SFL Corp's Frontline sell-off has begun.
According to Securities and Exchange Commission filings after the close Friday, SFL Corp sold off 1.6 million shares in its John Fredriksen-backed sibling in five blocks Thursday and Friday, netting the company $18.2m.
Tanker owner Frontline filed papers with the SEC Wednesday disclosing SFL Corp could sell its entire 11 million share position.
Friday, amidst skyrocketing tanker rates, Frontline closed at a 52-week high of $11.43.
According to the filing, SFL sold 425,000 shares for $11.84 and 250,000 for $11.79.
