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

| (2) | THE VESSEL OWNING SUBSIDIARIES      OF THE COMPANY named in Schedule 1 hereto (the “Owners”); |
|-----|-----------------------------------------------------------------------------------------------------------|

| (3) | FRONTLINE LTD. (“Frontline”); |
|-----|-------------------------------------------|

| (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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------|

| 2.   | The      term “Agreement” shall, when used      in the Charter Agreement, hereafter mean the Charter Agreement as amended      by this Amendment. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Clause      3.1 shall be amended by deleting thewords: |
|----------------|--------------------------------------------------------|

| 4.   | Clause      3.2 of the Charter Agreement shall be substituted with the following      wording: |
|----------------|------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 “Bonus      Amount”).  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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c)   | It      is agreed and understood between the Parties that a Bonus Payment      pertaining to a quarter can be positive or  negative. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The      wording of Clause 3.3 (a) of the Charter Agreement shall be substituted      with the following wording: |
|----------------|-------------------------------------------------------------------------------------------------------------------|

| 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. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Except      as expressly amended by this Amendment, the Charter Agreement shall be and      remain in full force and effect. |
|----------------|------------------------------------------------------------------------------------------------------------------------------|

| 8.   | This      Agreement shall be governed by and construed in accordance with the laws      of England. |
|----------------|-----------------------------------------------------------------------------------------------------|

----

| For      and on behalf of               |   | For      and on behalf of            |
|-----------------------------------------|--------|--------------------------------------|
| SHIP      FINANCE INTERNATIONAL LIMITED |   | FRONTLINE      LIMITED               |
|                                    |   |                                 |
| /s/      Lars Solbakken                 |   | /s/      Bjørn Sjaastad         |
| Lars      Solbakken                     |   | Bjørn      Sjaastad             |
| As      per special authority           |   | As      per special authority        |
|                                    |   |                                 |
|                                    |   |                                 |
| For      and on behalf of               |   | For      and on behalf of            |
| FRONTLINE      SHIPPING LIMITED         |   | THE      OWNERS LISTED IN SCHEDULE 1 |
|                                    |   |                                 |
| /s/      Bjørn Sjaastad            |   | /s/      Lars Solbakken              |
| Bjørn      Sjaastad                |   | Lars      Solbakken                  |
| As      per special authority           |   | Director                             |

----

| Vessel      Owner                      |   | Vessel      Name                  |
|----------------------------------------|--------|-----------------------------------|
|                                   |   |                              |
| Ultimate      Shipping Ltd.            |   | “Front      Century”  |
|                                   |   |                              |
| Millcroft      Maritime SA             |   | “Front      Champion” |
|                                   |   |                              |
| Golden      Narrow Corporation         |   | “Golden      Victory” |
|                                   |   |                              |
| Hudson      Bay Marine Company Limited |   | “Front      Force”    |
|                                   |   |                              |
| Newbond      Shipping Company Limited  |   | “Front      Energy”   |

----

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

| (2) | THE VESSEL OWNING SUBSIDIARIES      OF THE COMPANY named in Schedule 1 hereto (the “Owners”); |
|-----|-----------------------------------------------------------------------------------------------------------|

| (3) | FRONTLINE LTD. (“Frontline”); |
|-----|------------------------------------------------|

| (4) | FRONTLINE SHIPPING      LTD. (the “Charterer”) |
|-----|-----------------------------------------------------------------|

| 1.   | Terms      defined in the Charter Agreement shall have the same meaning as set out      therein when used in the following. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------|

| 2.   | The      term “Agreement” shall, when used      in the Charter Agreement, hereafter mean the Charter Agreement as amended      by this      Amendment. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Clause      4.1 shall be amended by deleting thewords: |
|----------------|--------------------------------------------------------|

| 4.   | Clause      4.2 of the Charter Agreement shall be substituted with the following      wording: |
|----------------|------------------------------------------------------------------------------------------------|

| (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. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, (i) the TCE      revenues of the VLCCs, (ii) the TCE revenues of the Suezmaxes and (iii)      the Charterer’s calculation of the VLCC Bonus Amount, the Suezmax Bonus      Amount and the aggregate thereof on a year to date basis less any agreed      Bonus Amount(s) for the preceding quarters in the relevant calendar year      (the “Bonus      Amount”). 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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c)   | It      is agreed and understood between the Parties that a Bonus Amount      pertaining to a quarter can be positive or  negative. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The      wording of Clause 4.3 (a) of the Charter Agreement shall be substituted      with the following wording: |
|----------------|-------------------------------------------------------------------------------------------------------------------|

| 6.   | The      Parties agree that the VLCC Bonus Amount and the Suezmax 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Except      as expressly amended by this Amendment, the Charter Agreement shall be and      remain in full force and effect. |
|----------------|------------------------------------------------------------------------------------------------------------------------------|

| 8.   | This      Agreement shall be governed by and construed in accordance with the laws      of England. |
|----------------|-----------------------------------------------------------------------------------------------------|

----

| For      and on behalf of               |   | For      and on behalf of            |
|-----------------------------------------|--------|--------------------------------------|
| SHIP      FINANCE INTERNATIONAL LIMITED |   | FRONTLINE      LIMITED               |
|                                    |   |                                 |
| /s/      Lars Solbakken                 |   | /s/      Bjørn Sjaastad         |
| Lars      Solbakken                     |   | Bjørn      Sjaastad             |
| As      per special authority           |   | As      per special authority        |
|                                    |   |                                 |
|                                    |   |                                 |
| For      and on behalf of               |   | For      and on behalf of            |
| FRONTLINE      SHIPPING LIMITED         |   | THE      OWNERS LISTED IN SCHEDULE 1 |
|                                    |   |                                 |
| /s/      Bjørn Sjaastad            |   | /s/      Lars Solbakken              |
| Bjørn      Sjaastad                |   | Lars      Solbakken                  |
| As      per special authority           |   | Director                             |

----

| Vessel      Owner                  | Vessel      Name                   |
|------------------------------------|------------------------------------|
|                               |                               |
| Ariake      Transport Corporation  | “Ariake”               |
| Aspinall      Pte. Ltd.            | “Front      Viewer”    |
| Blizana      Pte. Ltd.             | “Front      Rider”     |
| Bolzano      Pte. Ltd.             | “Mindanao”             |
| Bonfield      Shipping Ltd.        | “Front      Driver”    |
| Edinburgh      Navigation S.A.     | “Edinburgh”            |
| Fox      Maritime Pte. Ltd.        | “Front      Sabang”    |
| Front      Ardenne Inc.            | “Front      Ardenne”   |
| Front      Brabant Inc.            | “Front      Brabant”   |
| Front      Dua Pte. Ltd.           | “Front      Duchess”   |
| Front      Empat Pte. Ltd.         | “Front      Highness”  |
| Front      Enam Pte. Ltd.          | “Front      Lord”      |
| Front      Falcon Inc.             | “Front      Falcon”    |
| Front      Glory Shipping Inc.     | “Front      Glory”     |
| Front      Lapan Pte. Ltd.         | “Front      Climber”   |
| Front      Lima Pte. Ltd.          | “Front      Lady”      |
| Front      Opalia Inc.             | “Opalia”               |
| Front      Pride Shipping Inc.     | “Front      Pride”     |
| Front      Saga Inc.               | “Front      Page”      |
| Front      Scilla Inc.             | “Front      Scilla”    |
| Front      Sembilan Pte. Ltd.      | “Front      Leader”    |
| Front      Serenade Inc.           | “Front      Serenade”  |
| Front      Splendour Shipping Inc. | “Front      Splendour” |
| Front      Stratus Inc.            | “Front      Stratus”   |
| Front      Tiga Pte. Ltd.          | “Front      Duke”      |
| Golden      Estuary Corporation    | “Front      Comanche”  |
| Golden      Fjord Corporation      | “Ocana”                |
| Golden      Seaway Corporation     | “Front      Vanguard”  |
| Golden      Sound Corporation      | “Front      Vista”     |
| Golden      Tide Corporation       | “Front      Circassia” |
| Hitachi      Hull 4983 Corporation | “Otina”                |
| Katong      Investments Ltd.       | “Front      Breaker”   |
| Langkawi      Shipping Ltd.        | “Front      Birch”     |
| Rettie      Pte. Ltd.              | “Front      Striver”   |
| Sea      Ace Corporation           | “Front      Ace”       |
| Sibu      Shipping Ltd.            | “Front      Maple”     |
| Transcorp      Pte. Ltd.           | “Front      Guider”    |