FRENCH container shipping line CMA CGM is selling two 13,830-TEU vessels last year for a sum of US$171 million each to Ship Finance International Limited (SFIL) in what appears to be a re-financing deal.
The ships come with 15-year time charters for CMA CGM to continue operating the ships, and include purchase options for the carrier during the charter period, starting from 2014.
The acquisition of the two ships by SFIL "appears to be a refinancing exercise rather than a market sale," said Alphaliner, which noted that the sales price is close to the price of the vessels when they were ordered in July 2007 and about 25 per cent higher than current newbuilding prices.
"The purchase price includes a subordinated seller's credit of $55 million per vessel and will be financed through a French tax lease structure, with SFIL's investment limited to $25 million per vessel and secured by junior mortgages," the report said.
The ships are part of series of eight identical vessels built by South Korean shipbuilder Daewoo that were originally scheduled for delivery by the end of last year. However, financial difficulties arising from the global financial crisis in 2008-09 forced CMA CGM to delay the deliveries.
So far five of the eight ships have been delivered, with the last three slated for delivery next year. The first five ships in the sister series are being used to operate the CMA CGM-Maersk FAL 5/AE-8 service.
Source : HKSG, 23.03.11.
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