Renegotiation Success

Ship Finance International has amended the sale agreement of two Suezmax newbuilds with North China Shipping Holdings to a hire/purchase transaction. The two tankers were previously sold to North China Shipping for USD 109 million a piece and under the new agreement, Ship Finance will accept USD 40.5 million upfront per ship, and bareboat hire of USD 16,700 daily subsequently for 5 years. North China Shipping is obliged to purchase the vessels at USD 40.7 million each after 5 years.

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