SFL Corporation agrees charters for two dual-fuelled PCTCs

SFL Corporation has entered into long term charters with ‘a leading Asia-based transportation company’ for two new dual-fuel pure car and truck carriers (PCTCs).

The carriers are sister vessels of two 7,000 CEU PCTCs which are under construction with delivery slated in Q1-Q2 2024. These vessels will be chartered to the Volkswagen Group.

Under the new SFL Corporation agreement, the aggregate construction cost of the PCTCs will be approximately $155 million, and the charter period will be 10 years from delivery of the vessels. The charter agreement will add more than $200 million to SFL’s contracted charter backlog.

Ole B. Hjertaker, CEO of SFL Management AS, commented: ‘This transaction shows our commitment to continue expanding our investment focus to assets with a lower carbon footprint whilst ensuring significant visibility through ten-year firm charters to a very strong counterparty. ‘Over the last few months, we have added multiple new vessels to our portfolio, increasing our charter backlog by more than $700 million. Many of these acquisitions will deliver during the third quarter, adding immediate cash flow and building our long-term distribution capacity

Lesley Bankes-Hughes