SFL Corporation Ltd, one of the world’s largest ship-owning companies, has reported a net profit of $80.1 million in the fourth quarter of 2021.

The Bermudian-based company, announcing its preliminary financial results, said it had operating revenue of approximately $152.1 million in the quarter.

SFL said it received charter hire of approximately $165.8 million in the quarter from the company’s vessels and rigs, including $7.5 million of profit share.

The company reported adjusted EBITDA of $113.4 million from consolidated subsidiaries, plus an additional $7.9 million adjusted EBITDA from associated companies.

SFL has agreed to acquire four modern LR2 product tankers in combination with five-year charters to a subsidiary of Trafigura, a world-leading commodity trading and logistics company.

It also reported sale and delivery of seven Handysize dry bulk vessels with net sales proceeds of $98 million.

Ole B. Hjertaker, CEO of SFL Management AS, said: “We are pleased to report a strong quarter with growth in revenue, EBITDA and net income. Throughout 2021 we have continued to renew and diversify our portfolio by deploying more than one billion in new investments and ended the year with a fixed charter backlog of approximately $2.8 billion.

“We have also added several new blue-chip customers, such as Volkswagen Group, K-Line and Trafigura, and at the same time renewed the fleet by disposing of older vessels and focused on investments in modern, fuel-efficient vessels with a lower carbon footprint.

“By having a strong operational platform with full-service, time charter offering, we have over the years built several strong customer relationships as illustrated by the large number of repeat transactions with our customers.”

The board of directors has declared a quarterly cash dividend of $0.20 per share.

Mr Hjertaker added: “We have declared our 72nd consecutive dividend and are pleased to increase the dividend for the second quarter in a row.

“Since the inception of the company in 2004, more than $2.4 billion has been returned to our shareholders. Our ambition is to continue to invest in new assets to build the portfolio for the years to come and continue distributing profits to SFL’s shareholders.”