Bermuda-based Frontline Ltd. has agreed with Ship Finance International Limited to terminate the long term charter party for the OBO carrier Front Climber and Ship Finance has simultaneously sold the vessel.
The charter party is expected to terminate in late September 2012. Frontline will make a compensation payment to Ship Finance of approximately $0.6 million for the early termination of the charter.
The transaction will reduce the Company’s obligations under capital leases by approximately $1.7 million and the Company expects to record a loss of approximately $4.2 million.
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