Financing in place for new Horizon Lines ships

Financing in place for new Horizon Lines ships    Bermuda-based Ship Finance International Ltd. said it has secured about $280 million needed to buy the five 2,800 TEUs ships that will be placed on long-term charters to U.S. Jones Act carrier Horizon Lines.
   The ships are being constructed at Hyundai Mipo in Korea and are scheduled to be delivered from the start of 2007 over a five-month period. The term of each bareboat charter will be 12 years with a three-year renewal option. Horizon Lines will also have options to buy the ships after five, eight, 12 and 15 years.
   The Charlotte, N.C.-based carrier will deploy all five vessels on its TP1 service linking the U.S. West Coast to Guam and Asia. Horizon Lines only serves the U.S./Guam trade. Maersk Line has slots for the transpacific leg of the service.
   The vessels will fly the U.S. flag with Horizon Lines providing all the U.S. citizen crewmembers.