OREANDA-NEWS. Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "Ship Finance delivers yet another strong quarter, and our fleet renewal and diversification program continues with the recent delivery of two newbuilding container vessels with long term charters to Maersk Line.

Our business model has been tested through all market cycles, and we are to our knowledge the only maritime company which has been consistently profitable and paid dividends every quarter the last twelve years. Our key focus remains on prudently managing our balance sheet and our existing asset portfolio whilst sourcing new accretive opportunities through our industry relationships and unique access to deal flow."

Dividends and Results for the Quarter Ended March 31, 2016

The Board of Directors has declared a quarterly cash dividend of $0.45 per share. The dividend will be paid on or around June 29 to shareholders on record as of June 14, and the ex-dividend date on the New York Stock Exchange will be June 10, 2016. This is the 49th consecutive quarterly dividend declared by the Company.

The Company reported total U.S. GAAP operating revenues on a consolidated basis of $117.6 million, or $1.26 per share, in the first quarter of 2016. This number excludes $8.8 million of charter revenues classified as 'repayment of investments in finance lease' and $47.3 million of charter revenues earned by 100% owned assets classified as 'investment in associate.' Inclusive of those revenues, the total actual revenues were $1.86 per share.

The 50% profit share agreement with Frontline contributed $24.7 million, or $0.26 per share in the first quarter above the base contracted rates. There was also a $0.2 million profit share in the first quarter relating to some of our dry bulk carriers.

Reported net operating income pursuant to U.S. GAAP for the quarter was $57.2 million, or $0.61 per share, and reported net income was $46.8 million, or $0.50 per share. This is after approximately $10.0 million, or $0.11 per share in negative non-cash charges, which includes a negative mark-to-market of $7.1 million related to interest rate hedging instruments and amortization of deferred charges of $2.9 million in the first quarter.

Ship Finance International Limited (NYSE: SFL) has an unprecedented track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004. The Company's fleet of more than 70 vessels is split between tankers, bulkers, container vessels and offshore assets, and Ship Finance's long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time.