A Shipowner Yielding Good Returns

Forbes/MarineLink
Friday, July 13, 2012
SFI Tankship: Photo credit SFI

Bermuda/Oslo based shipowners Ship Finance International (SFL) is still expanding its fleet and rewarding shareholders with a huge yield

Ship Finance International Limited is a major vessel owning company listed on the New York Stock Exchange. It has an operating fleet of 62 vessels and rigs, and has contracted to acquire seven additional newbuildings.

The Company has a substantial portfolio of long term fixed charters with an average tenor of approximately 11 years. SFL say that stability in both charter revenues and operating costs supports the Company's long term distribution capacity.

According to Forbes, on May 24, Ship Finance reported preliminary first quarter results and surprised on the Zacks Consensus by 28.6%. Earnings were 45 cents compared to the consensus of 35 cents.

During the quarter the company took delivery of four drybulk newbuildings. It also terminated 5 bareboat charters with Horizon Lines and received $40 million in second-lien bonds plus equity warrants as compensation.

The Forbes news item adds however that revenue, slipped to $186 million from $193 million in the fourth quarter of 2011. But Ship Finance said the tanker market outperformed most analysts’ expectations in the quarter and this contributed to revenue through the new cash sweep arrangement with Frontline, which brought in $13.6 million.

 


 

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