SFL profit falls

Oslo-based Ship Finance International (SFL) has posted a weaker net income in the second quarter of 2014 as revenue went down.

Its $22m profit compared with $41m in the corresponding period of 2013.

Operating revenue stood at $73m, an 11.7% decline.

During the second three-month period, SFL accumulated $1.8m in a cash sweep from Frontline.

The John Fredriksen-controlled company took delivery of two 82,000-dtw kamsarmaxes in July and August and, as TradeWinds has reported, it expects a $7m EBITDA contribution from the new vessels.

SFL also announced long-term charters for four 8,700-teu containerships under construction in Korea with a large European carrier, which is thought to be Mediterranean Shipping Co (MSC).

Three of the company’s old tankers, the 302,200-dwt Front Opalia and the 300,100-dwt Front Comanche and Front Commerce (all built 1999) have been sold to an undisclosed buyer.


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