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SFL improves carbon footprint with eco ships

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Bermuda-based SFL Corporation Ltd, one of the world’s largest ship-owning companies, has reported net profit of $33.2 million in the third quarter as it announced preliminary financial results for the three months ended September 30.

The company reported operating revenue of approximately $135.4 million, and said that it has declared its 71st consecutive quarterly dividend, 18 cents per share.

SFL received charter hire of approximately $155.9 million in the quarter from the company’s vessels and rigs, including $7 million of profit share.

Adjusted ebitda was $100.7 million from consolidated subsidiaries, plus an additional $11.5 million adjusted ebitda from associated companies.

During the quarter, SFL agreed to acquire three modern Suezmax tankers in combination with five-year charters to a world-leading commodity trading and logistics company.

The company sold seven Handysize dry bulk vessels for a net sales price of $98 million.

It delivered five container vessels on charters to Evergreen and Maersk.

Ole B Hjertaker, CEO of SFL Management AS, said: “SFL’s business model enables us to continuously renew and diversify our portfolio of assets and charters over time, supporting a long-term distribution capacity.

“This has been achieved through multiple shipping cycles, by taking a very active approach to structuring investments and managing our balance sheet. As a result, approximately $2.4 billion has been returned to shareholders through dividends since 2004.”

He added: “Over the last few quarters, we have demonstrated our commitment to expand our investment focus to assets and markets with a lower carbon footprint, illustrated by our recent ordering of dual-fuel car carriers and investments in newer vessels with modern eco features. At the same time, we have divested of older and less fuel-efficient vessels in the fleet.

“We increase our quarterly dividend and see several investment opportunities ahead in modern maritime assets with long-term charter coverage.”

SFL Corporation has reported net profit of $33.2 million in the third quarter
Ole B Hjertaker, CEO of SFL Management AS

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Published November 10, 2021 at 4:28 pm (Updated November 11, 2021 at 5:34 pm)

SFL improves carbon footprint with eco ships

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