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SFL Offloads VLCC, Terminates Charter with Frontline

Bermuda-based SFL Corporation has sold and delivered Front Hakata, a 2002-built very large crude carrier (VLCC).

Although the buyer of the 324,021 cbm vessel has not been disclosed, VesselsValue’s data shows that the company in question is based in China.

Separately, Frontline said it has agreed with SFL to terminate the charter for Front Hakata following the ship’s sale to a new owner.

The net cash proceeds to SFL was approximately USD 30 million after USD 3.2 million compensation to Frontline for the early termination of the charter.

The Front Hakata was the last vessel in the FSL’s fleet remaining from the company’s inception in 2004. Its disposal is part of SFL’s “strategy to continuously renew and diversify its fleet”.

Following this transaction, SFL has two VLCCs remaining on charter to a subsidiary of Frontline.