Ship Finance International Downgraded

January 24, 2012

Bermuda’s Ship Finance International Limited was downgraded by Zacks Investment Research from a “neutral” rating to an “underperform” rating in a note issued to investors today [Jan. 24].

Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Ship Finance International Limited in a research note to investors on November 25.

Earlier this month Ship Finance International was required to reduce its chartering rates with Bermuda’s Frontline Ltd. – one of  the world’s largest oil shipping companies – because of the current glut of tankers on the market.

Bermuda-headquartered Ship Finance International Limited is engaged in the ownership and operation of vessels and offshore related assets. It is also involved in the charter, purchase and sale of assets.

The company operates through subsidiaries, partnerships and branches located in Bermuda, Cyprus, Malta, Liberia, Norway, the United States of America, Singapore, the United Kingdom and the Marshall Islands.

As at December 31, 2009, the Company’s assets consists of 32 oil tankers, eight oil/bulk/ore carriers [OBOs] configured to carry dry bulk cargo, one dry bulk carrier, eight container vessels, one jack-up drilling rig, three ultra-deepwater drilling units, six offshore supply vessels and two chemical tankers.

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