Frontline subsidiary Ship Finance to join NYSE

Frontline subsidiary Ship Finance to join NYSE    Ship Finance International Ltd., a wholly owned subsidiary of tanker shipping major Frontline Ltd., will join the New York Stock Exchange under a partial spin-off from its parent group.
   Frontline, which is already listed on the New York Stock Exchange, said Wednesday that Ship Finance International has filed a registration statement to register its common shares under the Securities Exchange Act of 1934. The subsidiary will then be eligible for listing on the New York Stock Exchange.
   Frontline plans to distribute about 25 percent of Ship Finance International’s common shares to existing common shareholders of Frontline, in a partial spinoff. Each Frontline shareholder will receive one share in Ship Finance International for every four shares in Frontline held. The distribution date is expected to be June 16, Frontline said.
   Frontline did not say whether it intends to retain the remaining 75 percent stake in Ship Finance International.
   Ship Finance International common shares will commence trading under the ticker symbol “SFL.”
   Ship Finance International owns a fleet of 47 oil tankers conprising 23 very large crude carriers (VLCCs), including one VLCC subject to a purchase option on the part of Ship Finance International, and 24 Suezmax tankers.
   Ship Finance International’s vessels are on time charter to and managed by subsidiaries of Frontline.