The John Fredriksen sphere has sold VLCC FRONT VISTA
Friday 5. februar 2010 12:58
NORWAY: The John Fredriksen controlled Ship Finance International has sold the 1998-built VLCC "Front Vista" to John Fredriksen's tanker shipping company Frontline for total sales proceeds of USD 58.5 mln.
Frontline has furthermore sold the Vessel and the Buyer will settle the purchase price through the payment of instalments over a 10 year period. The Buyer has secured a 10 year time charter with a State owned oil company at a gross rate of USD 43,500 per day during the entire charter period.
Ship Finance will receive net proceeds of approximately USD 22.1 mln after prepayment of associated debt. The sale is expected to result in a book gain on sale of assets of approximately USD 1.8 mln.
The transaction reflects Frontline's goal of securing long term coverage for parts of its fleet.
About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock Exchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 66 vessels, including 32 crude oil tankers (VLCC and Suezmax), two chemical tankers, eight oil/bulk/ore vessels, one dry-bulk carrier, 13 container vessels, six offshore supply vessels, one jack-up drilling rig and three ultra-deepwater drilling units. The fleet is one of the largest in the world and most of the vessels are employed on long-term charters. The Company has declared a cash dividend for 23 consecutive quarters.
