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Ship owner SFL Corp declares Q3 profit of nearly $50m

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

Bermudian-based SFL Corporation Ltd, one of the world's largest ship-owning companies, has reported a net profit of $49.9 million in the third quarter of the year.

Announcing its preliminary financial results, SFL said it received charter hire of approximately $177.5 million in the quarter from the company’s vessels and rigs, including $11.3 million of profit share.

Adjusted ebitda was $117.7 million from consolidated subsidiaries, plus an additional $7.9 million adjusted ebitda from associated companies.

Ole B. Hjertaker, the CEO of SFL Management AS, said: “We are pleased to declare our 75th consecutive dividend, demonstrating our unwavering commitment to return value to the shareholders, with more than $2.5 billion paid in dividends so far.

“Furthermore, our fixed-rate charter backlog currently stands at $3.8 billion after adding approximately $1.6 billion the last 12 months, providing us with strong visibility on our long-term dividend distribution capacity going forward.”

He added: “Our full-service time charter offering and energy efficiency initiatives across the fleet has given us the opportunity to do multiple repeat transactions with several of our industry-leading counterparties. Many of the recent charters include profit-sharing features, and we remain committed to continue to grow and diversify our portfolio.”

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Published November 15, 2022 at 7:46 am (Updated November 15, 2022 at 7:46 am)

Ship owner SFL Corp declares Q3 profit of nearly $50m

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