SFL - First Quarter 2018 Results
May 31 2018 - 8:39AM
Ship Finance International Limited (NYSE: SFL)
- Earnings Release
Reports preliminary Q1 2018 results and
quarterly cash dividend of $0.35 per share
Hamilton, Bermuda, May 31, 2018. Ship Finance
International Limited ("Ship Finance" or the "Company") today
announced its preliminary financial results for the quarter ended
March 31, 2018.
Highlights
- Declaration of first quarter dividend of $0.35 per share, the
Company's 57th consecutive quarterly dividend
- Net income of $25 million and $133 million of total charter
revenues for the first quarter
- Acquisition of 15 feeder size container vessels in combination
with seven-year lease back agreements, adding approximately $140
million to our charter backlog
- Acquisition of four 14,000 TEU container vessels on long term
charters to a leading container line until 2024, increasing the
charter backlog by nearly $450 million
- Further strengthened balance sheet with the issuance of $164
million of convertible notes due 2023
Selected key financial data
|
|
Three Months Ended |
|
|
Mar 31,
2018 |
Dec 31, 2017 |
Long term charter revenues(1) |
|
$118
million |
$139 million |
Short term charters(2) |
|
$15
million |
$13 million |
Total charter revenues(1)(2) |
|
$133 million |
$152 million |
Adjusted EBITDA(3) |
|
$100
million |
$117 million |
Net Income |
|
$25
million |
$20 million |
Earnings per share |
|
$0.24 |
$0.20 |
Ole B. Hjertaker, CEO of Ship Finance Management
AS, said in a comment: "Ship Finance has successfully deployed over
$500 million towards accretive investments over the last three
months. In the process, we have increased the size of our fleet
considerably and further diversified our exposure with high quality
counterparts.
The latest acquisition of four large eco-design
container vessels alone increases the charter backlog by nearly
$450 million, representing the Company's largest investment in five
years, and we are very pleased to build a relationship with another
leading container line. This clearly demonstrates our ability to
source accretive transactions and reflects our stated commitment to
continue building our contracted backlog supporting a long term
dividend policy."
Dividends and Results for the Quarter Ended
March 31, 2018
The Board of Directors has declared a quarterly
cash dividend of $0.35 per share. The dividend will be paid on or
around June 29, 2018 to shareholders on record as of June 15, 2018
and the ex-dividend date on the New York Stock Exchange will be
June 14, 2018.
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 23114009André Reppen, Senior
Vice President: +47 23114055
Media Contact:Ole B. Hjertaker, Chief
Executive Officer: +47 23114011
About Ship FinanceShip Finance
International Limited (NYSE: SFL) has a unique track record in the
maritime industry, being consistently profitable and paying
dividends every quarter since 2004. The Company's fleet of more
than 80 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 at the Company's website
www.shipfinance.bm
Cautionary Statement Regarding Forward
Looking StatementsThis 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.
- First Quarter 2018 Results.pdf
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