker said.
Seatankers has two other aframax tankers being built at Dalian Shipbuilding in China for handover in 2026.
The company also has six VLCCs contracted at the same shipyard, plus several feedermax container ships and panamax bulkers also being constructed in China.
