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SFL

Ship Finance

$14.75

-0.1 (-0.67%)

, FRO

Frontline

$5.35

-0.13 (-2.37%)

06:29
07/13/18
07/13
06:29
07/13/18
06:29

Ship Finance announces sale of three VLCCs and a jack-up rig

Ship Finance (SFL) announces that it has agreed to sell the 2007-built jack-up drilling rig Soehanah to an unrelated third party and three 2002-built VLCCs to ADS Crude Carriers Ltd., a newly established company in which Ship Finance has acquired a 17% interest. The sales price for the Soehanah is confidential, but the transaction is expected to generate a book profit, and the rig is debt free. Delivery is expected to occur in the second half of 2018, and the Company will continue to receive a bareboat charter rate of approximately $10,000 per day from the current charter to an affiliate of Indonesia-based Apexindo in the meantime. The three VLCCs, Front Page, Front Stratus and Front Serenade, are among the few vessels remaining from the company's inception in 2004, and delivery to ADS is expected to occur in the third quarter. Net proceeds from the sale will be approximately $77.6M, including $10.1M in the form of an interest- bearing loan note from Frontline Limited. The aggregate book value of the three vessels is approximately $99M, and a book impairment is therefore expected to be recorded in the second quarter. Following this transaction, only five vessels will remain on charter to a subsidiary of Frontline Limited (FRO).

SFL

Ship Finance

$14.75

-0.1 (-0.67%)

FRO

Frontline

$5.35

-0.13 (-2.37%)

  • 01

    Oct

SFL Ship Finance
$14.75

-0.1 (-0.67%)

10/17/17
CLKS
10/17/17
UPGRADE
CLKS
Buy
Ship Finance upgraded to Buy from Neutral at Clarksons Platou
12/18/17
JEFF
12/18/17
INITIATION
Target $15
JEFF
Hold
Ship Finance assumed with a Hold at Jefferies
Jefferies analyst Randy Giveans assumed coverage of Ship Finance with a Hold rating and $15 price target. The analyst assumed coverage of 23 energy maritime shipping names saying the industry is "primed for significant improvement." For the first time in 10 years, the analyst expects capacity shortages with demand growth to outpace supply growth in every shipping sector in 2018.
06/01/18
GHSC
06/01/18
UPGRADE
Target $18
GHSC
Buy
Ship Finance upgraded to Buy from Neutral at Seaport Global
Seaport Global analyst Magnus Fyhr upgraded Ship Finance (SFL) to Buy with a $18 price target saying risk/reward is increasingly attractive with several potential catalysts developing over the next few months, combined with the Seadrill (SDRL) restructuring already reflected in estimates. Fyhr said the company has ample dry powder to pursue accretive acquisitions and the current backlog provides cash flow visibility and dividend support.
FRO Frontline
$5.35

-0.13 (-2.37%)

07/21/17
EVER
07/21/17
DOWNGRADE
EVER
Underperform
Frontline downgraded to Underperform from In Line at Evercore ISI
Evercore ISI analyst Jonathan Chappell downgrade Frontline to Underperform and lowered its price target to $4 from $6. The analyst believes the company will be unable to pay a dividend for Q2 and Q3, pressuring the shares valuation premium.
03/06/18
DNBM
03/06/18
UPGRADE
DNBM
Buy
Frontline upgraded to Buy from Hold at DNB Markets
06/18/18
WELS
06/18/18
UPGRADE
Target $7
WELS
Outperform
Frontline upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Michael Webber upgraded Frontline to Outperform and raised his price target for the shares to $7 from $5.30. The analyst believes the Tanker group is "uniquely positioned" to benefit from both a likely OPEC production increase in June and "potentially significant" IMO 2020 tailwinds. IMO 2020-driven ton-mile and floating storage catalysts could create a "thematic bid for the sector," with near-trough level net asset values helping to limit downside risks, Webber tells investors in a research note.

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