d863974_6-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR
15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the
month of March 2008
Commission
File Number: 0-22704
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Ship
Finance International Limited
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(Translation
of registrant’s name into English)
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Par-la-Ville
Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
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(Address
of principal executive office)
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Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[X] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes
[_] No [X]
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-______________.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 is a copy of the press release of Ship Finance International
Limited dated March 11, 2008 relating to the sale of one of its single hulled
VLCCs..
SFL
– Sale of single hull VLCC
Press
release from Ship Finance International Limited, March 11, 2008
Ship
Finance International Limited (NYSE:SFL) (“Ship Finance” or the “Company”),
today announced that it has agreed to sell the single-hull VLCC Front Sabang to a subsidiary
of Taiwan Maritime Transportation Co., Ltd. (“TMT” or the “Buyer”).
Concurrently, the Company informed that the previously announced sale of the
single-hull VLCC Front
Duchess has been cancelled.
The sale
of Front Sabang will be
in the form of a hire-purchase agreement, where the vessel will be chartered to
the Buyer for a period of 3.5 years, with a purchase obligation at the end of
the charter. We have previously entered into a similar hire-purchase agreement
with TMT for the single-hull VLCC Front Vanadis.
There
will be an upfront payment of approximately $22 million from TMT, and the gross
bareboat charter rate will be $29,900 per day during the charter period. The
purchase obligation at the end of the charter is $3.9 million. In addition, the
Buyer will have quarterly purchase options during the charter, starting at $34.2
million, and reducing gradually over the term of the charter. Ship Finance has
agreed to pay a compensation payment of approximately $25 million to Frontline
Ltd. (“Frontline”) for the termination of the current charter.
Delivery
to TMT is expected in April 2008. During the term of the new charter, Ship
Finance will receive on average more than $22,000 more per day, net of operating
expenses, compared to the base rate in the current charter agreement with
Frontline.
In
October 2007, the Company announced the agreement to sell the single-hull VLCC
Front Duchess. The
parties have now agreed to cancel the sales agreement, and the vessel will
continue its current long-term charter to Frontline, including the profit share
agreement.
Including
newbuildings, the Company’s fleet consists of 70 vessels, essentially all on
medium to long term charters. Excluding the two vessels sold on hire-purchase
terms, there will be only seven crude oil tankers without double hull remaining
in our fleet.
March 11,
2008
The Board
of Directors
Ship
Finance International Limited
Hamilton,
Bermuda
Contact
Persons:
Lars
Solbakken: Chief Executive Officer, Ship Finance Management AS
+47 2311
4006 / +47 9119 8844
Ole B.
Hjertaker: Chief Financial Officer, Ship Finance Management AS
+47 2311
4011 / +47 9014 1243
About
Ship Finance
Ship
Finance is a major ship owning company listed on the New York Stock Exchange
(NYSE: SFL). Including newbuildings and announced acquisitions/disposals, Ship
Finance has a fleet consisting of 70 vessels, including 35 crude oil tankers
(VLCC and Suezmax), 8 oil/bulk/ore vessels, 13 container vessels, 3 dry bulk
carriers, 2 jack-up drilling rigs, 6 offshore supply vessels and 3 seismic
vessels. The fleet is one of the largest in the world with a total cargo
capacity of more than 11 million dwt. and most of the vessels are employed on
long term charters.
More
information can be found on the Company’s website:
www.shipfinance.org
Cautionary
Statement Regarding Forward Looking Statements
This
press release may contain forward looking statements. These statements are based
upon various assumptions, many of which are based, in turn, upon further
assumptions, including Ship Finance management's examination of historical
operating trends. Although Ship Finance believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, Ship Finance cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.
Important
factors that, in the Company's view, could cause actual results to differ
materially from those discussed in this presentation include the strength of
world economies and currencies, general market conditions including fluctuations
in charter hire rates and vessel values, changes in demand in the tanker market
as a result of changes in OPEC's petroleum production levels and world wide oil
consumption and storage, changes in the Company's operating expenses including
bunker prices, dry-docking and insurance costs, changes in governmental rules
and regulations or actions taken by regulatory authorities, potential liability
from pending or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, and other important factors described from time to time in the
reports filed by the Company with the United States Securities and Exchange
Commission.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorised.
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Ship
Finance International Limited |
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Dated: March
12, 2008
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By:
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/s/ Lars
Solbakken
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Name:
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Lars
Solbakken
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Title:
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Chief
Executive Officer
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Ship
Finance Management AS
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