Ship Finance Posts Third Quarter Results

Posted by Michelle Howard
Wednesday, November 27, 2013

Ship Finance International Limited announced its preliminary financial results for the quarter ended September 30, 2013, reporting preliminary 3Q 2013 results and quarterly dividend of $0.39 per share Hamilton.

Highlights

  • Declares third quarter dividend of $0.39 per share
  • Refinanced $390 million bank debt related to an ultra-deepwater drilling rig
  • Disposal of two older VLCCs


Selected key financial data:


Three Months Ended:

                                   Sep 30, 2013     /    Jun 30, 2013
Charter revenues(1)      $157m      /     $154m
EBITDA(2)                        $121m     /      $122m
Net income                      $13m       /      $25m
Earnings per share        $0.14       /      $0.29

Dividends and Results for the Quarter Ended September 30, 2013

The Board of Directors has declared a quarterly cash dividend of $0.39 per share, and Ship Finance has now declared dividends for 39 consecutive quarters. The dividend will be paid on or about December 30, 2013 to shareholders of record as of December 12, 2013. The ex-dividend date will be December 10, 2013.
 
The company reported total U.S. GAAP operating revenues on a consolidated basis of $68.1 million, or $0.73 per share, in the third quarter of 2013. This number excludes $13.8 million of revenues classified as 'repayment of investments in finance lease', and also excludes $76.1 million of charter revenues earned by assets classified as 'investment in associate'.
 
Reported net operating income pursuant to U.S. GAAP for the quarter was $24.3 million, or $0.26 per share, and reported net income was $13.5 million, or $0.14 per share. This includes a recorded non-cash mark-to-market loss related to interest rate hedge derivatives of $2.6 million and approximately $1 million of non-cash expense of theoretical equity cost relating to one of our convertible bonds. The quarter also includes $1.4 million of drydocking costs which were fully expensed in the quarter.

Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in a comment: "Over the last 12 months, we have successfully raised a combined amount of more than $2.5 billion in equity, bonds, convertible notes and bank financing. The company has in a timely manner addressed debt maturities and refinanced both secured and unsecured debt, in addition to raising capital earmarked for growth."

Mr. Hjertaker continued, "With the ordering of four 8,700 TEU container vessels and the acquisition of a harsh environment jack up drilling rig, we have in 2013 committed to gross investments of around $950 million, and look forward to the positive cash contribution from these investments in 2014 and onwards."
 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Danos Fabrication Facility Creates 150 Jobs

Danos, a family owned oil and gas service company, announced plans to expand its fabrication capabilities, by opening a 120,000 square-foot fabrication facility in Amelia, La.

US’ Largest Floating Drydock Heads to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Finance

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Country’s Largest Floating Drydock Coming to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Mozambique: $30b Invested for 2018 LNG Export

More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG),

Container Ships

Evergreen Line Makes Maiden Call to Boston

Evergreen Line’s ItalLunare celebrated its maiden call to the Port of Boston with an official first call and plaque presentation on Wednesday, the Massachusetts Port Authority (Massport) announced.

Cuba Struggles to Attract Investors Despite Reforms

Cuba has yet to attract new foreign investors despite launching two major initiatives in the past year, a sign of the lingering caution over doing business with

CMA CGM to Launch New Joint Liner Service

CMA CGM S.A. announced it act in cooperation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL) and Pacific International Lines (PIL),

News

Danos Fabrication Facility Creates 150 Jobs

Danos, a family owned oil and gas service company, announced plans to expand its fabrication capabilities, by opening a 120,000 square-foot fabrication facility in Amelia, La.

US’ Largest Floating Drydock Heads to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Port Metro Vancouver Approves $15m Coal Transfer Project

Port Metro Vancouver, Canada's largest port, said on Thursday it has approved a new facility to transfer coal from trains onto barges at Fraser Surrey Docks, a

Vessels

Ecuador Coastguard Orders Damen Patrol Boats

Damen announced it has recently signed a contract with AstillerosNavalesEcuatorianos (Astinave) to construct two Damen Stan Patrols (Spa) 5009 for the Ecuadorian Coastguard.

TMT CEO Files $100m IP Suit Over Vessel Sale

Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (TMT) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.

LNG America Selects Topside Designer for LNG Bunker Barge

LNG America has selected Taylor-Wharton to commence the front-end engineering and design work for the cryogenic topside of the company’s 3,000 cubic meter Gemini

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2961 sec (3 req/sec)