Ship Finance International Limited (NYSE: SFL) - Earnings Release
August 31 2016 - 7:32AM
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.
Second Quarter 2016 Results
http://hugin.info/134876/R/2038203/759768.pdf
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