Ship Finance International Announces Sale of Vessel and Charter Termination Compensation from Frontline
Ship Finance International Limited (NYSE: SFL), today announced that it has agreed to sell the 20-year old combination carrier Front Rider to an unrelated third party and has simultaneously agreed to terminate the corresponding charter party with a subsidiary of Frontline Ltd. (NYSE: FRO).
Delivery to the new owner is expected to be in July 2012 and Ship Finance expects to receive net proceeds of approximately $10.2 million including a $0.5 million charter termination compensation payment from Frontline. As a result of the sale, the Company expects to record a book gain of approximately $1.7 million in the third quarter of 2012.
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