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News Breaks | | | | December 11, 2012 | | 09:30 EDT |  | SFL, FRO | Ship Finance to terminate twp remaining charter parties with Frontline
Ship Finance International (SFL) announced that it has agreed with a subsidiary of Frontline Ltd. (FRO) to terminate the charter parties for the two remaining 21-year old combination carriers Front Viewer and Front Guider. Frontline will make a net settlement payment to Ship Finance of approximately $23.5M as compensation for the early termination of the charters and the estimated loss of future cash sweep relating to the two vessels. The two vessels were previously employed on profitable sub-charters which have now been terminated early by Frontline against a cash settlement. The company has agreed to sell Front Viewer to an unrelated third party with expected delivery to the new owner in late December. Net proceeds from the sale is estimated to be approximately $9.1M. The last combination carrier, Front Guider, is expected to be sold in 1Q13, and will remain on charter to Frontline until a sale is concluded. | |
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News For SFL;FRO From The Last 14 Days Check below for free stories on SFL;FRO the last two weeks. |
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| May 24, 2013 | | 07:39 EDT | | SFL | Ship Finance adds four 8,700 TEU newbuilding container vessels
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