Ship Finance to Sell Tankers

Ship Finance International reportedly agreed to sell two oil tankers and ended a long-term charter deal on the vessels with Norway's Frontline Ltd., according to a Reuters report. The company has been selling a number of vessels without double hull to modernize its fleet and expand into other shipping and offshore segments. Hamilton, Bermuda-based Ship Finance said the two Suezmax tankers will reportedly be sold for $80 million, out of which $32.8 million would be paid to Frontline as compensation for ending the current charters. (Reuters)