Bermuda-based shipowner Ship Finance International Limited (SFL) closed the first quarter of 2019 with a considerably higher net results.
The company’s net income rose to USD 33.6 million in Q1 2019 from USD 3.5 million seen in Q4 2018.
The net result was positively affected by charter hire of USD 160 million received from SFL vessels and rigs, including about USD 1 million of profit share from three VLCCs.
As of March 31, 2019, the fixed rate charter backlog from the company’s fleet of 86 vessels and rigs was approximately USD 3.8 billion, with an average remaining charter term of over 5 years.
In Q1 2019, some 62% of SFL’s charter hire was derived from vessels on time charters or in the spot market where SFL provides technical operations.
Q1 represented the first full quarter for SFL after USD 1.2 billion of new investments in 2018. These transactions added USD 1.3 billion in future contracted charter revenue.
Although SFL’s most recent investments have been made in container vessels, the company intends to pursue growth opportunities across multiple sectors.