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Ship Finance Earnings And Revenue Improve

|Includes:Ship Finance International Limited (SFL)

Originally published at www.seclive.com

Ship Finance International Limited (NYSE:SFL) announced its first quarter financial results for the 2014 fiscal year, reporting increases in both earnings and revenue. The Bermuda-based ship owning company posted earnings of $41M and $0.44 per share, up from $18M and $0.20 per share reported a year ago. The company has a fleet of 73 vessels that includes oil tankers, container ships, and drilling rigs that are chartered on a long-term basis. Charter revenues improved from $152M to $160M and the company has worked to line up long-term work for several of its vessels as new business continues to develop. The Ship Finance board of directors declared a dividend of $0.41 per share for the forty-first consecutive quarter, paid on June 30 to shareholders of record as of June 12. CEO Ole Hjertaker remarked that the company has capital available for new transactions and continues to grow its assets and charter backlog.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: SFL