Hamilton, Bermuda, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended September 30, 2016.
Highlights
- Declaration of third quarter dividend of $0.45 per share
- $5.5million in profit share in the quarter
- Successful placement of a $225 million convertible bond in October
- Continued fleet renewal with an agreement to sell an older VLCC
- Selected key financial data:
| Three Months Ended | ||||||||
| Sep 30, 2016 | Jun 30, 2016 | |||||||
| Charter revenues (1) | $149m | $159m | ||||||
| EBITDA (2) | $115m | $128m | ||||||
| Net income | $ 32m | $ 39m | ||||||
| Earnings per share | $ | 0.35 | $ | 0.42 | ||||
Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We are pleased to post yet another positive result for Ship Finance, and have now declared our 51 st consecutive quarterly cash dividend.
Our diversified backlog now stands at $3.9 billion with a weighted average charter period of nearly 9 years. While we have not committed to new investments in recent months, we have strengthened our balance sheet through the issuance of a $225 million convertible bond in October, and are continuously evaluating investment 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.
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