COPENHAGEN: Fredriksen-led Ship Finance International (SFI) is to sell a 20-year-old suezmax tanker to an unnamed buyer for around $16m.
The Japan-built Front Glory (149,800 dwt, built 1995) has been on charter to a subsidiary of Frontline, but this contract will be terminated when the vessel is sold. Until now, the ship has operated as part of the six-suezmax Alliance Chartering Pool.
Frontline will receive compensation of $2.2m for the early termination of its timecharter, leaving SFI with a net amount of around $13.8m. “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 commented today.
