Hamilton, Bermuda - October 1, 2018
Ship Finance International Limited (NYSE: SFL) (“Ship Finance” or the “Company”) announces that it has agreed to sell the 2001-built VLCC Front Ariake to an unrelated third party.
Delivery to the new owner is expected later this month, and the net sales price will be approximately $20.7 million, including approximately $3.4 million in the form of an interest-bearing loan note from Frontline Ltd.
The book value of the vessel is approximately $27.6 million, thus an impairment is expected to be recorded in the third quarter. Divesting of older vessels is part of Ship Finance’s strategy to continuously renew and diversify the fleet.
Following this transaction, the Company has four VLCCs remaining on charter to a subsidiary of Frontline Ltd.
About Ship Finance
Ship Finance International Limited (NYSE: SFL) has a unique track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004.
The Company’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.
More information can be found on the Company’s website: www.shipfinance.bm
The 2001-built VLCC Front Ariake. Image by Ship Finance International
Ship Finance International Limited press release