| (1) | SHIP FINANCE INTERNATIONAL      LIMITED (the “Company”); |
|-----|----------------------------------------------------------------------|

| (2) | THE VESSEL OWNING SUBSIDIARIES      OF THE COMPANY named in Schedule 1 hereto (the “Owners”); |
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| (3) | FRONTLINE LTD. (“Frontline”); |
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| (4) | FRONTLINE SHIPPING II LTD.      (the “Charterer”) |
|-----|---------------------------------------------------------------|

| 1. | Terms      defined in the Charter Agreement shall have the same meaning as set out      therein when used in the following. |
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| 2. | The      term “Agreement” shall, when used      in the Charter Agreement, hereafter mean the Charter Agreement as amended      by this Amendment. |
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| 3. | Clause      3.1 shall be amended by deleting thewords: |
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|   | “...      (provided, however, that in no event shall such Bonus Payment be less than      $0), ...”. |
|--------|------------------------------------------------------------------------------------------------------------------|

| 4. | Clause      3.2 of the Charter Agreement shall be substituted with the following      wording: |
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|   | “3.2 | Preparation and Delivery of      Bonus Payment Schedules |
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|   | (a) | The      period upon which each Bonus Amount shall be determined shall be three      calendar months and shall coincide with the calendar quarters of each      calendar year. |
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|   | (b) | No      later than on the last Business Day in the calendar month following the      end of each calendar quarter, the Charterer shall prepare or cause to be      prepared, and shall deliver to the Company, a Bonus Payment Schedule with      respect to the preceding quarter. Each Bonus Payment Schedule shall set      forth, in each case with respect to the preceding quarter, the TCE      revenues of each Vessel and the Charterer’s calculation of the Bonus      Amount on a year to date basis less any agreed Bonus Amount(s) for the      preceding quarters in the relevant calendar year. The Charterer shall, at      the same time, provide to the Company such supporting work papers or other      supporting information as may be reasonably requested by the Company in      order to verify the calculation of the Bonus Amount for the preceding      quarter. Such Bonus Payment Schedule shall be prepared in accordance with      GAAP, consistent with the preparation of Frontline’s accounts, and shall      be certified by the chief financial officer of the Charterer and, if      requested by the Company, by the Charterer’s independent      accountants. |
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|   | (c) | It      is agreed and understood between the Parties that a Bonus Payment      pertaining to a quarter can be positive or  negative. |
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| 5. | The      wording of Clause 3.3 (a) of the Charter Agreement shall be substituted      with the |
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|   | following      wording: |
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| 6. | The      Parties agree that the Bonus Amount pertaining to the 1st      quarter of 2007, when calculated in January 2008, shall be included      in the aggregate Bonus Amount for 2007 and paid    accordingly. |
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| 7. | Except      as expressly amended by this Amendment, the Charter Agreement shall be and      remain in full force and effect. |
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| 8. | This      Agreement shall be governed by and construed in accordance with the laws      of England. |
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| For      and on behalf ofSHIP      FINANCE INTERNATIONAL LIMITED                            |   | For      and on behalf ofFRONTLINE      LIMITED                                       |
|---------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|
|                                                                                        |   |                                                                                  |
| _______________________________________Lars      SolbakkenAs      per special authority     |   | ________________________________Bjørn      SjaastadAs      per special authority |
|                                                                                        |   |                                                                                  |
| For      and on behalf ofFRONTLINE      SHIPPING LIMITED                                    |   | For      and on behalf ofTHE      OWNERS LISTED IN SCHEDULE 1                         |
|                                                                                        |   |                                                                                  |
| ______________________________________Bjørn      SjaastadAs      per special authority |   | ________________________________Lars      SolbakkenDirector                           |

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| Vessel      Owner                                                                                                                                              | Vessel      Name                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ultimate      Shipping Ltd.Millcroft      Maritime SAGolden      Narrow CorporationHudson      Bay Marine Company LimitedNewbond      Shipping Company Limited | “Front      Century”“Front      Champion”“Golden      Victory”“Front      Force”“Front      Energy” |