Ship Finance International offloads VLCC

Ship Finance International offloads VLCC

John Fredriksen’s Ship Finance International (SFI) says it has agreed to sell 2002-built VLCC tanker Front Falcon to an unrelated third party.

The vessel, which is scheduled for deliver to the new owner before the end of the year, was sold for $30.7m. The price is significantly higher than the MSI fair market value of $23.5m, likely to be related to the vessel’s charter to sister company Frontline.

SFI says the sale is part of its strategy to continuously renew and diversify its fleet. It now has three VLCCs remaining on charter to Frontline.

Last month SFI offloaded another of its ageing VLCCs, the 2001-built Front Ariake, for $20.7m.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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