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SFL reports Q2 net income of 16.9m

Ole B Hjertaker, 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 $16.9 million for the second quarter of the year.

The company said it had received charter hire of $173.8 million in the quarter, including $2.2 million of profit share.

SFL recorded adjusted earnings before interest, taxes, depreciation, and amortisation of $100.9 million from consolidated subsidiaries, plus an additional $7.8 million from 49.9 per cent-owned associated companies

The company declared its 78th consecutive quarterly dividend of $0.24 per share.

SFL reported the sale and delivery of the suezmax tanker Everbright, and the chemical tankers SFL Weser and SFL Elbe.

Ole B. Hjertaker, CEO of SFL Management AS, said: “Over the last decade, SFL has transformed from a financial leasing provider to a maritime infrastructure company with the majority of assets on long-term time charters to end users.

“A key part of our value proposition is to own, operate and continuously upgrade the fleet to the highest standards, including fuel efficiency measures to reduce the carbon footprint for us and our customers.

“This translates into multiple repeat transactions with blue-chip customers. It also increases the residual value of vessels in our fleet as illustrated by the new charters for our two car carriers, where earnings before interest, taxes, depreciation, and amortisation contribution will increase five-fold.

“Our fixed-rate backlog continues to grow and stands at approximately $3.6 billion from owned and managed vessels after recent charters. This provides continued cashflow visibility going forward, with significant additional cashflow from the drilling rig Hercules and the new-build car carriers from the third quarter.”

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Published August 17, 2023 at 11:56 am (Updated August 17, 2023 at 8:42 pm)

SFL reports Q2 net income of 16.9m

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