February 5, 2020
SFL Corporation Ltd. (NYSE: SFL) (“SFL” or the “Company”) announces that it has today sold and delivered the 2002-built VLCC Front Hakata to an unrelated third party.
The net cash proceeds to SFL was approximately $30 million after a compensation to Frontline Ltd. for the early termination of the charter. The Company does not expect a material book effect from the transaction.
The Front Hakata was the last vessel in the fleet remaining from the Company’s inception in 2004 and divesting of older vessels is part of SFL’s strategy to continuously renew and diversify its fleet.
Following this transaction, the Company has two VLCCs remaining on charter to a subsidiary of Frontline Ltd.
SFL has a unique track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004.
The Company’s fleet of more than 90 vessels is split between tankers, bulkers, container vessels and offshore assets, and SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time.
More information can be found on the Company’s website: www.sflcorp.com
Ship Finance International Limited press release