NYSE-listed Ship Finance International Limited has agreed to sell its 1995-built Suezmax Front Glory to an unrelated third party for approximately US$16m, which will be used to finance the company's fleet renewal project.

Meanwhile, Ship Finance has agreed to terminate the corresponding charter party for the 149,834dwt crude oil carrier with a subsidiary of Frontline Ltd.

The Marshal Islands-flagged vessel is expected to be delivered to its new owner at the end of the third quarter of 2015.