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CURRENT ISSUE

ARM MERCHANT SHIPS?
Should merchant ships transiting high risk areas carry small arms for defense against pirates?

Selected crew should be trained and have guns available
Professional armed security teams should be hired
No guns on merchant ships, ever

July 27, 2009

Ship Finance sells single hull VLCC

Ship Finance International Limited (NYSE:SFL) today announced that it has agreed to sell the single-hull VLCC Front Duchess to an unrelated third party for net sales proceeds of $18.8 million.

Delivery to the new owner is expected to take place in September/October 2009, and Ship Finance will receive a net amount of approximately $16.0 million after compensation of approximately $2.8 million to Frontline for the termination of the current charter.

At the end of September 2009 there will be approximately $13.8 million in loans outstanding against the vessel, and the net cash effect to Ship Finance from the transaction is estimated to be approximately $2.2 million.

Following this sale, and excluding two vessels previously announced sold on hire/purchase terms, Ship Finance will have only five single-hull crude oil tankers remaining in the fleet.


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