Crewing news and marine crewing agencies
Ship Finance International Limited / Frontline Ltd. - Sale and Acquisition of Vesselst
HAMILTON, Bermuda, May 19 /PRNewswire-FirstCall/ -- Ship
Finance International Limited (the "Company")
today announces the sale of the three Suezmax tankers,
Front Lillo, Front Emperor and Front Spirit, for a total
consideration of USD 92.0 million. The vessels will be
delivered to the buyers within the next two months. At
the same time the time charter arrangements between Ship
Finance and Frontline Ltd. ("Frontline") will
be cancelled.
Concurrently, Frontline will sell three similar vessels
to Ship Finance for an aggregate price of USD 92.0 million.
These vessels are the Suezmax tankers, Front Traveller,
Front Transporter and Front Target. Frontline will charter
back these vessels on similar terms to the contracts that
are being cancelled on the three vessels being sold by
Ship Finance.
Chairman and CEO of Ship Finance, Tor Olav Troim says in a comment: "Ship Finance will be secured the same cash flow through the replacement of the vessels. We will benefit from the fact that we already have four sister ships of these Croatian built vessels in our fleet. The vessels have historically performed very well and are built based on a specification of minimal use of high tensile steel. The vessels are also particularly well designed to be used for conversion to offshore vessels in order to secure commercial life after they will have to stop trading as tankers."
CFO of Frontline Tom Jebsen says in a comment: "Frontline bought the three vessels which are being sold to Ship Finance last year for USD 66 million. We have incurred significant expenditure on upgrading the vessels, but have also made substantial money on trading them."
"The third party sale and subsequent cancellation of the charter of the three Spanish built Suezmaxes should be seen as a part of the Frontline Group's strategy to renew its fleet over time through opportunistic trading in the S&P market."
All you want to know about crewing agencies, yacht crewing or crewing agents, crewing opportunities.
| Crewing news |
| Sun, 6 May 2007 11:38:00 -0400 Two bidders left in battle for the Devonport submarine yard |
| Carlyle, the US private equity group, is one of two bidders expected to put in final offers to buy the Devonport submarine dockyard near Plymouth this week. Carlyle is bidding against Babcock, the engineering group that runs the Faslane nuclear su... |
| Sun, 6 May 2007 11:37:00 -0400 Mesothelioma care in Britain under scrutiny |
| Every year, about 2,000 people in the UK die of mesothelioma, a cancer that comes from exposure to asbestos; it is nearly always terminal. The numbers are expected to peak between 2011 and 2015, as workers exposed to the substance — many in ... |
| Sat, 5 May 2007 07:03:00 -0400 Dozens of Haitians drown off Turks-Caicos |
| The US Coast Guard suspended its search for about 40 Haitian migrants still missing after their boat sank in the Caribbean, saying officials believe there is little likelihood of finding more survivors. However, local authorities on the Turks and ... |
| Sat, 5 May 2007 07:02:00 -0400 Canada's sealing vessels break free from ice |
| The last of the sealing vessels trapped in ice off northeastern Newfoundland has been freed, three weeks after the ordeal began. The remaining three longliners, which were under the escort of two icebreakers on Thursday, are free of heavy pack ice... |