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Q2 profit for Bermuda ship-owning company

Ole B. Hjertaker, CEO of SFL Management AS (File photograph)

SFL Corporation Ltd, the ship-owning company based in Bermuda, has reported a net profit of $57.4 million in the second quarter of the year.

The company received charter hire of approximately $164.9 million in the quarter from its vessels and rigs, including $5.2 million of profit share.

SFL had adjusted ebitda of $115.8 million from consolidated subsidiaries, plus an additional $7.8 million adjusted ebitda from associated companies.

The company reported the sale and delivery of two 2004-built very large crude carriers and a 2003-built feeder container ship in the quarter, generating approximately $13.2 million in book gain.

SFL declared a 74th consecutive quarterly dividend of $0.23 per share.

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.

The company agreed to acquire four modern Suezmax tankers in combination with six-year charters to a subsidiary of Koch Industries, a world-leading industrial conglomerate.

Ole B. Hjertaker, CEO of SFL Management AS, said: “We are pleased to report another strong quarter as we continue to renew, grow and diversify our portfolio.

“So far in 2022 we have added approximately $1.3 billion to our fixed-rate backlog, with several new blue-chip customers, such as Trafigura, Hapag-Lloyd, ConocoPhillips and most recently Koch Industries, with the addition of four modern, eco-design vessels.

“The dividend has now been increased for four consecutive quarters, and approximately $2.5 billion has been returned to our shareholders since 2004. We aim to continue investing in new accretive assets and build our charter backlog supporting our long-term dividend distribution capacity.”

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Published August 18, 2022 at 7:48 am (Updated August 18, 2022 at 7:48 am)

Q2 profit for Bermuda ship-owning company

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