Bermudian-based SFL Corporation Ltd, one of the world's largest ship-owning companies, has agreed new five-year time charters on four 8,700 20-foot equivalent unit container vessels, which will add approximately $240 million to the company’s fixed-rate charter backlog.

The vessels have been on charter to AP Moller-Maersk since they were new and the present charters were due to expire in 2025. The vessels were built in 2014-15 with a modern, wide-beam design and fuel-efficient electronic engines.

In connection with the new charters, SFL said, it will make certain investments in the vessels, including increasing the cargo capacity to 9,500 TEU.

The company will also add new energy efficiency features, and the total upgrade investment is estimated to be approximately $20 million in aggregate.

Ole B. Hjertaker, chief executive of SFL Management AS, said: "The new charters on four existing container vessels demonstrate the benefit of a customer-focused approach, where we in close co-operation with Maersk have analysed how to optimise the vessels’ operational performance and reduce emissions.

"This benefits both our customer and us during the charter period, while we will have more attractive vessels when the new charters expire in 2030."