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SFL Corporation reports $31.5m profit

SFL Corporation has announced its first quarter results

Bermudian-based SFL Corporation Ltd, one of the world’s largest ship-owning outfits, has reported profit of $31.5 million in the first quarter.

SFL reported operating revenue of approximately $109.1 million.

The company received charter hire of approximately $135 million in the quarter from the company’s vessels and rigs, including $2.6 million of profit share, it said.

SFL reported adjusted EBITDA of $83.9 million from consolidated subsidiaries, plus an additional $13.8 million adjusted EBITDA from associated companies.

The company reported an agreement to acquire a 2020-built 5,300 TEU (20-foot equivalent unit) vessel in combination with a seven year charter to Maersk Line.

It also reported an agreement to build 2x 7,000 CEU LNG dual fuel car carriers in combination with 10 year charters to the Volkswagen Group.

A dividend of 15 cents per share marked the 69th consecutive quarterly dividend declared, the company said.

Ole B Hjertaker, chief executive officer of SFL Management AS, said: “We are pleased to execute on our commitment to invest in assets and markets with a lower carbon footprint, as evidenced by our recent agreement to build and charter out dual-fuel car carriers, adding more than $200m in fixed-rate charter backlog.

“The company has also recently addressed the refinancing of our convertible bond maturing in October with the successful placement of a new $150m senior unsecured sustainability-linked bond with strong international demand.

“Over the last 10 years, SFL’s fleet has transitioned from tankers and offshore assets to now mainly containerships and dry bulk vessels. Our cashflow visibility is very good with more than $2.4 billion fixed-rate charter backlog supporting the company’s distribution capacity.”

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Published May 16, 2021 at 3:56 pm (Updated May 16, 2021 at 3:56 pm)

SFL Corporation reports $31.5m profit

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