SFL: 60 Consecutive Quarters of Profitability

Maritime Activity Reports, Inc.

February 26, 2019

Image: Ship Finance International Limited

Image: Ship Finance International Limited

The international ship owning and chartering company Ship Finance International Limited (SFL) announced 60th consecutive quarterly dividend declared, $0.35 per share for the quarter ended December 31, 2018.

Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "The strength of SFL's business model has been repeatedly proven over 60 consecutive quarters of profitability and dividends.  This has been achieved over multiple shipping cycles, and we have been able to accomplish this by taking a very active approach to structuring our investments and managing our balance sheet."

"The proceeds from total charter hire was $160m in the quarter from our 100% owned vessels and rigs, of which approximately 65% was derived from time charters and approximately 35% from bareboat charters," SFL said.

The company also received net proceeds of approximately $130m from sale of jack-up drilling rig and disposal of financial investments in a drillship

SFL also announced the delivery of the third 10,600 TEU container vessel on long term charter to Maersk Line and  acquisition of two 19,400 TEU container vessels on long term charters to MSC.

The Bermuda-based company has concluded more than $840m lease financings in Asia for eight container vessels at attractive terms.

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