Ship Finance International Limited sells single-hull VLCC

Nordic Business Report, Oct 17, 2007

NORDIC BUSINESS REPORT-17 October 2007-Ship Finance International Limited sells single-hull VLCC(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian-controlled Bermuda-based ship owning company Ship Finance International Limited (NYSE: SFL) said on Wednesday (17 October) that it has agreed to sell the single-hull very large crude carrier VLCC Front Duchess.

Ship Finance is selling the vessel to an unnamed third party for USD54.5m.

The deal is part of the company's strategy to reduce its single-hull tanker exposure and to focus on modern assets.

Ship Finance, headquartered in Hamilton, Bermuda, is one of the world's largest shipowners. It owns a fleet of 71 vessels with a total cargo capacity of over 11m dwt. The company is listed on the New York Stock Exchange and traded under the ticker 'SFL'.

One British pound (GBP) is worth approximately 2.03 US dollars (USD).

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