Q1 net profit for ship owner – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Q1 net profit for ship owner

Bermudian-based SFL Corporation Ltd, the ship-owning company, has reported a net profit of $47 million in the first quarter.

Other preliminary results include operating revenue of approximately $152.4 million.

The company said it had received charter hire of approximately $165.9 million in the quarter from the company’s vessels and rigs, including $4.5 million of profit share.

In April, SFL sold the two last very large crude carriers on charter to Frontline for approximately $70 million and one container vessel for approximately $13 million, including $12 million in profit share.

Ole B Hjertaker, CEO of SFL Management AS, said: “The recent sale of the two last VLCCs chartered to Frontline is noteworthy as this initially was SFL’s sole customer and all vessels were crude oil tankers.

“We now have a diverse fleet to multiple industry leading counterparties and continue to expand our business relationships as illustrated by the recent long-term charter of six large container vessels to Hapag-Lloyd AG.

“While most of our current fleet consists of container vessels, we also have investments in other maritime assets including offshore rigs.

“This market has shown an encouraging recovery the last two months, and our two harsh environment drilling rigs are well positioned to benefit from the increased activity level in the sector.”

Ole B Hjertaker, CEO of SFL Management AS

You must be Registered or to post comment or to vote.

Published May 12, 2022 at 4:15 pm (Updated May 12, 2022 at 10:27 pm)

Q1 net profit for ship owner

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon