John Fredriksen’s SFL Corp is continuing to make money from selling off its oldest vessels.
The sale-and-leaseback specialist said the 156,000-dwt Everbright (built 2010) has been sold and delivered to an unnamed new owner for net proceeds of $41.1m.
The ship is the company’s oldest suezmax and was debt-free at the end of the first quarter.
A book gain of $6.4m is expected to be recorded in the second quarter.
“Divesting of older vessels is part of the company’s strategy to continuously renew and diversify its fleet, and the net cash proceeds are expected to be reinvested in new assets,” SFL said.
AIS data now shows a name change to Otis. The vessel is listed as having been chartered out to Trafigura for a year in April.
VesselsValue has a valuation of $42m on the tanker, up from $27m a year ago.
The ship has been operated by Fredriksen’s Frontline.
Brokers reported its sale at the end of March for $42.5m with a drydocking due.
IHS Markit lists NGM Energy of Greece as the new manager.
Remaining suezmaxes are more modern
SFL has seven other suezmaxes built between 2015 and 2020.
Earlier this month, the New York-listed company sold its last product tankers in an en-bloc deal.
It said the 17,800-dwt SFL Weser and SFL Weber (both built 2008) brought in $19.5m.
Also this month, SFL announced it has banked a higher price for a suezmax sold in February.
The 156,000-dwt Glorycrown (built 2009) has been delivered to unknown Turkish interests.
SFL originally said the ship had fetched $39m, but later put the price at $43.5m.
A book gain of $9m will be entered for the first quarter, against the estimate of $5m in February.
