Business Context and Reporting Period
This Form 6-K filing by Ship Finance International Limited (SFL) covers the month of May 2009. The registrant is a Bermuda-based ship owning company listed on the NYSE. The filing primarily serves to incorporate by reference a press release dated April 17, 2009, regarding the payment of the fourth quarter 2008 dividend.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for the reporting period. The document focuses exclusively on the mechanics of a dividend distribution.
- Dividend Rate: $0.30 per share (cash option).
- Stock Dividend Rate: 0.0528 new common shares for each share held.
- Shareholder Election: Approximately 55% of shareholders elected to receive new shares rather than cash.
- New Shares Issued: Approximately 2.1 million new common shares.
- Post-Dividend Share Count: Approximately 74.8 million outstanding common shares.
Material Changes
The primary material change reported is the increase in the company's outstanding share count due to the stock dividend election by a majority of shareholders. The filing does not provide comparative financial data to assess changes in operational performance versus prior periods.
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 currencies.
- Fluctuations in charter hire rates and vessel values.
- Changes in demand in the tanker market driven by OPEC production levels and global oil consumption.
- Operating expense volatility, including bunker prices, dry-docking, and insurance costs.
- Regulatory changes and potential litigation liabilities.
- Political conditions and potential disruption of shipping routes.
The company's fleet consists of 68 vessels (including newbuildings), with most employed on long-term charters.
Investor Verification Checklist
- Verify the exact number of shares issued and the final outstanding share count post-dividend.
- Confirm the cash dividend payment date and amount received by cash-option shareholders.
- Review the company's most recent Form 20-F or quarterly reports for actual revenue, profit, and debt metrics, as they are absent in this filing.
- Assess current market conditions for charter rates and vessel values to evaluate the risk factors mentioned.