REG-SFL - Sale of four LR2 and three Suezmax tankers, and termination of charters
Globe Newswire•07/10/2026•06:10 ET
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Key Highlights
- ➤SFL to sell seven tankers to Trafigura, with deliveries in Q4 2026 and Q1 2027
- ➤Net cash proceeds estimated at approximately $275 million after debt repayment and profit share
- ➤Transaction expected to generate an aggregate book gain of approximately $175 million
- ➤Existing Trafigura charters terminate when the vessels are delivered to the buyer
- ➤SFL expects to reinvest proceeds in new accretive investments supporting long-term distribution capacity
Expert Statements
Ole B. Hjertaker, Chief Executive Officer of SFL Management AS
“This transaction demonstrates the intrinsic value of our operating platform. We have enjoyed strong cash flows from the vessels over the last five years, and in addition retained a significant share of the asset value upside, which is crystallizing now. We expect to reinvest the proceeds in new accretive investments that will build our long-term distribution capacity.”
SFL Corporation Ltd. (NYSE: SFL) ("SFL" or the "Company") today announced that it has agreed to sell four 2014- and 2015-built LR2 product tankers and three 2019-built Suezmax tankers, currently on time charters to Trafigura, a global leader in the commodities industry.
The vessels were acquired in 2021 and 2022, and the charter agreements include a profit share mechanism in the event of a profitable sale. The Company has now agreed to sell the vessels to Trafigura with delivery in Q4 2026 and Q1 2027, and the existing charters will terminate when the vessels are delivered to the buyer.
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