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News Code
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Ship Finance International reports first quarter results
TIN news: Ship Finance International Limited announced its preliminary financial results for the quarter ended March 31, 2015.
Highlights
• Increased first quarter dividend of $0.43 per share
• Delivery of remaining 8,700 TEU container vessels in combination with long-term charters
• Acquisition of eight Capesize dry-bulk carriers in combination with charters to Golden Ocean
• Revised terms on Frontline charters in exchange for 28% ownership in Frontline
Dividends and Results for the Quarter Ended March 31, 2015
The Board of Directors has declared an increased quarterly cash dividend of $0.43 per share. The dividend will be paid on or about June 30, 2015 to shareholders on record as of June 15, 2015, and the ex-dividend date at the New York Stock Exchange will be June 11, 2015. This will be the 45th consecutive quarterly dividend declared by the Company.
The Company reported total U.S. GAAP operating revenues on a consolidated basis of $90.1 million, or $0.96 per share, in the first quarter of 2015. This number excludes $9.6 million of revenues classified as `repayment of investments in finance lease`, and $53.2 million of charter revenues earned by 100% owned assets classified as `investment in associate`.
The cash sweep agreement with Frontline had a positive effect of $9.9 million, or $0.11 per share in the first quarter. For the full year 2014 a total cash sweep of $32.7 million was recorded and paid to the Company in March 2015. There was also a $0.2 million profit share in the first quarter relating to some of our dry-bulk vessels.
Reported net operating income pursuant to U.S. GAAP for the quarter was $42.2 million, or $0.45 per share, and reported net income was $33.1 million, or $0.35 per share. This is after approximately $9.5 million, or $0.10 per share in negative non-cash charges, which includes a negative mark-to-market of $6.6 million related to interest rate hedging instruments and amortization of deferred charges of $2.9 million in the first quarter of 2015.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in a comment: “We continue expanding our asset base and charter backlog across our core business segments, and enjoy the benefits of a strong tanker market. The deal announced earlier today with Frontline could be very interesting for us, both from an earnings perspective with the new increased profit split starting from a lower level, and also with respect to the ownership position in Frontline. We raise our dividend again and have significant capital available for new accretive acquisitions.”
Highlights
• Increased first quarter dividend of $0.43 per share
• Delivery of remaining 8,700 TEU container vessels in combination with long-term charters
• Acquisition of eight Capesize dry-bulk carriers in combination with charters to Golden Ocean
• Revised terms on Frontline charters in exchange for 28% ownership in Frontline
Dividends and Results for the Quarter Ended March 31, 2015
The Board of Directors has declared an increased quarterly cash dividend of $0.43 per share. The dividend will be paid on or about June 30, 2015 to shareholders on record as of June 15, 2015, and the ex-dividend date at the New York Stock Exchange will be June 11, 2015. This will be the 45th consecutive quarterly dividend declared by the Company.
The Company reported total U.S. GAAP operating revenues on a consolidated basis of $90.1 million, or $0.96 per share, in the first quarter of 2015. This number excludes $9.6 million of revenues classified as `repayment of investments in finance lease`, and $53.2 million of charter revenues earned by 100% owned assets classified as `investment in associate`.
The cash sweep agreement with Frontline had a positive effect of $9.9 million, or $0.11 per share in the first quarter. For the full year 2014 a total cash sweep of $32.7 million was recorded and paid to the Company in March 2015. There was also a $0.2 million profit share in the first quarter relating to some of our dry-bulk vessels.
Reported net operating income pursuant to U.S. GAAP for the quarter was $42.2 million, or $0.45 per share, and reported net income was $33.1 million, or $0.35 per share. This is after approximately $9.5 million, or $0.10 per share in negative non-cash charges, which includes a negative mark-to-market of $6.6 million related to interest rate hedging instruments and amortization of deferred charges of $2.9 million in the first quarter of 2015.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in a comment: “We continue expanding our asset base and charter backlog across our core business segments, and enjoy the benefits of a strong tanker market. The deal announced earlier today with Frontline could be very interesting for us, both from an earnings perspective with the new increased profit split starting from a lower level, and also with respect to the ownership position in Frontline. We raise our dividend again and have significant capital available for new accretive acquisitions.”