01-06-2018

Ship Finance International Limited Reports preliminary Q1 2018 results and quarterly cash dividend of $0.35 per share

Ship Finance International Limited 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.

Full Report

Source: Ship Finance International

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