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Time to say bye-bye to one Suezmax, a 1993-build- IMO, no major surprise

http://www.frontline.bm/IR/press_releases/1676471.shtml

The charter rate steps down on the 20th anniversary of an SFL leased vessel, so SFL doesn't
really lose that much. For FRO, it clears $5.1M of lease payments for $2.1M, probably
partly to the restructuring condition i.e. cash sweep. If the vessel was sold for scrap,
that's another plus for FRO- their first 2013 Suezmax newbuild becomes a replacement rather
than an addition to the Suezmax fleet.
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