Ship Finance International Sells Older VLCC
Bermuda-based shipowner Ship Finance International (SFL) announced that it has agreed to sell the 2002-built VLCC Front Falcon to an unrelated third party.
Delivery to the new owner is expected later this quarter, and the net sales price will be approximately $30.7 million. The Company does not expect a material book effect from the transaction.
Divesting of older vessels is part of Ship Finance's strategy to continuously renew and diversify its fleet. Following this transaction, the Company has three VLCCs remaining on charter to a subsidiary of Frontline Ltd.
Recently SFL entered into lease financing agreements totaling $400 million with an Asian-based institution to finance four 14,000 TEU container vessels acquired in May 2018.
SFL's fleet of more than 80 vessels is split between tankers, bulkers, container vessels and offshore assets, and Ship Finance's long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time