SeaNews Turkey
Home FAQ RSS Links Site Map Contact Friday, 24.Oct.2014, 11:14 (GMT)
All News
INTERVIEW
TURKISH STRAITS
SEANEWS MAGAZINE
COLUMNISTS
WORLD SHIPPING
PORTS
SHIPPING NEWS
   » ENERGY
   » CONTAINER
   » CRUISE NEWS
   » SAFETY&SECURITY
   » Environmental
   » Towage & Salvage
   » NAVY NEWS
   » Fishing
   » TANKERS
   » DRY BULK
SHIPBUILDING
ACCIDENTS
PILOTAGE&TOWAGE
MARKETS
LOGISTICS
SHIP RECYCLING
IMO&EU NEWS
PIRACY
TURKISH PRESS REVIEW
SEA SPORTS
NEWS FROM TURKEY
INSIGHT/OPINION
SHIPBROKER REPORTS
OFFSHORE
GUEST COLUMNIST
MARITIME RSS
Poll
Will freight markets ever return pre-crisis levels?
Yes, in 2014
Yes, in 2015
Yes, after 2015
No, never!
Who knows?


 
SHIPPING NEWS » CONTAINER

CMA CGM 13,830-TEUer sale includes charter, repurchase options
CMA CGM 13,830-TEUer sale includes charter, repurchase options


FRENCH container shipping line CMA CGM is selling two 13,830-TEU vessels for US$171 million each to Ship Finance International Limited (SFIL) with a subordinated seller's credit of $55 million per vessel. Sunday, 27.Mar.2011, 19:25 (GMT)

FRENCH container shipping line CMA CGM is selling two 13,830-TEU vessels for US$171 million each to Ship Finance International Limited (SFIL) with a subordinated seller's credit of $55 million per vessel.

SFIL will charter back the ships that were built in 2010 to CMA CGM under 15-year time charters. The time charter includes a compensation clause to compensate Ship Finance for any increase in operating expenses, reports The Journal of Commerce online.

The acquisition of the two box ships, the Magellan and Corte Real, by SFIL will be financed through a French tax lease structure, with SFIL's investment limited to $25 million per vessel, or $50 million in total, and secured by junior mortgages.

The deal also offers the carrier several purchase options to buy back the vessels during the charter period, starting from 2014. The purchase options include a profit sharing arrangement enabling Ship Finance to receive extra amounts upon the exercise of such purchase options provided certain undisclosed conditions are met.

The report said it anticipates the transaction will generate an annual free cash flow in excess of US$7 million, after operating costs and debt service.

The acquisition is likely to be wrapped up within the next couple of weeks.

An earlier report by Alphaliner said the ships are part of a 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, it said.


Read: 6719 Times- CMA CGM, -


Rating (Votes: 0)
Add your comment(Existing: 0)  Tell friend  Print

COMMENTS ( 0 Existing)

Related Articles:







Events
October 2014
Su Mo Tu We Th Fr Sa
      1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31  
 

COLUMNISTS
MOST READ TODAY
Platts: Atlantic Supramax Market Plagued by Overcapacity- 420
BIMCO: Changing Winds for Shipping- 338
Guardian Maritime launch Greenwater piracy barrier- 290
2nd quay crane comes to NZ's most southerly box port as volume rises- 273
Fire on bulkcarrier New Caterina in Amsterdam- 204
IMO approves Polar Code to punish pollution from ships- 200
Singapore to start pilot project to supply LNG to ships by 2020- 194
NYK's ballast water management system is approved by Tokyo- 191
Glander International Bunkering appoints Mr. Maurice Lara as Bunker & Lubricant Trader to the Florida office- 152
Platts: Atlantic Supramax Market Plagued by Overcapacity- 144

E-MAGAZINE
SeaNews June
October Issue
SeaNews June
September Issue
SeaNews June
July/August Issue
SeaNews June
June Issue
SeaNews June
May Issue

News in Pictures


Model Alexandra Fotopoulou holding the 9th issue of seanews magazine at the Posidonia Shipping Fair


Hot News
CMA CGM buys 7,000 FEU high-cube carbon-light reefer boxes
Hong Kong shippers demand congestion surcharge be dropped
Lloyd's Register says 24,000 TEU ships will soon be ply trade lanes
Hamburg Sud ends chassis provisioning in Memphis and Nashville
Moody's warns of continuing containership supply glut into 2016

 
Archive Search