SFL Reports Fourth Quarter Net Profit of $20.2 Million

SFL Corporation Ltd. yesterday announced its preliminary financial results for the quarter ended December 31, 2024.

Highlights

84th consecutive quarterly dividend declared, $0.27 per share
Net profit of $20.2 million, or $0.15 per share in the fourth quarter
Received charter hire1 of $231.7 million in the quarter, including $2.6 million of profit share
Adjusted EBITDA2 of $124.0 million from consolidated subsidiaries, plus $7.9 million adjusted EBITDA2 from associated companies
Issuance of new $150 million five year bond
Agreed sale of an older 1,700 teu feeder container vessel
Golden Ocean exercised purchase option on eight dry bulk capesize vessels
Awarded approximately $48 million equivalent of compensation from Seadrill

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:

« We are pleased to execute on our growth strategy, with several new vessels and more than $2 billion fixed rate charter backlog added in 2024. Over the last decade SFL has transformed from a vessel financing provider to a maritime infrastructure company, with the majority of our charter backlog to investment-grade end users.

A key part of our value proposition is to own, operate and continuously upgrade the fleet to the highest standards, including fuel efficiency measures to reduce the carbon footprint for us and our customers. This has translated into multiple repeat transactions with blue chip customers, and increases the residual value and future marketability of vessels in our fleet.

Since the inception of the Company in 2004, we have returned $2.8 billion to our shareholders through 84 consecutive cash dividends. And in the process we have continuously demonstrated our ability to both renew and diversify our portfolio of assets and charters, supporting a sustainable long term distribution capacity.»
Source: Ship Finance Corporation