OREANDA-NEWS. Ship Finance International Limited (NYSE:SFL) ("Ship Finance" or the "Company"), today announced that it has agreed to sell the 1998 built VLCC Front Vanguard 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 by the end of June, and the net sales price is approximately $24 million, including a compensation of $0.4 million 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 13 vessels, including 11 VLCCs and two Suezmax crude oil tankers.

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.