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Ship Finance earnings sank 17 percent

Staff writer |
Ship Finance International first-quarter earnings decreased 17% but the tanker company is ordering new ships with eco features.

The Company reported total U.S. GAAP operating revenues on a consolidated basis of $65.1 million, or $0.76 per share, in the first quarter of 2013. This number excludes $14 million of revenues classified as "repayment of investments in finance lease", and also excludes $74.9 million of charter revenues earned by assets classified as "investment in associate".

The Board of Directors has declared a quarterly cash dividend of $0.39 per share. The dividend will be paid on or about June 28, 2013 to shareholders of record as of June 21, 2013. The ex-dividend date will be June 19, 2013.

The company recorded a $18 million gain on sale of vessels in the quarter arising from the sale of three older vessels; a combination carrier, a Suezmax tanker and a non-double hull VLCC.

Reported net operating income pursuant to U.S. GAAP for the quarter was $43.8 million, or $0.51 per share, and reported net income was $32.4 million, or $0.38 per share.

"We continue the renewal of the fleet and have now ordered four 8,700 TEU container vessels at historically low prices. The vessels will be built to high specifications at one of the leading shipyards in Korea and will include the latest in eco-design features," said Ole B. Hjertaker, chief executive officer.

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