SFL Sells 1995-built Suezmax Tanker

Ship Finance International Limited (SFL), has agreed to sell the 1995-built Suezmax Front Glory to an unrelated third party. The company has simultaneously agreed to terminate the corresponding charter party for the 20-year old crude oil carrier with a subsidiary of Frontline Ltd.

The vessel is expected to be delivered to its new owner at the end of the third quarter, 2015. Net sales price is agreed to approximately $16 million, and Ship Finance will receive a net amount of approximately $13.8 million, after compensation of approximately $2.2 million to Frontline for the termination of the current charter. The vessel is currently debt free.

Divesting of older vessels is a part of the company's strategy to renew and diversify the fleet, and the proceeds are expected to be reinvested in new assets. Following this sale, the number of vessels on charter to Frontline will be reduced to 16 vessels, including 12 VLCCs and four Suezmax crude oil carriers.