SFL - First Quarter 2013 Results
(Thomson Reuters ONE) -
Reports preliminary 1Q 2013 results and quarterly dividend of $0.39 per share
Hamilton, Bermuda, May 30, 2013. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended March 31, 2013.
Highlights
* Declares first quarter dividend of $0.39 per share
* Delivery of the final dry-bulk newbuilding and disposal of three older
vessels in 1Q 2013
* Refinanced $375 million bank debt related to an ultra-deepwater drilling rig
- total capital raised now exceeds $1.4 billion since October 2012
* Contracted four 8,700 TEU eco-design container newbuildings with delivery in
2014 and 2015
* Selected key financial data:
+-----------------------+-----------------------------+
| | Three Months Ended |
| | |
| | Mar 31, 2013 Dec 31, 2012 |
+-----------------------+-----------------------------+
| Charter revenues((1)) | $153m $168m |
| | |
| EBITDA((2)) | $122m $134m |
| | |
| Net income | $32m $51m |
| | |
| Earnings per share | $0.38 $0.60 |
+-----------------------+-----------------------------+
Dividends and Results for the Quarter Ended March 31, 2013
The Board of Directors has declared a quarterly cash dividend of $0.39 per
share. The dividend will be paid on or about June 28, 2013 to shareholders of
record as of June 21, 2013. The ex-dividend date will be June 19, 2013.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $65.1 million, or $0.76 per share, in the first quarter of 2013. This number
excludes $14.0 million of revenues classified as 'repayment of investments in
finance lease', and also excludes $74.9 million of charter revenues earned by
assets classified as 'investment in associate'.
The Company recorded a $18.0 million gain on sale of vessels in the quarter
arising from the sale of three older vessels; a combination carrier, a Suezmax
tanker and a non-double hull VLCC.
Reported net operating income pursuant to U.S. GAAP for the quarter was $43.8
million, or $0.51 per share, and reported net income was $32.4 million, or $0.38
per share.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in
a comment: "We continue the renewal of the fleet and have now ordered four
8,700 TEU container vessels at historically low prices. The vessels will be
built to high specifications at one of the leading shipyards in Korea and will
include the latest in eco-design features.
Mr Hjertaker continued: "We see interesting investment opportunities also in our
other core segments and expect to invest more capital in the near term with the
ambition to build additional distribution capacity going forward."
The full report can be found in the link below.
May 30, 2013
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Questions can be directed to Ship Finance Management AS:
Investor and Analyst Contact:
Harald Gurvin, Chief Financial Officer: +47 23114009
Magnus T. Valeberg, Senior Vice President: +47 23114012
Media Contact:
Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS
+47 23114011
About Ship Finance
Ship Finance is a major ship owning company listed on the New York Stock
Exchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 69
vessels, including 24 crude oil tankers (VLCC and Suezmax), two chemical
tankers, 12 drybulk carriers, 19 container vessels, including eight
newbuildings, six offshore supply vessels, one jack-up drilling rig, one ultra-
deepwater drillship, two ultra-deepwater semi-submersible drilling rigs and two
car carriers. The fleet is one of the largest in the world and most of the
vessels are employed on long-term charters.
More information can be found on the Company's website: www.shipfinance.org
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.
First Quarter 2013 Results:
http://hugin.info/134876/R/1705876/564385.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ship Finance International Limited via Thomson Reuters ONE
[HUG#1705876]
Unternehmensinformation / Kurzprofil:
Datum: 30.05.2013 - 14:46 Uhr
Sprache: Deutsch
News-ID 264885
Anzahl Zeichen: 7449
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SFL - First Quarter 2013 Results"
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