Ship Finance International Limited (SFL), Bermuda-based shipowner, invested USD 1.2 billion in new assets in 2018, continuing its fleet renewal efforts.
These transactions added USD 1.3 billion in future contracted charter revenue.
“We believe the combination of a challenging banking market for many players and low asset prices will create significant opportunities for Ship Finance in finding investment opportunities with limited downside on asset values,” SFL said.
SFL had a fleet of 86 vessels comprising tankers, bulkers, containerships and rigs at the end of 2018, with only one of the original tankers remaining.
SFL reported a net income of USD 3.5 million in the fourth quarter of 2018, down from the net income of USD 29.7 million seen a quarter earlier. The decrease was due to a USD 35.7 million non-cash impairment related to offshore supply vessels.
Total operating revenues were USD 118.6 million in Q4 2018, higher when compared to revenues of USD 111 million posted in Q3 2018.