Press release from Ship Finance International Limited, November 7,
2016.
Ship Finance International Limited (NYSE: SFL)
("Ship Finance" or the "Company"), today announced that it has
agreed to sell the 1998 built VLCC Front Century to an unrelated
third party. Ship Finance has simultaneously agreed to terminate
the corresponding charter party for the 18-year old crude oil
carrier with a subsidiary of Frontline Ltd. ("Frontline").
The vessel is expected to be delivered to its
new owner in the first quarter of 2017, and the net sales price
will be approximately $24 million, including a compensation from
Frontline for the early termination of the charter.
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. Following
this sale, the number of vessels on charter to Frontline will be
reduced to 12 vessels, including 10 VLCCs and two Suezmax crude oil
tankers.
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
About Ship Finance
Ship Finance International Limited (NYSE: SFL)
has an unprecedented track record in the maritime industry, being
consistently profitable and paying dividends every quarter since
2004. The Company's fleet of more than 70 vessels is split between
tankers, bulkers, container vessels and offshore assets, and Ship
Finance's long term distribution capacity is supported by a
portfolio of long term charters and significant growth in the asset
base over time. More information can be found on the Company's
website: www.shipfinance.bm
Cautionary Statement Regarding Forward
Looking Statements
This press release may contain forward looking
statements. These statements are based upon various assumptions,
many of which are based, in turn, upon further assumptions,
including Ship Finance management's examination of historical
operating trends. Although Ship Finance believes that these
assumptions were reasonable when made, because assumptions are
inherently subject to significant uncertainties and contingencies
which are difficult or impossible to predict and are beyond its
control, Ship Finance cannot give assurance that it will achieve or
accomplish these expectations, beliefs or intentions. Important
factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this presentation include
the strength of world economies and currencies, general market
conditions including fluctuations in charter hire rates and vessel
values, changes in demand in the tanker market as a result of
changes in OPEC's petroleum production levels and worldwide oil
consumption and storage, changes in the Company's operating
expenses including bunker prices, dry-docking and insurance costs,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, and other important factors
described from time to time in the reports filed by the Company
with the United States Securities and Exchange Commission.
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