SFL - Fourth Quarter 2016 Results
(Thomson Reuters ONE) -
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.
Highlights
* Declaration of fourth quarter dividend of $0.45 per share, the Company's
52(nd) 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 $20 million $15 million|
|income((2)) |
| |
|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
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.
Fourth Quarter 2016 Results:
http://hugin.info/134876/R/2082308/785039.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ship Finance International Limited via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 28.02.2017 - 14:43 Uhr
Sprache: Deutsch
News-ID 527413
Anzahl Zeichen: 7085
contact information:
Town:
Hamilton
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 137 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SFL - Fourth Quarter 2016 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Ship Finance International Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
