Ship Finance International Ltd – ‘F-1’ on 9/28/04 – EX-12

On:  Tuesday, 9/28/04, at 8:29am ET   ·   Accession #:  919574-4-2725   ·   File #:  333-119324

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Registration Statement of a Foreign Private Issuer   —   Form F-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: F-1         Registration Statement of a Foreign Private Issuer   141±   604K 
 2: EX-5        Opinion re: Legality                                   5±    18K 
 3: EX-12       Statement re: Computation of Ratios                    2±    12K 
 4: EX-23       Exhibit 23.1                                           1      5K 
 5: EX-23       Exhibit 23.2                                           1      5K 
 6: EX-23       Exhibit 23.4                                           1      5K 

EX-12   —   Statement re: Computation of Ratios

                                                        [Enlarge/Download Table]
                                                                                                               Exhibit 12.1       

                                                RATIO OF EARNINGS TO FIXED CHARGES                                                

The following table sets forth our ratio of earnings to fixed charges for the 12-month  periods ending December 31, 2001, 2002 and
2003 and for the six month periods ending June 30, 2004 and 2003 and pro-forma figures for the six months ending June 30, 2004 and
2003.                                                                                                                             


                                                                              Unaudited Six                                       
                                                                              Months Ended             Year Ended                 

                                             06/30/04      12/31/03     06/30/04    06/30/03  12/31/03    12/31/02   12/31/01     
                                             (Proforma)   (Proforma)                                                              
Earnings                                                                                                                          

                                                                                                                                  
Net income (loss)                            77,596         151,939      106,312     228,958   334,812     18,024     212,010     
add back:                                                                                                                         
Share in results from associated                                                                                                  
companies                                      -               -            -        (15,538)  (22,098)    10,125     (14,259)    

                                             -----------------------------------------------------------------------------------  
Pre-tax income from continuing                                                                                                    
subsidiaries                                 77,596         151,939      106,312     213,420   312,714     28,149     197,751     

add:                                                                                                                              
Fixed charges                                49,348          78,144       48,929      18,931    35,117     43,062      59,763     
Amortisation of capitalised interest           -               -            -           -         -          -           -        
Distributed income from equity method                                                                                             
investees                                      -               -            -           -         -          -           -        
Share of pre-tax losses of equity                                                                                                 
investees for which charges arising from                                                                                          
guarantees are included in fixed charges       -               -            -           -         -          -           -        

subtract:                                                                                                                         
Interest capitalised                           -               -            -           -                    (936)       (871)    
Preference dividends of consolidated                                                                                              
subsidiaries                                   -               -            -           -         -          -           -        
Minority interest in pre-tax income of                                                                                            
subsidiaries that have not incurred fixed                                                                                         
charges.                                       -               -            -           -         -          -           -        

                                            ----------------------------------------------------------------------------------    
                                            126,944         230,083       155,241    232,351   347,831     70,275     256,643     
                                            ==================================================================================    

Fixed Charges                                                                                                                     

Interest expensed                             42,432         73,553        42,346     18,444    34,098     41,312      58,117     
Interest capitalised                                                                    -         -           936         871     
Amortisation of debt premiums,                                                                                                    
discounts and expenses                         6,916          4,591         6,583        487     1,019        814         775     
Interest included in rental expense                                         -           -         -          -           -        
Preference dividends of consolidated                                                                                              
subsidiaries                                                                -           -         -          -           -        

                                            ----------------------------------------------------------------------------------    
                                              49,348         78,144        48,929     18,931    35,117     43,062      59,763     
                                            ==================================================================================    

                                            ----------------------------------------------------------------------------------    
Ratio of earnings to fixed charges              2.57            2.94         3.17      12.27      9.90      1.63        4.29      
                                            ----------------------------------------------------------------------------------    

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘F-1’ Filing		Date		Other Filings
Filed on:		9/28/04
		6/30/04		6-K
		12/31/03
		6/30/03
		12/31/02
		12/31/01
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