Shipping group DFDS has entered into an agreement with Navigare Capital for the sale and leaseback of three freight ferries for a total sales price of DKK 1.46bn (USD 206.6m).
”This transaction improves financial flexibility by releasing cash and lowering our ownership of assets. We retain control of the assets and ensure that reliability and customer service is maintained,” Karina Deacon, chief financial officer of DFDS, says in a statement.
The lease term is five years starting from delivery, which is expected this week.
The agreement, which includes an option to purchase the ferries at the end of the lease period, is for ferries Flandria Seaways, Humbria Seaways, and Scandia Seaways.
The transaction results in a net reduction of the invested capital by DKK 0.6bn and a reduction of the net interest-bearing debt (NIBD) by DKK 0.7bn.
DFDS will book a gain of approximately DKK 145m from the sale of the three ferries in the income statement for Q4 2023.
As a result of the transaction, DFDS is also lowering its investment guidance for 2023 to DKK 0.1bn from previously DKK 1.6bn.
(Translated by DeepL with additional editing by Christian Radich Hoffman)