Ship Finance International Limited, today announced that it has agreed to sell the 21-year old combination carrier Front Climber to an unrelated third party and has simultaneously agreed to terminate the corresponding charter party with a subsidiary of Frontline Ltd.
Delivery to the new owner is expected to be in September 2012 and Ship Finance expects to receive net proceeds of approximately $9.0 million including a $0.6 million charter termination compensation payment from Frontline. As a result of the sale, the Company expects to record a book gain of approximately $1.1 million in the third quarter of 2012.