Business Context and Reporting Period
This Form 6-K filing by Ship Finance International Limited (SFL Corp Ltd.) covers the month of June 2009. The registrant is a Bermuda-based major ship owning company listed on the NYSE (SFL). The filing primarily announces a significant executive leadership change within the company's management structure.
Key Financial Metrics
The filing text does not provide specific financial data such as revenue, profit, cash flow, margins, debt levels, or liquidity ratios for the reporting period. The document focuses exclusively on corporate governance updates and general business descriptions.
Material Changes
- Executive Appointment: Ole B. Hjertaker has been appointed as the new Chief Executive Officer (CEO) of the Company's management company, Ship Finance Management AS.
- Effective Date: The appointment is effective July 1, 2009.
- Previous Role: Mr. Hjertaker previously served as the Chief Financial Officer (CFO) of the management company since 2006.
Outlook, Risks, and Management Commentary
Management Background: Mr. Hjertaker brings 12 years of experience as a corporate and investment banker, primarily within the Maritime/Transportation industries, and holds a Master of Science degree from the Norwegian School of Economics and Business Administration.
Fleet Overview: The Company operates a fleet of 68 vessels (including newbuildings), comprising 33 crude oil tankers, 2 chemical tankers, 8 oil/bulk/ore vessels, 1 dry-bulk carrier, 13 container vessels, 6 offshore supply vessels, 2 jack-up drilling rigs, and 3 ultra-deepwater drilling units. Most vessels are employed on long-term charters.
Risk Factors: The filing includes a cautionary statement regarding forward-looking statements. Key risks identified include:
- Strength of world economies and currencies.
- Fluctuations in charter hire rates and vessel values.
- Changes in OPEC production levels and global oil consumption.
- Operating expense volatility (bunker prices, dry-docking, insurance).
- Regulatory changes and potential litigation liabilities.
- Political conditions and disruptions to shipping routes.
Investor Verification Checklist
- Verify the official effective date of Ole B. Hjertaker's transition from CFO to CEO (July 1, 2009).
- Confirm the composition of the 68-vessel fleet and the percentage of vessels under long-term charter versus spot market exposure.
- Review subsequent filings for the first financial results under the new CEO's leadership.
- Monitor market conditions regarding charter hire rates and bunker prices as cited in the risk factors.