Business Context and Reporting Period
This Form 6-K filing by Ship Finance International Limited (SFL) covers the month of September 2012. The report primarily documents the resolutions passed at the Company's 2012 Annual General Meeting held on September 21, 2012. SFL is a major ship owning company listed on the NYSE with a fleet of 67 vessels, including crude oil tankers, drybulk carriers, container vessels, and offshore drilling rigs, most of which are employed on long-term charters.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for the current period. The document notes that audited consolidated financial statements for the year ended December 31, 2011, were presented to the meeting, but the figures are not included in this text.
One specific financial figure disclosed is the approved remuneration for the Board of Directors, capped at a total of US$550,000.00 for the year ended December 31, 2012.
Material Changes
The filing does not report material changes in financial performance or fleet composition compared to prior periods. The primary changes reported are corporate governance actions taken at the Annual General Meeting, including the re-election and election of directors and the re-appointment of auditors.
Guidance, Outlook, and Risks
The filing includes a cautionary statement regarding forward-looking statements, noting that actual results may differ due to significant uncertainties. Key risks and contingencies identified include:
- Strength of world economies and currencies.
- Fluctuations in charter hire rates and vessel values.
- Changes in demand in the tanker market due to OPEC production levels and oil consumption.
- Operating expense volatility, including bunker prices, dry-docking, and insurance costs.
- Governmental regulations and regulatory actions.
- Potential liability from pending or future litigation.
- Political conditions and potential disruption of shipping routes.
Important Facts for Investors to Verify
- Re-election of Hans Petter Aas, Paul Leand, Jr., Kate Blankenship, and Cecilie Fredriksen as Directors.
- Election of Harald Thorstein as a new Director.
- Re-appointment of Moore Stephens, P.C. as the Company's auditors.
- Approval of Board of Directors' remuneration not to exceed US$550,000 for 2012.
- Confirmation that audited financial statements for the year ended December 31, 2011, were presented to shareholders.