Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended June 30, 2018.
Highlights
• Declaration of second quarter dividend of $0.35 per share, the Company's 58th consecutive quarterly dividend
• Operating revenue of $97 million and net income of $16 million or $0.15 per share in the second quarter, after impairments of approximately $22 million relating to the sale of three older VLCCs subsequent to quarter end
• Delivery of 19 container vessels in the second quarter, adding nearly $600 million of contracted future charter hire
• Acquisition of three modern 10,600 TEU container vessels, in combination with six year charters to a leading container line, adding more than $260 million of contracted future charter hire
• Continued fleet renewal with the divestment of three older VLCCs, a container vessel and a jackup drilling rig
Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "Following the acquisition of three modern container vessels reported earlier today, Ship Finance's charter backlog has increased to $3.6 billion. 2018 has been an active year where we have significantly grown and renewed our fleet through a series of transactions. This has increased our cash flow visibility and diversified our counterparty exposure, and in the process we have maintained a strong liquidity profile, allowing us to act decisively on accretive growth opportunities that fit our investment profile."
Dividends and Results for the Quarter ended June 30, 2018
The Board of Directors has declared a quarterly cash dividend of $0.35 per share. The dividend will be paid on or around September 27, 2018 to shareholders on record as of September 14, 2018 and the ex-dividend date on the New York Stock Exchange will be September 13, 2018.
