Ship Finance International Limited (Seite 84)

[kosto1234]

Antwort auf Beitrag Nr.: 36.156.092 von bragg am 05.12.08 17:29:48

Ich glaube auch einige Anleger verlieren langsam das Vertrauen in JF ... nun ja ein glückliches Händchen hatten speziell seine Firmen aber im Quartal nicht wirklich.

Er könnte zumindest mal einen Kommentar für die Anleger bzgl. seines
Imperiums abgeben ...

[ichhabdurst]

jo, ist echt lustich.

ich frage mich was die alle bei den überschuldeten staaten mit staatsanleihen bzw. bargeld wollen.


aktien von soliden firmen - sprich diversifiziert haben noch jeden weltkrieg, jede währungsreform und jede krise überstanden.

von bargeld kann man das nicht behaupten.

aber der mob weiss schon was er tut !

[bragg [KommA]]

die welt geht im moment davon aus, dass sie morgen nicht mehr existiert. was die dann alle aber mit dem bargeld wollen... also ich weiß es nicht.

nee, spaß beiseite. im moment gitl die parole weltuntergang. und ich fürchte, das geht noch eine ganze weile so weiter

[ichhabdurst]

7,68, wo brennt denn hier schon wieder die luft ?


inzwischen auch schon gepreist, als wäre die pleite vorprogrammiert.

man könnte fast den eindruck gewinnen, dass die handelmarine in zukunft nicht mehr gibt !

[Glottobeck]

Es weiterer Divi-Zahler für das 3.Quartal.


Pressemitteilungen
Ship Finance International Limited | (28/11/2008 14:37:52)

SFL - Third Quarter 2008 Results


Ship Finance International Limited (NYSE: SFL) - Earnings Release

Reports third quarter 2008 results and increased quarterly dividend of $0.60 per share

Hamilton, Bermuda, November 28, 2008. Ship Finance International Limited ("Ship Finance" or the "Company") today announced its financial results for the quarter ended September 30, 2008.

Highlights

Declared an increased quarterly cash dividend of $0.60 per share. The Company has now declared stable or increasing dividends for 19 consecutive quarters.
Reported net income for the quarter of $47.4 million, or $0.65 per share, including profit share of $28.5 million, or $0.39 per share, and a $10.4 million, or $0.14 per share, non-cash negative adjustment in mark-to-market of swaps.
The ultra-deepwater drillship West Polaris was delivered in July 2008 and commenced its 15-year bareboat charter to Seadrill Limited ("Seadrill").
Announced the sale of two newbuilding Suezmax tankers for a record $111 million per vessel. The transaction is expected to generate a book profit of approximately $68 million, or $34 million per vessel, to be recognized at delivery of the vessels in 2009.
Announced the $1.7 billion acquisition of two ultra-deepwater drilling rigs in combination with
15-year bareboat charters to Seadrill. The drilling rigs were delivered to Ship Finance in November 2008.
The second of two 17,000 dwt chemical tanker newbuildings was delivered in October 2008 and commenced its 10-year bareboat charter to Bryggen Shipping & Trading AS ("Bryggen").

Dividends and Results for the Quarter ended September 30, 2008

The Board of Directors has declared a quarterly cash dividend of $0.60 per share. The dividend will be paid on or about January 7, 2009 to shareholders of record as of December 23, 2008. The ex-dividend date will be December 19, 2008.

The Company reported total operating revenues of $114.3 million, or $1.57 per share, in the third quarter. Net operating income for the quarter was $80.3 million, or $1.10 per share, and net income was $47.4 million, or $0.65 per share.

As the majority of the Company's assets are accounted for as finance leases, a significant portion of the charter hire is classified as 'Repayment of investment in finance leases' and is deducted from the revenues in the Company's Income Statement. For the third quarter, this amounted to $46.6 million or $0.64 per share.

Under US GAAP, the drillship West Polaris and the Panamax dry bulk vessel Golden Shadow are accounted for as investment in associates. Consequently, the 'net income' from these 100% owned vessel owning subsidiaries are recognized in the consolidated income statement of Ship Finance as 'results in associate'.

The profit share accrued in the third quarter was $28.5 million, or $0.39 per share, compared to $33.1 million, or $0.46 per share, in the second quarter.

There was a $10.4 million, or $0.14 per share, negative adjustment in mark-to-market of swaps in the third quarter, compared to a $3.2 million, or $0.04 per share, positive adjustment in the second quarter.


For the complete report please see the link below.


November 28, 2008
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda

[Rudi07]

Antwort auf Beitrag Nr.: 35.945.622 von sir1 am 14.11.08 11:05:31

ich überlege seit ein paar Tagen,
ob ich vor Freitag noch aufstocken soll ?

[sir1]

haoolo,

bin seit heute auch drin,

alles wird gut

[Glottobeck]

Ein paar Gedanken zu Ship Finance


Ship Finance Limited: Hit Too Hard?
by: ManagingMoney.com November 04, 2008

While volatility is still expected, the market in general looks as though it has found its bottom for the current cycle at least. Of course, with the US government now reporting a shrinking GDP and even formal measures indicating a full blown recession, further downside is certainly possible. But even with that risk, there are a number of companies trading at a considerable discount. Like every market correction or significant drop, prices will recover over the course of the next couple of years at the latest. That’s not to say that some companies won’t declare bankruptcy or disappear, they will. So although the entire market is on sale, it’s still important to pick companies with strong fundamentals.

As you know if you been watching the news, anything with the word “bank” or “finance” in its name has been effectively badly battered as investors have sought, and rightly so, to distance themselves from the possibility of damage due to the mortgage credit default swap debacle. However, there are some companies that are in specialized niche financing operations that might have been hit a little too hard. Let’s take an in depth look at one of those companies.

Ship Finance Limited (NYSE: SFL) owns ocean going vessels. They own dry bulk freighters, oil tankers, and deep sea drilling rigs, all of a number of different types and sizes. They are closely affiliated with other ocean shipping companies such as Frontline (NYSE: FRO) and Golden Ocean (Oslo Bourse: GOGL.OL). By closely affiliated, I mean they share the same major owner, Norway’s John Frederickson. Ship Finance Limited buys ships and then leases them out to companies like Frontline who operate them. Most of Ship Finance’s vessels are leased out on very long-term leases, meaning that Ship Finance can predict its minimum monthly income for those vessels very accurately.

I say 'minimum income' because many of those contracts also contain a profit-sharing provision. In other words, if Ship Finance leases a tanker to Frontline for a flat daily rate, Ship Finance gets that rate whether the vessel is working or sitting idly. However, the profit sharing provision ensures that if Frontline is able to secure a contract for the vessel in excess of an agreed base daily rate from an Oil company, then as much as 50% of the amount Frontline receives over and above an agreed upon plateau level is payable to Ship Finance. In good times, Ship Finance has great upside potential. In bad times, they are guaranteed a profit by the base lease rate of each vessel.

Ship Finance does borrow money to finance its own acquisition of new ships; however, the debt is backed not only by the asset value of the ships themselves, but also by the value of the long-term lease contracts. The one major risk that Ship Finance faces is the possibility that one or more of its major leasing clients will declare bankruptcy and void its leases. In this event, the leased vessels are returned to Ship Finance, and Ship Finance can lease them out to other shipping companies. With the reduced international trade that goes on during a global recession, however, it might be that Ship Finance cannot find a new lease for any returned vessel, at least not at a highly profitable rate.

In this case, Ship Finance would have to continue paying the debt on the vessel without significant income being produced by that particular vessel. This scenario is plausible if not likely, so Ship Finance does hold some risk as long as the economy stays weak. Oil demand is slowing, US imports are certainly slowing, although this is helped by the strong dollar. However, when the recession ends, expect Ship Finance to do well. Let me tell you why.

It has been feared for a couple of years now that around 2009 we would see a glut of new ships entering the market. This, analysts said would drive down the daily rates that shippers could charge for the hire of their ships, perhaps to the point of a net loss. This is because of the visible order book of new vessels. It takes a long time to build a big oil tanker or dry bulk freighter and there are relatively few shipyards capable of producing them. That means everyone can count the number of new ships being built and ordered. The completion dates are visible to the world as well.

What isn’t as visible is the health and capabilities of some of the shipbuilding companies. Some of these shipbuilders are quite new and have delivered few if any actual vessels to date. Furthermore, when they took the orders, they locked in the prices for the completed vessels. If the price of steel goes up, the shipbuilder generally eats this loss and their margins are eroded. On the other hand, the shipping company must generally pay the shipbuilder several installments during the course of the building. Since new vessels can run from tens of millions of dollars to well over one hundred million dollars apiece, these payments can be quite substantial. The shipping company almost always seeks financing to make these payments. In the current credit climate, many of the smaller players are unable to secure that financing. This has resulted in the cancellation of a number of shipbuilding contracts in the past year. This, to some extent has helped reduce the fear of a glut of new ships in 2009. The outlook, for shipper’s and for Ship Finance’s profit sharing upside, might be a little healthier in the medium term than previously thought.

In the last twelve months, Ship Finance has traded in the range of $32.43 and $23.54. That is up until the market went haywire in September. Since then is has been hit very hard, hitting a low of $10.92 on October 27th. Since then it has been steadily rising to over $14. That’s about a fifty percent discount to its usual price. There’s one more little fact to throw in to the mix. On September 16th, Ship Finance announced that it would raise its quarterly, dividend to $0.60 per share. Yes, I said quarterly, so that amounts to $2.40 per year if they continue to hold to that level. That would be a 16% dividend yield at $15 per share. To date, the company has been very steady in its dividend payments, though it hasn’t faced a global economy like the one we face today.

So although there is some risk if Ship Finance’s clients cannot remain afloat and continue to make their guaranteed lease payments, Ship Finance has been heavily discounted. If you’re looking for bargain prices, look for other specialized finance companies and evaluate their business environments as thoroughly as you can. Some of these companies have been dramatically oversold, some are priced correctly, and some should carry big warning labels. I leave it up to you to decide into which category Ship Finance Limited falls.

[kosto1234]

Antwort auf Beitrag Nr.: 35.531.942 von Schnuckelinchen am 11.10.08 16:41:57

Ich denke mal das geht uns allen so ... aber solange die Krise noch tobt einzusteigen ist höchst bedenklich ... vielelicht ärgerst du dich dass nach deinem kauf dann die Titel noch mal 30 % runtergehen und du hättest sie billiger haben können ...

Auch meine Knastaktie (und die hat nun wirklich nix mit Finanzen zu tun) hat starke Einbrüche gehabt ... alles geht derzeit runter
auch ne Coca Cola z.B.

[Schnuckelinchen]

Gestern gab es eine Teekay Tankers im Tief für 7 1/2 USD; Schluss war dann 10 1/2 USD.

Dachte eigentlich, wir hätten seröse Werte im Depot....

Meint Ihr nicht, es wäre an der Zeit die Schiffstitel jetzt massiv zu verbilligen? Ich hab Werte im Depot, die haben sich die letzten paar Wochen gedrittelt.