Business Context and Reporting Period
This Form 6-K filing by Ship Finance International Limited (SFL) covers the month of August 2019. The document serves as a notice of the Company's 2019 Annual General Meeting (AGM) scheduled for September 13, 2019. SFL is a Bermuda-based maritime company with a fleet of over 80 vessels, including tankers, bulkers, container vessels, and offshore assets. The filing references the Company's audited consolidated financial statements for the year ended December 31, 2018, which are available in the Annual Report on Form 20-F.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity for the current or prior periods. It references the audited financial statements for the year ended December 31, 2018, as the source for such data. The only specific financial figure disclosed in this document is the proposed total remuneration for the Board of Directors, capped at US$800,000 for the year ended December 31, 2019.
Material Changes and Corporate Actions
- Proposed Name Change: The Company proposes to change its name from "Ship Finance International Limited" to "SFL Corporation Ltd." to better reflect its status as a vessel owner rather than a pure financing institution and to align with its NYSE ticker symbol.
- Board Composition: The Company proposes to set the maximum number of Directors at eight and to re-elect five current directors: Harald Thorstein, Bert M. Bekker, Gary Vogel, Keesjan Cordia, and James O'Shaughnessy.
- Auditor Re-appointment: The Company seeks approval to re-appoint Moore Stephens, P.C. as its independent auditors.
Guidance, Outlook, and Risks
The filing includes a cautionary statement regarding forward-looking statements, noting that actual results may differ due to various uncertainties. Key risk factors identified include:
- Strength of world economies and general market conditions.
- Fluctuations in charter hire rates, vessel values, currencies, and interest rates.
- Changes in demand for oil and commodities, including OPEC production levels.
- Operating expenses such as bunker prices, dry-docking, and insurance costs.
- Performance of charterers and counterparties.
- Regulatory changes, political conditions, and potential disruptions to shipping routes.
Management commentary highlights that over 60% of charter revenues are derived from time charters, with less than 40% from bareboat charters.
Investor Verification Checklist
- Verify the audited financial results for the year ended December 31, 2018, in the Annual Report on Form 20-F available on the Company's website.
- Confirm the outcome of the shareholder vote on the proposed name change to "SFL Corporation Ltd."
- Review the re-election results for the five nominated directors.
- Monitor the Company's website (www.sflcorp.com) for updates on the AGM proceedings and the final approval of the 2018 financial statements.