Ship Finance International Ltd. (SFL)

Q3 2010 Earnings Conference Call

November 23, 2010 10:00 AM ET


Ole Hjertaker – CEO and Interim CFO


John Parker – Jefferies

Darren Hickson [ph] – JP Morgan

Phyllis Camera [ph] – Pax Wildfund [ph]

Adam French [ph] – 1492 Capital

Justine Fisher – Goldman Sachs


Ole Hjertaker

Thank you very much and welcome everyone to the Ship Finance International third quarter conference call. As mentioned, my name is Ole Hjertaker. I’m the CEO and Chief Finance Management, and here with me today, I also have Senior Vice President, Mr. Harald Gurvin and Vice President, Mr. Magnus Valeberg.

Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements. Important factors that could cause actual results to differ include conditions in the shipping, offshore and credit markets. For further information, please refer to Ship Finance’s reports and filings with the Securities and Exchange Commission.

The Board of Directors has declared an increased cash dividend of $0.36 per share this quarter. This is the third dividend increase in 2010 and the dividend represents $1.44 per share on an annualized basis or 6.6% dividend yield based on closing price yesterday. We have now declared dividends for 27 consecutive quarters and we have paid $12.12 per share in total aggregate cash dividends over the last six to seven years.

The adjusted net income for the quarter was $36.7 million or $0.46 per share. Adjustments include our $400,000 book profit linked to a sale of a single (inaudible) and a $2.5 million negative non cash mark to market adjustment linked to interest rate swaps. The reported net income after these non-cash adjustments was $34.6 million or $0.44 per share.

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