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Ship Finance International Reports First Quarter Net Income of $33.6 Million

Ship Finance International Limited announced its preliminary financial results for the quarter ended March 31, 2019.

Highlights

61st consecutive quarterly dividend declared, $0.35 per share
Reported net income of $33.6 million, or $0.31 per share for the first quarter
Received charter hire of $160 million in the quarter from our vessels and rigs, including approximately $1 million of profit share from three VLCCs
More than 60% of charter hire from vessels on time charters
Added more than $170 million increase in contracted future charter hire in connection with charter extensions on existing vessels

Image: Ship Finance International Limited

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment: “Our $3.8 billion fixed rate contracted charter backlog supports our continued ability to generate strong cash flows and pay dividends to our shareholders. We have already addressed most of the debt maturities until mid 2020 and secured new long term financings at very attractive terms.

The last 12 months have been very active, and our strong liquidity position and balance sheet management supports continued growth in asset base and contracted charter backlog. We have been actively evaluating investment opportunities and expect to see new projects materialize later this year.”

Dividends and Results for the Quarter ended March 31, 2019

The Board of Directors has declared a quarterly cash dividend of $0.35 per share. The dividend will be paid on or around June 28, to shareholders on record as of June 11, and the ex-dividend date on the New York Stock Exchange will be June 10, 2019.

Full Report

Source: Ship Finance International

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