Norwegian shipping firm Frontline terminated the long term charter contract of an ore-bulk-oil carrier and Ship Finance International simultaneously sold the vessel, Frontline said on Tuesday, Reuters reports.
Frontline will make a compensation payment to Ship Finance of approximately $0.5 million, it said.
The transaction will reduce Frontline's obligations under capital leases by approximately $1.1 million and expects to record a loss of approximately $0.1 million on the deal.
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