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News Breaks | | | | October 16, 2012 | | 08:28 EDT |  | SFL | Ship Finance: sale of vessel, charter termination compensation from Frontline
Ship Finance International (SFL) announced that it has agreed to sell the 21-year old combination carrier Front Driver to an unrelated third party and has simultaneously agreed to terminate the corresponding charter party with a subsidiary of Frontline Ltd. (FRO). Delivery to the new owner is expected to be in Q4 of 2012 and Ship Finance expects to receive net proceeds of approximately $9.6M including a $0.5M charter termination compensation payment from Frontline. As a result of the sale, the company expects to record a book gain of approximately $3.3M in Q4 of 2012. | |
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