SFL – First Quarter 2019 Results

Ship Finance International Limited (NYSE: SFL)

Earnings Release

Reports preliminary Q1 2019 results and quarterly cash dividend of $0.35 per share

Hamilton, Bermuda, May 21, 2019. Ship Finance International Limited (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended March 31, 2019.


  • 61st consecutive quarterly dividend declared, $0.35 per share
  • Reported net income of $33.6 million, or $0.31 per share for the first quarter
  • Received charter hire of $160 million in the quarter from our vessels and rigs, including approximately $1 million of profit share from three VLCCs
  • More than 60% of charter hire from vessels on time charters
  • Added more than $170 million increase in contracted future charter hire in connection with charter extensions on existing vessels

Selected key data – Three months ended March 31, 2019

  Company 100% Owned
100% Owned
Long term charter hire(1) $111 million $33 million
Short term charter hire(1) $16 million   – 
Total charter hire(1) $127 million $33 million
Adjusted EBIDTA(2) $92 million $33 million

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment: “Our $3.8 billion fixed rate contracted charter backlog supports our continued ability to generate strong cash flows and pay dividends to our shareholders. We have already addressed most of the debt maturities until mid 2020 and secured new long term financings at very attractive terms.

The last 12 months have been very active, and our strong liquidity position and balance sheet management supports continued growth in asset base and contracted charter backlog. We have been actively evaluating investment opportunities and expect to see new projects materialize later this year.”

Dividends and Results for the Quarter ended March 31, 2019

The Board of Directors has declared a quarterly cash dividend of $0.35 per share. The dividend will be paid on or around June 28, to shareholders on record as of June 11, and the ex-dividend date on the New York Stock Exchange will be June 10, 2019.

May 21, 2019

The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda

The full report can be found in the link below and at the Company’s website www.sflcorp.com.

Questions can be directed to SFL Management AS:

Investor and Analyst Contact
Aksel C. Olesen, Chief Financial Officer: +47 23114036
André Reppen, Senior Vice President: +47 23114055

Media Contact
Ole B. Hjertaker, Chief Executive Officer: +47 23114011

About SFL
Ship 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 SFL’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.sflcorp.com.

Forward Looking Statements
This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL 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, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which we operate, changes in demand resulting from changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, developments regarding the technologies relating to oil exploration, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, increased inspection procedures and more restrictive import and export controls, changes in our operating expenses, including bunker prices, dry docking and insurance costs, performance of our charterers and other counterparties with whom we deal, timely delivery of vessels under construction within the contracted price, 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.