Ship Finance
International Limited (NYSE: SFL) - Earnings Release
Reports
preliminary 2Q 2016 results and quarterly dividend of $0.45 per
share
Hamilton, Bermuda, August 31,
2016. Ship Finance International Limited ("Ship Finance" or the
"Company") today announced its preliminary financial results for
the quarter ended June 30, 2016.
Highlights
- Declaration of second quarter dividend of $0.45
per share, our 50th consecutive
quarterly dividend.
- $14.0 million in profit share from Frontline in
the quarter.
- Continued fleet renewal with the successful
delivery of our third 9,300 - 9,500 TEU newbuilding container
vessel on long term charter to Maersk Line and sale of an older
VLCC.
- Adjustment to charter terms with Deep Sea Supply
related to five offshore support vessels subsequent to quarter end,
increasing our charter backlog and maintaining the net distribution
capacity.
- Selected key financial data:
Three
Months Ended |
|
|
|
Jun 30, 2016 |
Mar 31, 2016 |
Charter
revenues |
$159m |
$174m |
EBITDA |
$128m |
$139m |
Net
income |
$39m |
$47m |
Earnings
per share |
$0.42 |
|
$0.50 |
|
|
|
|
|
|
Ole B. Hjertaker, CEO of Ship
Finance Management AS, said in a comment: "We are pleased to report
yet another profitable quarter, particularly during a period when
certain maritime sectors have been experiencing weakness. The
Company has now been profitable and paid dividends for 50 quarters
in a row, which is unique in the maritime industry.
During the second quarter, we
continued our fleet renewal program with the delivery of our third
large container vessel and the sale of an older VLCC. We also
successfully adjusted the terms of our charters with Deep Sea
Supply in a manner that will be neutral to our net distribution
capacity. The majority of our assets are currently employed on
long-term charters, and we have significant capital available for
new business opportunities."
The full report can be found in
the link below.
Questions can be directed to Ship
Finance Management AS:
Investor and
Analyst Contact:
Harald Gurvin, Chief Financial
Officer: +47 23114009
Andre Reppen, Senior Vice
President: +47 23114055
Media
Contact:
Ole B. Hjertaker, Chief Executive
Officer: +47 23114011
About Ship
Finance
Ship Finance International Limited
(NYSE: SFL) has an unprecedented track record in the maritime
industry, being consistently profitable and paying dividends every
quarter since 2004. The Company's fleet of more than 70 vessels is
split between tankers, bulkers, container vessels and offshore
assets, and Ship Finance's long term distribution capacity is
supported by a portfolio of long term charters and significant
growth in the asset base over time. More information can be found
on the Company's website: www.shipfinance.bm
Cautionary
Statement Regarding Forward Looking Statements
This press release may contain
forward looking statements. These statements are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, including Ship Finance management's examination of
historical operating trends. Although Ship Finance believes that
these assumptions were reasonable when made, because assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond its control, Ship Finance cannot give assurance that it will
achieve or accomplish these expectations, beliefs or
intentions.
Important factors that, in the
Company's view, could cause actual results to differ materially
from those discussed in this presentation include the strength of
world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in
demand in the tanker market as a result of changes in OPEC's
petroleum production levels and worldwide oil consumption and
storage, changes in the Company's operating expenses including
bunker prices, dry-docking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation,
general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
and other important factors described from time to time in the
reports filed by the Company with the United States Securities and
Exchange Commission.