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Ship-owner SFL Corp invests in the future

Bermuda-based SFL Corporation Ltd has reported net profit of $19.5 million in the second quarter of 2021.

The ship-owning company, one of the world’s largest, said other preliminary financial results include operating revenue of approximately $116.8 million.

SFL said it received charter hire of approximately $141.5 million in the quarter from the company’s vessels and rigs, including $3.6 million of profit share.

Adjusted EBITDA was $89.1 million from consolidated subsidiaries, plus an additional $13.7 million adjusted EBITDA from associated companies.

The company said it agreed to acquire two 6,800 TEU (20-foot equivalent unit) container vessels in combination with six-year charters to Maersk.

It also agreed to acquire two 14,000 TEU container vessels on charter to Evergreen through 2023/2024, and agreed to build two 7,000 CEU (car equivalent unit) LNG dual fuel car carriers in combination with 10 year charters to a leading Asia-based transportation company.

Ole B. Hjertaker, chief executive officer of SFL Management AS, said: “SFL has successfully committed close to $700 million towards accretive investments so far this year. In the process, we have expanded our relationship with some of our key clients by investing in modern eco-design containerships, and at the same time disposed of older less efficient vessels, demonstrating our commitment to further improve our carbon footprint pursuant to our ESG strategy.

“In addition, we are expanding our high quality customer base with long term charters for our four newbuilding dual-fuel 7,000 CEU car carriers, adding more than $400 million in fixed rate time charters from delivery. This clearly demonstrates our ability to identify accretive transactions and reflects our stated commitment to continue building our contracted backlog supporting a long term distribution capacity.”

The board of directors has declared a quarterly cash dividend of $0.15 per share.

The company said the dividend will be paid on or around September 29, to shareholders on record as of September 15, and the ex-dividend date on the New York Stock Exchange will be September 14.

SFL has paid dividends every quarter since its initial listing on the NYSE in 2004.

The company’s fleet of vessels is split between container vessels, bulkers, tankers and offshore drilling rigs.

SFL Corporation has announced a second quarter profit of $19.5 million (File photograph)

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Published August 18, 2021 at 10:03 pm (Updated August 18, 2021 at 10:03 pm)

Ship-owner SFL Corp invests in the future

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