SFL sheds Suezmax tanker duo and pulls the plug on charters for two other vessels

Bermuda-based shipowner and charterer SFL Corporation has decided to divest two ten-year-old Suezmax tankers used for crude oil transport and end charters for two more such vessels.

While revealing its agreement to sell the two 2015-built Suezmax tankers, SFL Thelon and SFL Ottawa, currently on charter to a trading house, Koch, SFL explains that the gross sales price is expected to be approximately $57 million per vessel.

As a result, the net proceeds are estimated at around $26 million per vessel after repayment of associated debt and payment of a termination fee in accordance with a pre-agreed profit share arrangement. Each of the vessels was set to be chartered until Q4 2028.

The vessels will be delivered in the fourth and first quarters, respectively, and the Bermuda-based firm anticipates to record an aggregate book gain of about $23 million from the transaction allocated between the two vessels.

In addition, the firm has agreed with the same charterer to mutually terminate the charters for the two