Bermuda-registered Ship Finance International has agreed to sell its two remaining suezmax tankers with double sides but only single bottom.

Front Birch and Front Maple, which were both built in 1991, are being sold to unrelated third parties and deliveries to the new owners are expected to take place in December and January.

The net sales price is $80 million for the two vessels and Ship Finance will receive a net amount of approximately $47.2 million, after compensation of approximately $32.8 million to Frontline for the termination of the current charters on the two vessels.

There are currently approximately $10.7 million in loans outstanding against the vessels, and the net cash effect to Ship Finance from the transactions is estimated to be approximately $36.5 million.

The aggregate book profit is estimated to be approximately $13 million, of which $6.6 million is expected to be recognised in fourth quarter of 2007 and $6.4 million in the first quarter of 2008.

Following these sales, and excluding one vessel previously announced sold on hire/purchase terms, there will be only seven crude oil tankers without double hull remaining in our fleet. This is down from 18 vessels in 2006, and Frontline has secured profitable sub-charters for all the remaining non-double hull vessels.

In a statement the company said the reduction of the number of vessels without double hull is in line with its strategy to focus on modern assets in various shipping and offshore segments.