SFL Corporation Ltd. (NYSE: SFL) (SFL) announced last Wednesday that it has sold and delivered the 2002-built VLCC Front Hakata to an unrelated third party.
The net cash proceeds to SFL was approximately $30 million after a compensation to Frontline Ltd. for the early termination of the charter. The Company does not expect a material book effect from the transaction.
The Front Hakata was the last vessel in the fleet remaining from the Company’s inception in 2004 and divesting of older vessels is part of SFL's strategy to continuously renew and diversify its fleet. Following this transaction, the Company has two VLCCs remaining on charter to a subsidiary of Frontline Ltd.