SFL - Third Quarter 2016 Results

Hamilton, Bermuda, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended September 30, 2016.

  • Declaration of third quarter dividend of $0.45 per share
  • $5.5million in profit share in the quarter
  • Successful placement of a $225 million convertible bond in October
  • Continued fleet renewal with an agreement to sell an older VLCC
  • Selected key financial data:
Three Months Ended    
  Sep 30, 2016 Jun 30, 2016
Charter revenues (1)   $149m $159m
EBITDA (2) $115m $128m
Net income    $ 32m    $  39m
Earnings per share $    0.35     $  0.42    

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We are pleased to post yet another positive result for Ship Finance, and have now declared our 51 st consecutive quarterly cash dividend.

Our diversified backlog now stands at $3.9 billion with a weighted average charter period of nearly 9 years. While we have not committed to new investments in recent months, we have strengthened our balance sheet through the issuance of a $225 million convertible bond in October, and are continuously evaluating investment opportunities."

If you liked this article you might like

Seadrill Secures New Cash as Part of Chapter 11 Filing

One Reason Why Ship Finance (SFL) Stock Is Continuing to Slump Today

3 Hold-Rated Dividend Stocks: SFL, MPLX, CF

'Mad Money' Lightning Round: Take Allergan Over Teva

Jim Cramer's 'Mad Money' Recap: Was This a Bad Market Day? I'll Take It!