Ship Finance International (SFI) has sold its VLCC Front Vanguard (300,100 dwt, built 1998) to an unnamed counterparty for US$24m.

The Japan-built vessel's current long-term charter to Frontline will be terminated, for which Frontline will receive a compensation payment of US$0.4m.

VesselsValue.com estimates Front Vanguard's current market value at US$23.25m. The ship will be delivered to its buyer in June.

"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," said SFI.