Making a Silk Purse Out of a Sow’s Ear

It can be done as Ship Finance International (“SFL”) demonstrated this week. The company had ordered two Suezmax tankers without cover. It subsequently sold them to North China Shipping Holdings (“NCSH”) for $109 million each, which outright sale apparently failed. Accordingly, SFL went back and restructured the transaction as a bareboat hire purchase agreement or conditional sale.

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