Business Services Industry
Ship Finance International Limited sells VLCC Front Vanadis
Nordic Business Report, March 15, 2007
NORDIC BUSINESS REPORT-15 March 2007-Ship Finance International Limited sells VLCC Front Vanadis(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian tanker shipping company Frontline Ltd said on Thursday (15 March) that its associated company Ship Finance International Limited has sold the single-hull very large crude carrier (VLCC) Front Vanadis.
"Upon delivery of the vessel to the buyers, the long term charter party between Frontline and Ship Finance International Limited will be terminated, and the latter will make a compensation payment to Frontline of approximately USD13.2m for the early termination of the current charter party," Frontline said.
Frontline Ltd is headquartered in Hamilton, Bermuda. The company has a fleet of 36 Suezmax tankers and 46 VLCC tankers, totalling 19.3m dwt. The company is listed on the Oslo Stock Exchange and traded under the ticker FRO.
One British pound (GBP) is worth approximately 1.93 US dollars (USD).
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