Published: 14:25 CET 26-02-2010 /HUGIN /Source: Ship Finance International Limited /OSE: SFL /ISIN: BMG810751062
SFL - Fourth Quarter 2009 Results
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 4Q 2009 results and quarterly dividend of $0.30 per share
Hamilton, Bermuda, February 26, 2010. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended December 31, 2009.
Highlights
?Declared a quarterly dividend of $0.30 per share.
?Reported net income for the quarter of $62.4 million, or $0.80 per share. The result includes a $24.7 million cash gain related to the newbuilding Suezmax Glorycrown.
?Accrued profit share in the fourth quarter was $5.7 million, or $0.07 per share. The total accrued profit share for 2009 was $33.0 million and is payable in March 2010.
?In November 2009, the first newbuilding Suezmax tanker was delivered from the shipyard and was chartered out for five years with a purchase obligation at the end. The transaction also included a $40.5 million upfront cash payment by the charterer.
?In November 2009, the charterer of the single-hull VLCC Front Vanadis exercised a pre-agreed purchase option of $11.7 million.
?In February 2010, the VLCC Front Vista was sold to a subsidiary of Frontline Ltd. ("Frontline") for net sales proceeds of $58.5 million.
?Ship Finance has converted newbuilding contracts for container vessels into Handysize dry bulk vessels with delivery in 2011 and 2012.
?The Company is in the process of refinancing a syndicated bank loan relating to 26 vessels on charter to Frontline. The new five-year $675 million facility is already significantly oversubscribed, and we expect the documentation to be finalized in the first quarter.
Dividends and Results for the Quarter ended December 31, 2009
The Board of Directors has declared a quarterly cash dividend of $0.30 per share. The dividend will be paid on or about 30 March, 2010 to shareholders of record as of 19 March, 2010. The ex-dividend date will be 17 March, 2010.
The profit share accrued in the fourth quarter was $5.7 million, or $0.07 per share, compared to $4.8 million, or $0.06 per share in the third quarter of 2009. The total profit share accrued in 2009 was $33.0 million, and will be payable in March 2010.
Under US GAAP, the 100% owned ultra-deepwater drilling units West Polaris, West Hercules and West Taurus and the Panamax dry bulk vessel Golden Shadow are accounted for as 'investment in associate'. Consequently, only the aggregate 'net income' from these vessel-owning subsidiaries is recognized in the consolidated income statement of Ship Finance as 'results in associate'.
The Company reported total net operating revenues of $80.1 million, or $1.03 per share, in the fourth quarter of 2009. This number excludes charter hire classified as 'repayment of investments in finance lease', and also excludes substantial charter revenues earned by the three 100% owned subsidiaries classified as 'investment in associate'. Gross charter hire revenues, including these items, were $202.8 million or $2.60 per share.
Reported net operating income for the quarter was $72.2 million, or $0.92 per share, and reported net income was $62.4 million, or $0.80 per share.
For the complete report please see the link below.
February 26, 2010
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Questions should be directed to:
Ole B. Hjertaker: Chief Executive Officer, Ship Finance Management AS
+47 23114011 / +47 90141243
Magnus T. Valeberg: Vice President, Ship Finance Management AS
+47 23114012 / +47 93440960
Fourth quarter 2009 results:
http://hugin.info/134876/R/1389163/347367.pdf
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http://shipfinance.bm/
26/2 2010 16:06 fcras 0
26450 Press release from Ship Finance International Limited February 26, 2010
Please find enclosed the presentation of the Preliminary Fourth Quarter Results to be held Friday, February 26, 2010 in the link below.
Published: 15:56 CET 26-02-2010 /HUGIN /Source: Ship Finance International Limited /OSE: SFL /ISIN: BMG810751062
SFL - 4Q 2009 Presentation
http://hugin.info/134876/R/1389228/347420.pdf
1/3 2010 09:07 fcras 026509 Contracts switch
Ship Finance International (SFI) says it has converted newbuilding contracts for containerships into an order for handysize bulkers.
The company made the announcement in Friday's fourth quarter earnings statement.
"In light of the current weak container market, the company has agreed with two shipyards in China to build seven handysize dry-bulk vessels instead of container vessels. The contract price for the dry bulk vessels will be approximately $188 million, which is reflective of the present market," the company said.
The NYSE-listed shipowner expects the 34,000-dwt bulkers to be delivered between 2011 and 2012.
The company says contracts for the first three vessels have been finalised and it expects to sign the contract for the remaining four vessels "shortly" but added that it has "an agreement in principle" with the shipyard.
SFI says they "have seen chartering interest for the vessels from leading dry-bulk operators."
The company says one 1,700-teu containership remains in its newbuilding program. SFI owes $27m in yard payments for the vessel and is expecting delivery in the fourth quarter of 2010.
SFI says it has used cash to pay the shipyards, but it will need to secure financing for the vessels "in due course".
By Aaron Kelley in Stamford
Published: 21:40 GMT, 26 Feb 10 | updated: 01:34 GMT, 01 Mar 10
http://www.tradewinds.no/drycargo/
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Ship Finance er et John Fredriksen selskab som:
Frontline (FRO) http://frontline.bm/
Golden Ocean Group (GOGL) http://goldenocean.no/
+ flere andre
