Ship Finance’s Boxships Duo to Start Work for Maersk

first_imgzoom New York-listed Ship Finance International Limited said that it took delivery of the remaining two 9,300-9,500 TEU container vessels, adding to the vessel delivered to the company in November 2015.The boxships, which joined their owner in February and in May, have been chartered to Maersk Line for a minimum period of five years, with options for the charterer to extend the period up to seven years.Ship Finance estimates that the aggregate EBITDA contribution from the three vessels during the firm period of the charters would amount to more than USD 32 million per year on average.Additionally, the company said that it continued its fleet renewal and diversification strategy with the sale of an older offshore support vessel in the first quarter and an older VLCC subsequent to quarter end. Ship Finance said that it “will receive sales proceeds of approximately USD 24 million” for the sale of the 1998-built VLCC Front Vanguard, which is scheduled to be delivered to its new owner in June.“Our key focus remains on prudently managing our balance sheet and our existing asset portfolio whilst sourcing new accretive opportunities through our industry relationships and unique access to deal flow,” Ole B. Hjertaker, CEO of Ship Finance Management AS, said.The company’s net income for the first quarter ended March 31, 2016 was at USD 47 million, a decrease compared to the USD 54 million reported in the previous quarter, while the operating income for the period increased to USD 57 million from USD 48.5 million seen in the previous quarter.As of March 31, 2016, and adjusted for subsequent sales, the fixed rate charter backlog from the company’s fleet of 74 vessels and rigs was approximately USD 4.2 billion, with an average remaining charter term of 5.2 years.last_img read more


Backing envoys plan Security Council extends UN mission in Western Sahara

With the unanimous adoption a of new resolution, which extends the mandate of the UN Mission for the Referendum in Western Sahara (MINURSO) through 31 October, the Council expressed its continued strong support for the efforts of Secretary-General Kofi Annan and his Personal Envoy, James Baker III, and similarly for their peace plan for self-determination of the people of the territory as an “optimum political solution” on the basis of agreement between the two parties. Later Thursday, a spokesman for the Secretary-General said Mr. Annan “is gratified that the Security Council has adopted a resolution expressing its clear and strong support” for his efforts and those of Mr. Baker, and for the peace plan.“Given the unanimous nature of this resolution, he invites the parties to act constructively and to work with each other and with him and his Personal Envoy towards acceptance and implementation of the peace plan,” the statement said.In a report to the Council in late May, Mr. Annan recommended that the 15-nation body endorse the proposed peace plan – which combines elements of the draft framework agreement and agreed elements of the settlement plan. The report was issued on the heels of Mr. Baker’s tour of Western Sahara, during which he presented the plan to representatives of all the parties, including Morocco, the Popular Front for the Liberation of Saguia el-Hamra and Rio de Oro (POLISARIO Front), Algeria and Mauritania. Representing something of a compromise, “[the plan] provides each side some, but not all, of what it wants,” Mr. Annan wrote in the report. It envisages a period of transition during which there would be a division of responsibilities between the parties before the holding of a referendum for self-determination within four to five years. And unlike the settlement plan, the new peace plan does not require the consent of both parties at each and every step of its implementation. Concerned that a lack of progress in settlement of the dispute remained a source of potential instability in Western Sahara and obstructed the economic development of the Maghreb region, the Council today called on all the parties and the States of the region to cooperate fully with the Secretary-General and his Personal Envoy. Under a related provision of the resolution, the Council reaffirmed its call on the POLISARIO Front to immediately release all remaining prisoners of war in compliance with international humanitarian law. The Council also reaffirmed its call on Morocco and the POLISARIO Front to continue to cooperate with the International Committee of the Red Cross (ICRC) to resolve the fate of the persons who are unaccounted for since the beginning of the conflict. It reiterated its call on the parties to work with the UN High Commissioner for Refugees (UNHCR) in the implementation of confidence-building measures and continued to urge the international community to provide generous support to UNHCR and the World Food Programme (WFP), in order to help them overcome the deteriorating food situation among the refugees. Video of the Security Council meeting read more