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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13G
                                (Amendment No. )

                    Under the Securities Exchange Act of 1934



                       Ship Finance International Limited
--------------------------------------------------------------------------------
                                (Name of Issuer)


                    Common Shares, par value $1.00 per share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    G81075106
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2006
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

          [_] Rule 13d-1(b)

          [_] Rule 13d-1(c)

          [X] Rule 13d-1(d)

----------
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).





CUSIP No. G81075106
---------------------


1.     NAME OF REPORTING PERSONS
       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

       Frontline Ltd.

2.     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                 (a) [_]
                                                                 (b) [X]

3.     SEC USE ONLY


4.     CITIZENSHIP OR PLACE OF ORGANIZATION

       Bermuda

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.     SOLE VOTING POWER

       0

6.     SHARED VOTING POWER

       8,088,422

7.     SOLE DISPOSITIVE POWER

       0

8.     SHARED DISPOSITIVE POWER

       8,088,422

9.     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       8,088,422

10.    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
       INSTRUCTIONS)

                                                                     [_]

11.    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       11.12%

12.    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

       CO





CUSIP No. G81075106
---------------------


1.     NAME OF REPORTING PERSONS
       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

       Hemen Holding Limited

2.     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                 (a) [_]
                                                                 (b) [X]

3.     SEC USE ONLY



4.     CITIZENSHIP OR PLACE OF ORGANIZATION

       Cyprus

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.     SOLE VOTING POWER

       0

6.     SHARED VOTING POWER

       13,333,994

7.     SOLE DISPOSITIVE POWER

       0

8.     SHARED DISPOSITIVE POWER

       13,333,994

9.     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       13,333,994

10.    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
       INSTRUCTIONS)

                                                                     [_]

11.    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       18.33%

12.    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

       CO





CUSIP No. G81075106
---------------------


1.     NAME OF REPORTING PERSONS
       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

       Farahead Investment Inc.

2.     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                 (a) [_]
                                                                 (b) [X]

3.     SEC USE ONLY



4.     CITIZENSHIP OR PLACE OF ORGANIZATION

       Liberia

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.     SOLE VOTING POWER

       0

6.     SHARED VOTING POWER

       14,000,000

7.     SOLE DISPOSITIVE POWER

       0

8.     SHARED DISPOSITIVE POWER

       14,000,000

9.     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       14,000,000

10.    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
       INSTRUCTIONS)

                                                                     [_]

11.    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       19.25%

12.    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

       CO





--------------------------------------------------------------------------------
CUSIP No. G81075106
---------------------


1.     NAME OF REPORTING PERSONS
       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

       Farahead Holdings Ltd.

2.     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                 (a) [_]
                                                                 (b) [X]

3.     SEC USE ONLY



4.     CITIZENSHIP OR PLACE OF ORGANIZATION

       Cyprus

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.     SOLE VOTING POWER

       0

6.     SHARED VOTING POWER

       14,000,000

7.     SOLE DISPOSITIVE POWER

       0

8.     SHARED DISPOSITIVE POWER

       14,000,000

9.     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       14,000,000

10.    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
       INSTRUCTIONS)

                                                                     [_]

11.    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       19.25%

12.    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

       CO





CUSIP No. G81075106
---------------------


1.     NAME OF REPORTING PERSONS
       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

       Greenwich Holdings Ltd.

2.     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                 (a) [_]
                                                                 (b) [X]

3.     SEC USE ONLY



4.     CITIZENSHIP OR PLACE OF ORGANIZATION

       Cyprus

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.     SOLE VOTING POWER

       0

6.     SHARED VOTING POWER

       27,333,994

7.     SOLE DISPOSITIVE POWER

       0

8.     SHARED DISPOSITIVE POWER

       27,333,994

9.     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       27,333,994

10.    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
       INSTRUCTIONS)

                                                                     [_]

11.    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       37.58%

12.    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

       CO





CUSIP No. G81075106
---------------------

1.     NAME OF REPORTING PERSONS
       I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

       John Fredriksen

2.     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                 (a) [_]
                                                                 (b) [X]

3.     SEC USE ONLY


4.     CITIZENSHIP OR PLACE OF ORGANIZATION

       Cyprus

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.     SOLE VOTING POWER

       0

6.     SHARED VOTING POWER

       35,422,416

7.     SOLE DISPOSITIVE POWER

       0

8.     SHARED DISPOSITIVE POWER

       35,422,416

9.     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       35,422,416

10.    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
       INSTRUCTIONS)

                                                                     [_]

11.    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       48.69%

12.    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

       IN





CUSIP No. G81075106
---------------------

Item 1(a).     Name of Issuer:

               Ship Finance International Limited
               -----------------------------------------------------------------

      (b).     Address of Issuer's Principal Executive Offices:

               Par-la-Ville Place
               14 Par-la-Ville Road
               Hamilton HM 08, Bermuda
               -----------------------------------------------------------------

Item 2(a).     Name of Person Filing:

               Frontline Ltd.
               Hemen Holding Limited
               Farahead Investment Inc.
               Farahead Holding Ltd.
               Greenwich Holdings Ltd.
               John Fredriksen
               -----------------------------------------------------------------

      (b).     Address of Principal Business Office, or if None, Residence:

               Frontline Ltd.
               Par-la-Ville Place
               14 Par-la-Ville Road
               Hamilton HM 08, Bermuda

               Hemen Holding Limited
               c/o Seatankers Management Co. Ltd.
               P.O. Box 53562
               CY-3399 Limassol, Cyprus

               Farahead Investment Inc.
               c/o Seatankers Management Co. Ltd.
               P.O. Box 53562
               CY-3399 Limassol, Cyprus

               Farahead Holding Ltd.
               c/o Seatankers Management Co. Ltd.
               P.O. Box 53562
               CY-3399 Limassol, Cyprus

               Greenwich Holding Ltd.
               c/o Seatankers Management Co. Ltd.
               P.O. Box 53562
               CY-3399 Limassol, Cyprus

               John Fredriksen
               c/o Seatankers Management Co. Ltd.
               P.O. Box 53562
               CY-3399 Limassol, Cyprus
               -----------------------------------------------------------------

      (c).     Citizenship:

               Frontline Ltd. - Bermuda
               Hemen Holding Limited - Cyprus
               Farahead Investment Inc. - Liberia
               Farahead Holding Ltd. - Cyprus
               Greenwich Holding Ltd. - Cyprus
               John Fredriksen - Cyprus
               -----------------------------------------------------------------

      (d).     Title of Class of Securities:

               Common Shares, par value $1.00 per share
               -----------------------------------------------------------------

      (e).     CUSIP Number:

               G81075106
               -----------------------------------------------------------------

Item 3.        If This Statement is filed pursuant to sections 240.13d-1(b) or
               240.13d-2(b), or (c), check whether the person filing is a:

      (a)      [_] Broker or dealer registered under Section 15 of the Exchange
               Act (15 U.S.C. 78o).

      (b)      [_] Bank as defined in Section 3(a)(6) of the Exchange Act (15
               U.S.C. 78c).

      (c)      [_] Insurance company as defined in Section 3(a)(19) of the
               Exchange Act (15 U.S.C. 78c).

      (d)      [_] Investment company registered under Section 8 of the
               Investment Company Act of 1940 (15 U.S.C. 80a-8).

      (e)      [_] An investment adviser in accordance with section
               240.13d-1(b)(1)(ii)(E);

      (f)      [_] An employee benefit plan or endowment fund in accordance
               with section 240.13d-1(b)(1)(ii)(F);

      (g)      [_] A parent holding company or control person in accordance
               with Rule 13d-1(b)(1)(ii)(G);

      (h)      [_] A savings association as defined in Section 3(b) of the
               Federal Deposit Insurance Act (12 U.S.C.1813);

      (i)      [_] A church plan that is excluded from the definition of an
               investment company under Section 3(c)(14) of the Investment
               Company Act of 1940 (15 U.S.C. 80a-3);

      (j)      [_] Group, in accordance with section 240.13d-1(b)(1)(ii)(J).

Item 4.        Ownership.

               (a)  Amount beneficially owned:

                    Frontline Ltd. - 8,088,422
                    Hemen Holding Limited - 13,333,994
                    Farahead Investment Inc. - 14,000,000
                    Farahead Holding Ltd. - 14,000,000
                    Greenwich Holding Ltd. - 27,333,994
                    John Fredriksen - 35,422,416
                    ------------------------------------------------------------

               (b)  Percent of class:

                    Frontline Ltd. - 11.12%
                    Hemen Holding Limited - 18.33%
                    Farahead Investment Inc. - 19.25%
                    Farahead Holding Ltd. - 19.25%
                    Greenwich Holding Ltd. - 37.58%
                    John Fredriksen - 48.69%
                    ------------------------------------------------------------

               (c)  Number of shares as to which the person has:

                    (i)  Sole power to vote or to direct the vote

                         Not Applicable

                    (ii) Shared power to vote or to direct the vote

                         Frontline Ltd. - 8,088,422
                         Hemen Holding Limited - 13,333,994
                         Farahead Investment Inc. - 14,000,000
                         Farahead Holding Ltd. - 14,000,000
                         Greenwich Holding Ltd. - 27,333,994
                         John Fredriksen - 35,422,416

                   (iii) Sole power to dispose or to direct the disposition of

                         Not Applicable

                    (iv) Shared power to dispose or to direct the disposition of

                         Frontline Ltd. - 8,088,422
                         Hemen Holding Limited - 13,333,994
                         Farahead Investment Inc. - 14,000,000
                         Farahead Holding Ltd. - 14,000,000
                         Greenwich Holding Ltd. - 27,333,994
                         John Fredriksen - 35,422,416
                         -------------------------------------------------------

Item 5.        Ownership of Five Percent or Less of a Class.

               Not Applicable
               -----------------------------------------------------------------

Item 6.        Ownership of More Than Five Percent on Behalf of Another Person.

               Not Applicable
               -----------------------------------------------------------------

Item 7.        Identification and Classification of the Subsidiary Which
               Acquired the Security Being Reported on by the Parent Holding
               Company or Control Person.

               Not Applicable
               -----------------------------------------------------------------

Item 8.        Identification and Classification of Members of the Group.

               Not Applicable
               -----------------------------------------------------------------

Item 9.        Notice of Dissolution of Group.

               Not Applicable
               -----------------------------------------------------------------

Item 10.       Certification.

               By signing  below I certify that, to the best of my knowledge and
          belief, the securities referred to above were not acquired and are not
          held for the purpose of or with the effect of changing or  influencing
          the control of the issuer of the  securities and were not acquired and
          are not held in connection with or as a participant in any transaction
          having such purpose or effect.



      After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

                                        FRONTLINE LTD.

                                        By:  /s/ Tor Olav Troim
                                             ----------------------
                                             Name:   Tor Olav Troim
                                             Title:  Vice President and Director
                                             Date:   January 24, 2007


                                        HEMEN HOLDING LIMITED

                                        By:  /s/ Eva Agathangelou
                                              ---------------------
                                             Name:   Eva Agathangelou
                                             Title:  Director
                                             Date:   January 24, 2007


                                        FARAHEAD INVESTMENT INC.

                                        By:  /s/ Marios Saveriades
                                             ----------------------
                                             Name:   Marios Saveriades
                                             Title:  President
                                             Date:   January 24, 2007


                                        FARAHEAD HOLDING LTD.

                                        By:  /s/ Marios Saveriades
                                             ----------------------
                                             Name:   Marios Saveriades
                                             Title:  Director
                                             Date:   January 24, 2007


                                        GREENWICH HOLDING LTD.

                                        By:  /s/ Stelios Savvides
                                             ---------------------
                                             Name:   Stelios Savvides
                                             Title:  Director
                                             Date:   January 24, 2007


                                        JOHN FREDRIKSEN

                                        By:  /s/ John Fredriksen
                                             ----------------------
                                             Name:   John Fredriksen
                                             Date:   January 24, 2007



                                                                       Exhibit A

                                    AGREEMENT

The undersigned agree that this Schedule 13G dated January 24, 2007 relating to
the Common Stock, of Ship Finance International Limited shall be filed on behalf
of the undersigned.

                                        FRONTLINE LTD.

                                        By:  /s/ Tor Olav Troim
                                             ----------------------
                                             Name:   Tor Olav Troim
                                             Title:  Vice President and Director
                                             Date:   January 24, 2007


                                        HEMEN HOLDING LIMITED

                                        By:  /s/ Eva Agathangelou
                                             ----------------------
                                             Name:   Eva Agathangelou
                                             Title:  Director
                                             Date:   January 24, 2007


                                        FARAHEAD INVESTMENT INC.

                                        By:  /s/Marios Saveriades
                                             ----------------------
                                             Name:   Marios Saveriades
                                             Title:  President
                                             Date:   January 24, 2007


                                        FARAHEAD HOLDING LTD.

                                        By:  /s/ Marios Saveriades
                                             ----------------------
                                             Name:   Marios Saveriades
                                             Title:  Director
                                             Date:   January 24, 2007


                                        GREENWICH HOLDING LTD.

                                        By:  /s/ Stelios Savvides
                                             ----------------------
                                             Name:   Stelios Savvides
                                             Title:  Director
                                             Date:   January 24, 2007


                                        JOHN FREDRIKSEN

                                        By:  /s/ John Fredriksen
                                             ----------------------
                                             Name:   John Fredriksen
                                             Date:   January 24, 2007

23153 0003 739726