Ship Finance International Says New Vessel Addition Will Add $26 Million in Annual Operating Profits

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Ship Finance International Limited announced its preliminary financial results for the quarter.

Highlights

  • Declaration of first quarter dividend of $0.45 per share, the Company’s 53rd consecutive quarterly dividend
  • Earned $152 million of total charter revenues during the first quarter
  • Continued diversification and renewal of the fleet with the delivery of a second 19,200 TEU container vessel with long term charter to MSC and the sale of two older crude oil tanker vessels
  • Secured charter for the 2007-built drilling rig Soehanah with a national oil company in Asia for a minimum period of 12 months
  • Agreed to five-year hire-purchase lease for a 1,700 TEU container vessel

Selected key financial data

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: “Ship Finance continues to take steps to strengthen its balance sheet and diversify its contracted backlog. In the first quarter, we took delivery of our second 19,200 TEU container vessel, and we expect to take delivery of two product tankers in the third quarter this year. These three vessels, backed by long term charters, will add approximately $26 million in annual EBITDA following their deliveries. We are also pleased to have secured employment for our sole uncontracted drilling rig.

We are of course focused on the restructuring of Seadrill, one of our large counterparties, which we hope will be finalized in the coming months. At the same time, we have significant capital available for investments, and our objectives remain to find accretive investment opportunities across our core markets and to maximize returns from our existing portfolio of assets.”

Source: 
Hellenic Shipping News
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