SFL - Third Quarter 2017 Results
November 22 2017 - 7:00AM
Ship Finance International Limited (NYSE: SFL)
- Earnings Release
Reports preliminary Q3 2017 results and
quarterly cash dividend of $0.35 per share
Hamilton, Bermuda, November 22, 2017. Ship
Finance International Limited ("Ship Finance" or the "Company")
today announced its preliminary financial results for the quarter
ended September 30, 2017.
Highlights
- Declaration of third quarter dividend of $0.35 per share, the
Company's 55th consecutive quarterly dividend
- Net income of $29 million and $150 million of total charter
revenues during the third quarter
- Continued diversification and renewal of the fleet with the
delivery of two LR2 product tanker vessels with long term charters
to Phillips 66 and the sale of an older crude oil tanker
vessel
- Strengthened balance sheet with early conversion of $121
million of convertible notes
Selected key financial data
|
|
Three Months Ended |
|
|
Sep 30,
2017 |
Jun 30, 2017 |
Long term charter revenues(1) |
|
$133
million |
$138 million |
Short term charters(2) |
|
$17
million |
$12 million |
Total charter revenues(1)(2) |
|
$150 million |
$150 million |
Adjusted EBITDA(3) |
|
$115
million |
$118 million |
Net Income |
|
$29
million |
$20 million |
Earnings per share |
|
$0.31 |
$0.22 |
Ole B. Hjertaker, CEO of Ship Finance Management
AS, said in a comment: "Including today's announced dividend, Ship
Finance has made aggregate dividend payments in excess of $23 per
share since 2004, and we have remained profitable every quarter
from our inception. Our track record and significant industry
relationships provide access to a consistent stream of investment
opportunities, and we remain committed to continuing to build the
Company and return value to our shareholders.
The fleet renewal continues and we have
strengthened our balance sheet through amendments to certain loan
facilities, the issuance of new unsecured notes in the market and
the early conversion of a large portion of our convertible notes.
These proactive measures significantly enhance our financial
profile, allowing us to intensify our focus on growth."
Dividends and Results for the Quarter Ended
September 30, 2017
The Board of Directors has declared a quarterly
cash dividend of $0.35 per share. The dividend will be paid on or
around December 29 to shareholders on record as of December 11, and
the ex-dividend date on the New York Stock Exchange will be
December 12, 2017.
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 around
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
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.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/06b30e07-b9cb-4267-9c44-06276ee18dea
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