Ladies and gentlemen, thank you for standing by and welcome to the Fourth Quarter 2019 SFL Corporation Limited Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be the question and answer session. [Operator Instructions] I must advise you that this conference is being recorded today on the 18th of February, 2020. I would now like to hand the conference over to your speaker today, Ole Hjertaker. Please go ahead, sir.
Ole B. Hjertaker
Thank you and welcome all to SFL's fourth quarter conference call. I will start the call by briefly going through the highlights of the quarter and following that, our CFO, Aksel Olesen, will take us through the financials and the call will be concluded by opening up for questions. Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates or similar expressions are intended to identify these forward-looking statements. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ includes conditions in the shipping, offshore, and credit markets. For further information, please refer to SFL's reports and filings with the Securities and Exchange Commission.
The Board has declared a quarterly dividend of $0.35 per share. This is our 64th quarter with profits and dividends and the dividend represents $1.40 per share on an annualized basis or around 10% dividend yield based on closing price of $13.45 on Friday. Over the years, we have paid nearly $27 per share in dividends or $2.3 billion in total and we have a significant fixed rate charter backlog supported continued dividend capacity going forward. The total charter revenues was $159 million in the quarter with 90% of this from vessels on long-term charters and 10% from vessels employed on short-term charters and in the spot market. The EBITDA equivalent cash flow in the quarter was approximately $123 million, up from $117 million in the previous quarter and last 12 months the EBITDA equivalent has been approximately $485 million. The reported net income for the quarter was approximately $24 million or $0.22 per share. This was after a non-cash impairment of $34 million on offshore assets, but we also had some positive gains in mark-to-market movements on equity securities, particularly relating to our Frontline shares offsetting part of that effect. And we have added $225 [Phonetic] million in charter backlog recently as a combination of asset acquisitions and charter adjustments linked to scrubber investments and our fixed rate backlog stands at approximately $3.6 billion.
During the fourth quarter, we freed up most of the capital tied up in Frontline shares on the back of strong share price performance in the quarter. We sold
Ole B. Hjertaker
Chief Executive Officer
Aksel C. Olesen
Chief Financial Officer
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