Ship Finance International Limited (SFL) ended the first quarter of 2019 with higher net income.
Specifically, the company’s net income rose to USD 33.6 million in Q1 2019 from USD 3.5 million seen in Q4 2018.
The net result was positively affected by charter hire of USD 160 million received from SFL vessels and rigs, including about USD 1 million of profit share from three VLCCs.
As of March 31, 2019, the fixed rate charter backlog from the company’s fleet of 86 vessels and rigs was approximately USD 3.8 billion, with an average remaining charter term of over 5 years.
In Q1 2019, about 62% of SFL’s charter hire was derived from vessels on time charters or in the spot market.