SFL Reports Fourth Quarter Net Profit of $31.4 Million

SFL Corporation Ltd. announced its preliminary financial results for the quarter and full year ended December 31, 2023.

Highlights

80th consecutive quarterly dividend, increased to $0.26 per share
Net profit of $31.4 million, or $0.25 per share in the fourth quarter
Received charter hire1 of $209.5 million in the quarter, including $3.4 million of profit share
Adjusted EBITDA2 of $124.1 million from consolidated subsidiaries, plus $7.9 million adjusted EBITDA2 from 49.9% owned associated companies
Delivery of Wolfsburg, our second LNG dual-fuel Car Carrier, on 10 year charter to Volkswagen
Commencement of Hercules’ drilling contract for Galp Energia in Namibia
Subsequent to quarter end, our third LNG dual-fuel Car Carrier Odin Highway was delivered on 10 year contract to K Line

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

«We are pleased to announce our 80th consecutive quarterly dividend as we celebrate our 20th anniversary. Over this period SFL has evolved from a vessel financing provider to a leading maritime infrastructure company with a fully integrated operational platform with a diversified modern fleet of vessels on time-charter to industry leading customers.

SFL has built up a high-quality operational platform, which has enabled us to secure repeat transactions with our key customers. And with all of our car carrier newbuildings delivered by the end of this quarter, we expect to continue increasing our charter revenues in 2024.

And we believe there is significant value embedded in our fleet beyond our current charter backlog, illustrated by the recent charter extensions for our car carriers SFL Composer and SFL Conductor at significantly higher charter rates than before. Owning modern high quality maritime assets in the next decade will be beneficial for SFL shareholders as we continue to build the company and our long term distribution capacity».
Source: Ship Finance International