SFL Sells 1998-built Suezmax Tanker
Ship Finance International Limited (SFL) has agreed to sell the 1998-built Suezmax tanker Mindanao to an undisclosed unrelated third party, simultaneously terminating the corresponding charter party for the 17-year old crude oil carrier with a subsidiary of Frontline Ltd.
The 159,211 dwt vessel is expected to be delivered to its new owner in December 2015.
According to SFL, the sale is in line with its plans to divest older vessels in a strategy to renew and diversify its fleet.
SFL said net cash proceeds will be approximately $17.9 million, after a compensation of approximately $3.3 million to Frontline for the early termination of the charter. The proceeds are expected to be reinvested in new assets.