UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2007
Commission File Number: 0-22704
Ship Finance International Limited
(Translation of registrant's name into English)
Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)7: ___
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-______________.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached as Exhibit 1 is a copy of the press release of Ship Finance
International Limited dated July 11, 2007, announcing its acquisition of a 1,700
TEU containership.
Exhibit 1
Ship Finance International Limited acquires a 1700 TEU containership
Press release, July 11, 2007
Ship Finance International Limited (NYSE:SFL) ("Ship Finance" or the "Company"),
today announced the agreement to acquire the 2003 built vessel Montemar Europa.
This acquisition includes an existing time-charter to a subsidiary of Compania
Sud Americana de Vapores ("CSAV") of Chile, the largest liner shipping company
in South America.
The net purchase price will be approximately $32.5 million, and delivery to Ship
Finance is estimated to take place in late August or early September. The
charter to CSAV expires in October/November 2008, and the net time-charter rate
is approximately $13,500 per day.
Recently, the charter market for modern 1700 TEU container vessels has
strengthened significantly, and Montemar Europa will be marketed for medium to
long-term contracts following the expiry of the existing charter in 2008.
The financing of the acquisition will be through cash and existing credit lines,
and the transaction is expected to be immediate accretive to earnings and
dividend capacity. The investment verifies the Company's strategy to grow and
diversify the asset base, and we anticipate further growth opportunities in the
container segment.
July 11, 2007
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Contact Persons:
Lars Solbakken: Chief Executive Officer, Ship Finance Management AS
+47 2311 4006 / +47 9119 8844
Ole B. Hjertaker: Chief Financial Officer, Ship Finance Management AS
+47 2311 4011 / +47 9014 1243
About Ship Finance
Ship Finance is a major shipowning company listed on the New York Stock Exchange
(NYSE: SFL). Including newbuildings, Ship Finance owns a fleet consisting of 66
vessels, including 37 crude oil tankers (VLCC and Suezmax), 8 oil/bulk/ore
vessels, 13 container vessels, 3 dry bulk carriers, 2 jack-up drilling rigs and
3 seismic vessels. The fleet is one of the largest in the world with a total
cargo capacity of more than 11 million dwt. and most of the vessels are employed
on medium or long term charters.
More information can be found on the Company's website: www.shipfinance.org
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including Ship Finance management's examination of historical
operating trends. Although Ship Finance believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, Ship Finance cannot give assurance that it will achieve
or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company's view, could cause actual results to
differ materially from those discussed in this presentation include the strength
of world economies and currencies, general market conditions including
fluctuations in charter hire rates and vessel values, changes in demand in the
tanker market as a result of changes in OPEC's petroleum production levels and
world wide oil consumption and storage, changes in the Company's operating
expenses including bunker prices, dry-docking and insurance costs, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the United States
Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorised.
Ship Finance International Limited
Dated: July 11, 2007 By /s/ Lars Solbakken
------------------------------------------
Name: Lars Solbakken
Title: Chief Executive Officer
Ship Finance Management AS