SFL - First Quarter 2024 Results
Preliminary Q1 2024 results and increased
quarterly cash dividend to $0.27 per share
Hamilton, Bermuda, May 14, 2024, SFL Corporation
Ltd. (“SFL” or the “Company”) today announced its preliminary
financial results for the quarter ended March 31, 2024.
Highlights
- 81st consecutive
quarterly dividend, increased to $0.27 per share
- Net profit of
$45.3 million, or $0.36 per share in the first quarter
- Received charter
hire1 of $235.8 million in the quarter, including $5.5 million of
profit share
- Adjusted EBITDA2
of $143.8 million from consolidated subsidiaries, plus $7.8 million
adjusted EBITDA2 from 49.9% owned associated
companies
- Delivery of two
LNG dual-fuel car carriers with ten year time charters to
K-Line
- Acquisition
of three newbuild LR2 product tankers and two LNG
dual-fuel stainless steel chemical carriers in combination with
long term employment
- New five year
charters for three 10,600 teu vessels to Maersk
- Charter
extensions with Maersk for three 8,700-9,500 teu container
vessels
- Issuance of new
$150 million sustainability-linked bond due 2028
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 to be added over the next few
months. Over the last decade SFL has transformed from a vessel
financing provider to a maritime infrastructure company, with the
majority of assets on long term time charters to 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. And the strength of our
operating platform is illustrated by our ability to execute
multiple repeat transactions with industry leading
counterparties.
Our fixed rate charter backlog continues to grow
and stands at approximately $3.6 billion after recent acquisitions
and charters. This provides increased cash flow visibility going
forward, with additional contribution from the newly acquired
vessels from the third quarter onwards.»
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 June 26, to shareholders of record as of May 28, and the
ex-dividend date on the New York Stock Exchange will be May 27,
2024.
The full report can be found in the link below
and at the Company’s website www.sflcorp.com
Webcast and Presentation
In connection with the earnings release, a video
webcast will be held at today at 10:00 AM (EST) / 4:00 PM (CET)
In order to listen to the conference call and
see the presentation, you may do one of the following: A:
Join Webcast in Listen Only Mode:Visit the
Investor Relations section of the Company’s website
at www.sflcorp.com and click on the link to "Webcast", or
access directly via the webcast link below. The webcast with
slideshow will be played from this platform:
SFL Corporation Ltd. Q1 2024
WebcastB: Join Conference Call
and Participate in Live
Q&A through Zoom: Join through the
Zoom link below to ask a question:SFL Q1 2024 Q&AMeeting ID:
931 2830 1828Passcode: 268304
The presentation material used in the webcast
may be downloaded at www.sflcorp.com and replay details are also
available at this Company website.
Questions may be directed to SFL Management AS:
Investor and Analyst Contact
Aksel C. Olesen, Chief Financial Officer: +47 23114036André
Reppen, Chief Treasurer and Senior Vice President: +47
23114055Sander Borgli, Vice President - IR : +47 23114073
Media Contact
Ole B. Hjertaker, Chief Executive Officer: +47 23114011
About SFLSFL has a unique track record in the
maritime industry and has paid dividends every quarter since its
initial listing on the New York Stock Exchange in 2004. The
Company’s fleet of vessels comprises of tanker vessels, bulkers,
container vessels, car carriers and offshore drilling rigs. SFL’s
long term distribution capacity is supported by a portfolio of long
term charters and significant growth in the asset base over time.
More information can be found on the Company’s website:
www.sflcorp.com
Cautionary Statement Regarding Forward Looking
StatementsThis press release may contain forward looking
statements. These statements are based upon various assumptions,
many of which are based, in turn, upon further assumptions,
including SFL management’s examination of historical operating
trends, data contained in the Company’s records and other data
available from third parties. Although SFL believes that these
assumptions were reasonable when made, because assumptions are
inherently subject to significant uncertainties and contingencies
which are difficult or impossible to predict and are beyond its
control, SFL cannot give assurance that it will achieve or
accomplish these expectations, beliefs or intentions.Important
factors that, in the Company’s view, could cause actual results to
differ materially from those discussed in the forward looking
statements include the strength of world economies, fluctuations in
currencies and interest rates, general market conditions in the
seaborne transportation industry, which is cyclical and volatile,
including fluctuations in charter hire rates and vessel values,
changes in demand in the markets in which the Company operates,
including shifts in consumer demand from oil towards other energy
sources or changes to trade patterns for refined oil products,
changes in market demand in countries which import commodities and
finished goods and changes in the amount and location of the
production of those commodities and finished goods, technological
innovation in the sectors in which we operate and quality and
efficiency requirements from customers, increased inspection
procedures and more restrictive import and export controls, changes
in the Company’s operating expenses, including bunker prices,
dry-docking and insurance costs, performance of the Company’s
charterers and other counterparties with whom the Company deals,
the impact of any restructuring of the counterparties with whom the
Company deals, and timely delivery of vessels under construction
within the contracted price, governmental laws and regulations,
including environmental regulations, that add to our costs or the
costs of our customers, potential liability from pending or future
litigation, potential disruption of shipping routes due to
accidents, political instability, terrorist attacks, piracy or
international hostilities, the length and severity of the ongoing
coronavirus outbreak and governmental responses thereto and the
impact on the demand for commercial seaborne transportation and the
condition of the financial markets, and other important factors
described from time to time in the reports filed by the Company
with the United States Securities and Exchange Commission. SFL
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
1 Charter hire represents the amounts billable in the period by
the Company and its associates for chartering out vessels and rigs.
This is mainly the contracted daily rate multiplied by the number
of chargeable days plus any additional billable income, including
profit share. Long term charter hire relates to contracts
undertaken for a period greater than one year. Short term charter
hire relates to contracts undertaken for a period less than one
year, including voyage charters.2 ‘Adjusted EBITDA’ is a non-U.S.
GAAP measure. It represents cash receipts from operating activities
before net interest and capital payments. 3Fixed rate backlog as of
March 31, 2024 includes fully owned vessels, rigs and 100% of four
partially owned 19,000 teu container vessels, which SFL also
manages. It also includes subsequent transactions. The backlog
excludes charterers’ extension options and purchase options (if
applicable).
- SFL - First Quarter 2024 Results
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