SHIP Finance International Limited has agreed to build four 4,800-TEU newbuildings at a state-owned shipyard in China with scheduled delivery in 2013.

    The aggregate construction cost will be US$230 million, with most of the payment due on delivery. The company expects to secure bank financing for up to 80 per cent of the purchase price, it said in a statement.

    The company said the vessels will be time chartered to a "large, European-based container line for seven years from delivery, and the charter rate will be approximately $26,250 net per day per vessel. "They are described as being wide-beam container vessels, "optimised for higher cargo intake and very efficient speed/consumption economics compared to existing vessels of similar size."

    Said Ship Finance Management CEO Ole Hjertaker: "This project will add $270 million to our charter backlog, which currently stands at more than $7 billion."

(Source:http://www.schednet.com)