We have a full guarantee from Hong Xiang's parent company Beijing Jianlong Heavy Industry Group Co. Ltd. ("Jianlong Group"), a large Chinese industrial conglomerate, and we will aggressively pursue all available means to recover amounts due to us and claim for damages caused by Hong Xiang's and Jianlong Group's unwillingness to perform on their obligations. The charters to Hong Xiang represented approximately 1.5% of the Company's aggregate charter backlog, and the Company intends to mitigate its losses by re-chartering the vessels in the short- to medium-term charter market initially. About Ship Finance Ship Finance is a major ship owning company listed on the New York Stock Exchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 68 vessels, including 25 crude oil tankers (VLCC and Suezmax), two chemical tankers, four oil/bulk/ore vessels, 11 drybulk carriers including two newbuildings, 15 container vessels including four newbuildings, six offshore supply vessels, one jack-up drilling rig, one ultra-deepwater drillship and two ultra-deepwater semi-submersible drilling rigs. The fleet is one of the largest in the world and most of the vessels are employed on long-term charters. Ship Finance International Limited |