New York-listed SFL Corp has sold its last product tankers in an en-bloc deal.
The John Fredriksen-controlled company said the 17,800-dwt SFL Weser and SFL Weber (both built 2008) will be handed over to an unnamed buyer in the second quarter.
Sales proceeds are $19.5m for the debt-free ships.
VesselsValue assesses the pair as worth $21.6m combined, up from $13.1m a year ago.
Both clean tankers have been owned by SFL since delivery and have been trading spot over the last two years.
A book impairment of about $7m will be recorded from the disposals.
SFL also 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, according to brokers.
SFL originally said the ship had fetched $39m, but now puts the price at $43.5m.
A book gain of $9m will be entered for the first quarter, against the estimate of $5m in February.
The tanker, now renamed Bay Demetra, had been trading spot for Fredriksen’s Frontline.
SFL is left with a VLCC, eight suezmaxes and six aframaxes among its mixed fleet.
“Divesting of older vessels is part of SFL’s strategy to continuously renew and diversify its fleet, and the net cash proceeds are expected to be reinvested in new assets,” the owner said.
SFL made a net profit of $48.5m on $197.8m of operating revenue in the three months ended on 31 December 2022, as compared to the third-quarter figures of $49.9m net profit on $166.9m in operating revenue.
