SFL - Second Quarter 2016 Results

ID: 1455434
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(Thomson Reuters ONE) -


Ship Finance International Limited (NYSE: SFL) - Earnings Release

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Reports preliminary 2Q 2016 results and quarterly dividend of $0.45 per share

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Hamilton, Bermuda, August 31, 2016. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended June 30, 2016.

Highlights

* Declaration of second quarter dividend of $0.45 per share, our 50(th)
consecutive quarterly dividend.

* $14.0 million in profit share from Frontline in the quarter.

* Continued fleet renewal with the successful delivery of our third 9,300 -
9,500 TEU newbuilding container vessel on long term charter to Maersk Line
and sale of an older VLCC.

* Adjustment to charter terms with Deep Sea Supply related to five offshore
support vessels subsequent to quarter end, increasing our charter backlog
and maintaining the net distribution capacity.

* Selected key financial data:

+-----------------------------------------------------------------------+
| Three Months Ended     |
| |
|   Jun 30, 2016 Mar 31, 2016 |
+-----------------------------------------------------------------------+
| Charter revenues   $159m $174m |
| |
| EBITDA $128m $139m |
| |


| Net income                     $39m                  $47m |
| |
| Earnings per share    $0.42    $0.50   |
+-----------------------------------------------------------------------+


Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We are
pleased to report yet another profitable quarter, particularly during a period
when certain maritime sectors have been experiencing weakness. The Company has
now been profitable and paid dividends for 50 quarters in a row, which is unique
in the maritime industry.

During the second quarter, we continued our fleet renewal program with the
delivery of our third large container vessel and the sale of an older VLCC. We
also successfully adjusted the terms of our charters with Deep Sea Supply in a
manner that will be neutral to our net distribution capacity. The majority of
our assets are currently employed on long-term charters, and we have significant
capital available for new business opportunities."

The full report can be found in the link below.



Questions can be directed to Ship Finance Management AS:



Investor and Analyst Contact:

Harald Gurvin, Chief Financial Officer: +47 23114009

Andre Reppen, Senior Vice President: +47 23114055



Media Contact:

Ole B. Hjertaker, Chief Executive Officer: +47 23114011



About Ship Finance

Ship Finance International Limited (NYSE: SFL) has an unprecedented track record
in the maritime industry, being consistently profitable and paying dividends
every quarter since 2004. The Company''s fleet of more than 70 vessels is split
between tankers, bulkers, container vessels and offshore assets, and Ship
Finance''s long term distribution capacity is supported by a portfolio of long
term charters and significant growth in the asset base over time. More
information can be found on the Company''s website: www.shipfinance.bm


Cautionary Statement Regarding Forward Looking Statements

This press release may contain forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including Ship Finance management''s examination of historical
operating trends. Although Ship Finance believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, Ship Finance cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company''s view, could cause actual results to
differ materially from those discussed in this presentation include the strength
of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC''s petroleum production levels and
worldwide oil consumption and storage, changes in the Company''s operating
expenses including bunker prices, dry-docking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the United States
Securities and Exchange Commission.


Second Quarter 2016 Results:
http://hugin.info/134876/R/2038203/759768.pdf



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Ship Finance International Limited via GlobeNewswire






More information:
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Date: 08/31/2016 - 07:24
Language: English
News-ID 1455434
Character count: 752
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Firma: Ship Finance International Limited
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Stadt: Hamilton
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