New Times Shipbuilding to build five 16,800 TEU container vessels for SFL

Bermuda-based shipowner and charterer SFL Corporation Ltd. (SFL) announced that it has agreed to build five 16,800 TEU container vessels with scheduled delivery in 2028 at an aggregate construction cost of approximately $1 billion. The vessels will have LNG dual-fuel propulsion and the latest features in fuel efficiency and cargo intake optimization.

SFL did not release specific shipyard information, but according to shipbuilding industry sources, it was China’s New Times Shipbuilding that took on this order.

Concurrently, SFL has agreed minimum 10-year time charters to a leading liner company from delivery, adding approximately $1.2 billion to our charter backlog. There will be an option to extend the charters for another two years, and purchase options at the end of year 10 and 12, including a profit share feature.

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment: «This marks another accretive milestone investment for SFL and will add five large container vessels to our fleet. With these vessels delivered, we will have 11 LNG dual-fuel vessels, and it demonstrates our commitment to continue expanding our investment focus to assets with a lower carbon footprint whilst ensuring significant visibility through 10-year firm charters to an investment grade counterparty.

With the acquisitions and charter extensions announced so far this year, we have added approximately $1.75 billion to our fixed rate charter backlog.”

According to the SFL website, the company has 34 container vessels in its fleet, including partially owned vessels and acquired vessels that have not yet been delivered. The company’s fleet includes tankers, bulk carriers, container ships, car carriers and offshore drilling rigs.

Yangzijiang Shipbuilding

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