Shipping firm Ship Finance International (SFL) has sold its single-hull VLCC Front Duchess for $18.8m to an unnamed buyer.

SFL will make $16m following nearly $2.8m compensation to Frontline for cancellation of the present charter, the company said.

The decrease in single-hull tankers supports the firm’s plan to concentrate on contemporary assets in different offshore and shipping sectors.

The delivery of the vessel to the new owner is scheduled to take place by September or October this year.