Ship Finance International sells suezmax tanker

Ship Finance International sells suezmax tanker

Ship Finance International (SFI) has sold its 1998-built suezmax Mindanao to an unnamed buyer for $21.2m. Brokers have reported that the buyer is based in the Far East.

SFI said it had had agreed to the early termination of the tanker’s charter to fellow Fredriksen-led company  Frontline. The contract had been expected to expire in the fourth quarter 2015.

Frontline will receive $3.3m in compensation for the charter termination, SFI said, making net cash proceeds from the vessel’s sale approximately $17.9m.

“Divesting of older vessels is a part of the company’s strategy to renew and diversify the fleet, and the proceeds are expected to be reinvested in new assets,” SFI said in a filing today.

Following the sale, the number of vessels on charter to Frontline will be reduced to 14 vessels, comprising 12 VLCCs and two suezmaxes.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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