SFL to sell seven LR2 and Suezmax tankers to Trafigura
SFL Corporation announced the sale of four LR2 product tankers built in 2014‑2015 and three Suezmax tankers built in 2019 to Trafigura. Deliveries are scheduled for the fourth quarter of 2026 and the first quarter of 2027, at which point the existing charters will end. The transaction is expected to generate about $275 million in net cash proceeds and an estimated $175 million book gain. CEO Ole B. Hjertaker said the proceeds will be reinvested in new accretive projects.
Why it matters
The company expects the cash inflow to fund new investments that could expand its long‑term distribution capacity, according to the CEO’s statement. The sale also removes the vessels from SFL’s balance sheet, reducing future charter revenue streams.
Key facts
- 1Four LR2 product tankers built in 2014‑2015 and three Suezmax tankers built in 2019 are being sold. globenewswire.com
- 2Deliveries are planned for Q4 2026 and Q1 2027, with charters terminating upon delivery. globenewswire.com
- 3Net cash proceeds are estimated at approximately $275 million in aggregate. globenewswire.com
- 4The transaction is expected to generate an aggregate book gain of approximately $175 million. globenewswire.com
- 5CEO Ole B. Hjertaker said the proceeds will be reinvested in new accretive investments. globenewswire.com
Summary written by AlphAI from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.