Multi-billion dollar marine asset company Ship Finance International has appointed Craig Stevenson Jr. as a director with the expectation he will be made chairman for the board at the company's annual meeting later this month.

The Bermuda-headquarterd company has a market capitalisation of $2.1 billion and is listed on the New York Stock Exchange.

Its fleet, one of the largest in the world with total cargo capacity of more than 11 million dwt, currently includes 37 crude oil tankers, 8 oil/bulk/ore vessels, 13 container vessels, three dry bulk carriers, two jack-up drilling rigs and five offshore supply vessels and three seismic vessels.

Following the company's upcoming annual meeting on September 28, Mr. Stevenson is expected to be made board chairman, replacing Tor Olav Troeim who has been chairman since October 2003 and will continue as a non-executive board member.

Mr. Stevenson, 53, has a long career as senior executive in several companies, including board chairman and chief executive officer of OMI Corporation from 1998 until 2007, when OMI's market capitalisation increased more than 10 times as it went from being a relatively small shipping company into one of the world's largest and most modern.

He left OMI this summer following the sale of OMI to Teekay Shipping Corporation and A/S Dampskibsselskabet Torm.

Mr. Troeim, said: "We are very pleased that Mr. Stevenson has accepted a directorship and also accepted to be nominated as the new chairman of the board in Ship Finance.

"His broad international background, prior experience as CEO and chairman in a large NYSE listed shipping company and his outstanding track record in the capital markets secures our company a very competent and professional director.

"We have always respected Mr. Stevenson as the chairman in one of the best performing shipping companies, and we are delighted that he has decided to join the board.

The transfer of the chairmanship to Mr. Stevenson follows naturally in the process of making Ship Finance a strong independent company."

Mr. Stevenson commented: "I am excited to take on my new role as director and future chairman.

Ship Finance is growing and diversifying its asset base, and has announced more than $1.6bn of new acquisitions over the last 18 months.

The company has recruited a very competent management team, and with a market capitalisation of $2.1bn and a charter backlog of $5.5bn we have an excellent platform for growth.

The combination of predictable long-term cash flows and our strong balance sheet creates opportunities also in times of turbulence in the financial markets, when the attractiveness of our financial products increases and there may be more corporate opportunities."