Ship Finance International sells elderly VLCC

John Fredriksen’s Ship Finance International has entered into an agreement to sell the 2001-built VLCC Front Ariake to an unrelated third party.

Delivery of the vessel is expected later this month, and the net sales price will be approximately $20.7m.

Ship Finance International said divesting of older vessels is part of the company’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.

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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