Q2 profit for Bermuda ship-owning company
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.”