Business Context and Reporting Period
This Form 6-K filing by Ship Finance International Limited (SFL) covers the month of March 2009. The registrant is a Bermuda-based ship owning company listed on the NYSE. The filing primarily serves to distribute a press release dated March 9, 2009, regarding dividend information for the fourth quarter of 2008.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt figures for the period. The only specific financial metric disclosed is the dividend declaration.
- Dividend Declaration: $0.30 per share for the fourth quarter of 2008.
- Dividend Payment Options: Shareholders may elect to receive cash or newly issued common shares.
- Stock Dividend Ratio: 0.0528 new shares for each share held.
- Pricing Basis: Calculated based on a volume-weighted average share price of $5.98 (less a 5% discount) over three trading days ending March 4, 2009.
- Potential Issuance: Up to 3.8 million new common shares if all shareholders elect the stock option.
Material Changes
The filing does not report material changes in revenue, operations, or financial position compared to prior periods. The primary event is the implementation of the dividend payment mechanism, allowing shareholders to choose between cash and stock.
Guidance, Outlook, and Risks
The filing contains no specific forward-looking guidance or management commentary regarding future earnings or operational targets. It includes a standard cautionary statement regarding forward-looking statements, noting that actual results may differ due to various uncertainties.
- Key Risks Identified: Strength of world economies and currencies, fluctuations in charter hire rates and vessel values, changes in OPEC production and oil consumption, operating expense volatility (bunker prices, dry-docking, insurance), regulatory changes, litigation liability, and political conditions affecting shipping routes.
- Unusual Items: None reported in this specific filing.
Important Facts for Investor Verification
- Verify the election deadline for receiving the dividend in stock versus cash (April 13, 2009, 5:00 p.m. New York City time).
- Confirm the total number of shares outstanding to assess the dilution impact of the potential 3.8 million new shares.
- Review the full Q4 2008 report (released February 26, 2009) referenced in the text for detailed financial performance, as this filing only covers the dividend mechanics.
- Check the prospectus supplement filed on March 6, 2009, for detailed terms of the stock dividend offering.