Ship Finance International Limited (NYSE: SFL) – Earnings Release
Reports preliminary 4Q 2016 results and quarterly dividend of $0.45 per share
Hamilton, Bermuda, February 28, 2017. Ship Finance International Limited (“Ship Finance” or the “Company”) today announced its preliminary financial results for the quarter ended December 31, 2016.
Declaration of fourth quarter dividend of $0.45 per share, the Company’s 52nd consecutive quarterly dividend
Successful issuance of $225 million of senior unsecured convertible notes due in 2021 and repurchase of $166 million of convertible notes due in 2018
Continued diversification and renewal of fleet with the delivery of the first of two 19,200 TEU container vessels and agreement to sell one 1998-built VLCC
Earned $7.0 million, or $0.07 per share, of profit share during the quarter
Selected key financial data
|Three Months Ended|
|Dec 31, 2016||Sep 30, 2016|
|Long term charter revenues(1)||$134 million||$134 million|
|Short term charters and profit share income(2)||$20 million||$15 million|
|Total charter revenues(1)(2)||$154 million||$149 million|
|Adjusted EBITDA(3)||$121 million||$115 million|
|Net Income||$29 million||$32 million|
|Earnings per share||$0.31||$0.35|
Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: “Ship Finance continued to diversify its portfolio of assets and counterparty exposure in the fourth quarter, following a strategy we have employed since our inception. Our continued performance is supported by our diversified $3.7 billion contract backlog with a weighted average charter period of nearly nine years as well as our exposure to market strength in various segments through profit sharing agreements and spot market employment.
We have also taken prudent steps to strengthen our balance sheet and improve our financial flexibility. Several new vessels will be added to our growing fleet in 2017, and we are consistently evaluating investment opportunities that will allow us to continue to return value to our shareholders.”
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
André Reppen, Senior Vice President: +47 23114055
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.