Photo: 190867552©Nikolay Mensh | (image for illustration purposes only)

The New-York listed shipowner SFL Corporation has agreed to sell a 2009-built Suezmax tanker for a net sales price of approximately $39 million.

The shipowner, with investments in the tanker, bulker, container and offshore segments and a significant charter backlog, said the vessel has been trading in the spot market for a longer period, and net cash proceeds to SFL after repayment of associated debt, is estimated to approximately $23 million. The delivery to the new owner is expected in February, and SFL is expecting to record an accounting gain of approximately $5 million in the first quarter, as the shipowner unveils in its report analysis.

SFL top management didn’t disclose the name of the buyer during the announcement of the company´s preliminary financial results for the quarter ended December 31, 2022.

As it is revealed in the report, SFL had a fleet of 18 crude oil, product and chemical tankers during the quarter, with the majority employed on long term charters. The vessels generated approximately $49 million in gross charter hire during the quarter.

The company had two Suezmax tankers and two chemical tankers trading in the spot and short term charter market, and these vessels earned net charter hire of approximately $12.1 million in the fourth quarter, compared to approximately $11.5 million in the third quarter.

The fourth quarter also closed with the completion of SFL acquisition of four modern Suezmax tankers, in combination with six-year time charters to a subsidiary of Koch Industries, a world leading industrial conglomerate, adding approximately $250 million to SFL’s fixed rate charter backlog.

In the dry bulk sector, the company has 15 dry bulk carriers, of which eight were employed, on long term charters in the quarter.

SFL generated approximately $23.7 million in gross charter hire from the dry bulk fleet, in the fourth quarter, including approximately $0.4 million of profit share.

The seven vessels employed in the spot, and short term market, earned approximately $9.0 million in net charter hire, during the fourth quarter, compared to approximately $10.2 million from six vessels in the previous quarter.