Ship Finance International Limited, today announced that it has agreed to sell the 21-year old combination carrier Front Driver to an unrelated third party and has simultaneously agreed to terminate the corresponding charter party with a subsidiary of Frontline Ltd.
Delivery to the new owner is expected to be in the fourth quarter of 2012 and Ship Finance expects to receive net proceeds of approximately $9.6 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 $3.3 million in the fourth quarter of 2012.
[mappress]
SFL, October 16, 2012