Ship Finance International Boosts Dividend
Bermuda-based Ship Finance International Ltd. todaY [May 23] reported a 44 percent decline in profit for the first quarter of 2011 on lower revenues and lower gains from asset sales.
However, the company raised its quarterly dividend by 2.6 percent.
The company’s net income for the first quarter was $32.10 million or $0.41 per share, down from $56.95 million or $0.72 per share in the year-ago period. The latest quarter’s results include an accrued profit share of $2.25 million or $0.03 per share, while the year-ago period’s results include a profit share income of $11.32 million.
The company noted that the profit share is below the historical average as a result of a continued soft tanker spot market in the first quarter.
Total operating revenues for the quarter declined 13 percent to $72.05 million from $82.62 million in the same period last year and missed analysts’ consensus estimate of $72.81 million.
Charter revenues from operating leases increased to $24.51 million from $17.96 million a year ago, while charter revenues from finance leases declined to $71.81 million from $130.68 million in the same period last year.
Ship Finance International Limited, through its subsidiaries, engages in the ownership and operation of vessels and offshore related assets in Bermuda, Cyprus, Malta, Liberia, Norway, the United States, Singapore, the United Kingdom, and the Marshall Islands.
The company also involves in the charter, purchase, and sale of assets. it owns 29 oil tankers, eight oil/bulk/ore carriers, three dry bulk carriers, nine container vessels, two jack-up drilling rigs, three ultra-deepwater drilling units, six offshore supply vessels, and two chemical tankers.
Ship Finance International Limited was founded in 2003 and is based in Par-La-Ville Place in Hamilton.
