Ship Finance buys box ship

Ship Finance buys box ship Ship Finance International Ltd. has purchased a 1,700-TEU ship, the 2003-built vessel Montemar Europa.
   This acquisition includes an existing time-charter to a subsidiary of Compania Sud Americana de Vapores (CSAV) of Chile, the largest liner shipping company in South America.
   The net purchase price will be about $32.5 million, and delivery to Ship Finance is estimated for late August or early September.
   The charter to CSAV expires in October-November 2008, and the net time-charter rate is about $13,500 per day.
   The Bermuda-based ship owner said that recently the charter market for modern 1,700-TEU container vessels has strengthened significantly, and Montemar Europa will be marketed for medium- to long-term contracts following the expiry of the existing charter in 2008.