SFL – Second Quarter 2024 Results

Hamilton, Bermuda, August 14, 2024, SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended June 30, 2024.

Highlights

82nd consecutive quarterly dividend declared, $0.27 per share

Net profit of $20.6 million, or $0.16 per share in the second quarter

Received charter hire1 of $198.8 million in the quarter, including $4.4 million of profit share

Adjusted EBITDA2 of $123.3 million from consolidated subsidiaries, plus $7.8 million adjusted EBITDA2 from associated companies

New five year time charters for three 10,600 teu and four 8,700 teu vessels to Maersk adding approximately $485 million of backlog

Delivery of the newbuild LR2 product tanker SFL Tucana in June with two additional vessels due for delivery in Q3 and Q4

Delivery of the LNG dual-fuel 33,000 dwt chemical tanker SFL Aruba in August, with another vessel to be delivered later in Q3

Newbuild order for five LNG dual-fuel 16,800 teu container vessels with scheduled delivery in 2028, in combination with ten year time charters to a leading liner company

Issuance of 8 million common shares in a U.S. public offering subsequent to quarter end, raising $100 million gross proceeds

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

«We are pleased to execute on our growth strategy, and have added more than $2 billion to our charter backlog this year. This is a combination of vessel acquisitions and charter extensions on existing vessels, and the charter backlog now stands at nearly $5 billion.

Over the last decade, we have built up a high quality operational platform, which has enabled us to secure repeat transactions with our key customers. At the same time, we have continued to diversify our asset mix and expanding our customer base. This has enabled us to refine our business model from being a financing provider to facilitate maritime infrastructure for logistics companies.

The recently announced newbuild deal for five large container vessels marks another milestone investment for SFL. With these vessels delivered, we will have 11 LNG dual-fuel vessels, which demonstrates our commitment to continue expanding our investment focus to assets with a lower carbon footprint whilst ensuring significant visibility through ten year firm charters.»

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.27 per share. The dividend will be paid on or around September 27. The record date and ex-dividend date on the New York Stock Exchange will be September 11, 2024.

The full report can be found in the link below and at the Company’s website www.sflcorp.com

Full Report

Source: SFL