Ship Finance cruising on profits

I should not be bored owning a high yield stock that is this consistent, but the quarterly earnings reports for Ship Finance International Ltd ( SFL : 27.47 -0.17 -0.62% ) almost make it difficult to write an interesting analysis. Ship Finance has developed a business model that appears to be bullet proof and the market puts such a low value on the company there appears to be no room for a negative surprise. This quarter SFL increased the quarterly dividend 2¢ to 58¢, giving the stock a current yield of about 8.4%. This makes 18 straight quarters where the dividend has been stable or increased. Here is a little background and some numbers that I think show the stability of Ship Finance. The company was spun off by Frontline Ltd. ( FRO : 55.05 -1.28 -2.27% ) in 2004 with 40-some of Frontline’s tankers, which have been leased back to FRO. 39 of SFL’s vessels are still leased to FRO and in the last 4 years SFL has increased their fleet to a t...