Evergreen to Receive Megaships in Lease Financing Deal


Ship Finance International (SFL) has announced that it has entered lease financing agreements worth USD $400 million with an Asia-based institution, to finance four 14,000 TEU container ships.

The vessels are employed under long-term charters, until 2024, to Taiwanese shipping company Evergreen Marine Corporation, which has the option to extend the charters by 18 months.

According to a statement from SFL, each lease financing agreement has a term of approximately nine years, with an option to purchase the vessel back after six years.

Lease financings for three of the vessels have already been finalized, while the last vessel is expected to close within the next two weeks.

Byung Kwon Lee explains how ports can prepare for the challenge of mega ships in a recent Port Technology technical paper

SFL has also stated that a portion of the proceeds, from the lease financing, will be used to refinance the $320 million unsecured loan facility arranged at the vessels’ delivery in May.

Ole B. Hjertaker, CEO of Ship Finance Management AS, commented: “These financing transactions demonstrate our continued ability to attract highly competitive capital.

“Ship Finance’s strong profile in the maritime financing market provides us access to a broad range of attractive financing solutions.

“This in turn allows us to create long-term value for our shareholders and support our dividend distribution capacity.”

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