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Ship Finance International Says Market Volatility Hasn’t Impacted Operations

SFL Corporation Ltd. today announced its preliminary financial results for the quarter ended June 30, 2020.

Highlights

  • 66th consecutive quarterly dividend declared, $0.25 per share
  • Operating revenue of $118 million, and net income of $12 million in the second quarter, after approximately $15.8 million in non-recurring and/or non-cash negative adjustments
  • Received charter hire1 of approximately $158 million in the quarter from the Company’s vessels and rigs, including $5.2 million of profit share
  • Adjusted EBITDA2 of $95.9 million from consolidated subsidiaries, plus an additional $25.1 million adjusted EBITDA2 from wholly owned non-consolidated subsidiaries
  • Increased the fixed rate charter backlog by approximately $95 million, including charter extensions for seven container vessels and a vessel acquisition
  • Redelivered two VLCCs to Hunter Group on August 18, 2020

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:

“The Covid-19 outbreak has caused increased volatility in many markets, and we are pleased to see that our business operations have not been materially impacted and all our customers are paying charter hire on time. We are careful and selective in our investments, and with a diversified fleet of assets our aim is to mitigate volatility by timing our investments in each sector through the market cycles.

Our financing structure and consistent ability to access attractively priced capital has allowed us to continuously renew our fleet and pursue profitable growth opportunities. As a result, more than $2.3 billion has been returned to shareholders through dividends since 2004, and we have a significant charter backlog supporting future distribution capacity”

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.25 per share. The dividend will be paid on or around September 30, to shareholders on record as of September 17, and the ex-dividend date on the New York Stock Exchange will be September 16, 2020.
Source: Ship Finance International

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