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Ship Finance International sells ageing anchor handler

John Fredricksen’s Ship Finance International (SFL) has announced that it has agreed to sell the 1999-built anchor handling tug supply vessel Sea Bear to an unrelated third party.

SFL has also agreed to terminate the corresponding charter party with a subsidiary of Deep Sea Supply, and the vessel is expected to be delivered to the new owner in the first quarter of 2016.

The company will receive about $20m as a combination of cash sales proceeds and amortizing notes from Deep Sea Supply as compensation for the cancellation of the charter. SFL said it expects to record an impairment of approximately $8m in the fourth quarter 2015 related to the sale.

Ship Finance International said the deal is a part of the company’s strategy to renew and diversify its OSV fleet which will number five vessels after the sale, all on long term charters to Deep Sea Supply.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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