Fredriksen's Ship Finance impacted by tough tanker market for Frontline

Ship Finance International, which owns several tank or bulk vessels on long-term contracts in Frontline and Golden Ocean, anticipates a weak end of the year for the tanker market.    

Photo: Frontline

Stock-listed Ship Finance International, part of John Fredriksen's business empire and whose assets include tanker vessels on long-term contracts in sister company Frontline, booked a net profit of USD 29 million in the third quarter.

Ship Finance International currently owns 15 tankers within crude oil, refineries and chemicals on long-term contracts with Frontline, but does not expect that the fourth quarter will contribute to positive earnings despite a slight improvement in the tanker market based on Frontline's forecasts.

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