Ship Finance International Limited (NYSE: SFL) (Ship Finance) announces 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.