Reports preliminary 1Q 2010 results and increased quarterly dividend of $0.33 per share
Hamilton, Bermuda, May 20, 2010. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its preliminary financial results for the quarter ended March 31, 2010.
Highlights
Declared an increased quarterly dividend of $0.33 per share.
Reported net income for the quarter of $57.0 million, or $0.72 per share. The result includes a $26.0 million gain related to the newbuilding Suezmax tanker Everbright and a negative $12.8 million mark to market of derivatives relating to interest rate swaps.
Accrued profit share in the first quarter was $11.3 million, or $0.14 per share.
In February 2010, the VLCC Front Vista was sold to a subsidiary of Frontline Ltd. ("Frontline") for net sales proceeds of $58.5 million.
In March 2010, the newbuilding Suezmax tanker Everbright was delivered from the shipyard and chartered out for five years.
In March 2010, the Company refinanced a syndicated bank loan relating to 26 vessels on charter to Frontline. The new five-year facility was upsized from $675 million to $725 million due to very strong demand in the banking market.
In April 2010, the single-hull VLCC Golden River was sold to an unrelated third party for a net sales price of approximately $12.6 million.
Three Handysize dry bulk carriers under construction in China have already been chartered out for three years at attractive rates. Scheduled delivery is in 2011-2012.
Dividends and Results for the Quarter ended March 31, 2010
The Board of Directors has declared an increased quarterly cash per share. The dividend will be paid on or about June 10, 2010 to shareholders of record as of June 2, 2010. The ex-dividend date will be May 28, 2010.
- more here:
http://shipfinance.bm/index.php?id=462&pressrelease=1417648.html
Ship Finance er et John Fredriksen selskab - andre er Frontline (FRO) og Golden Ocean (GOGL) +++++++ flere
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