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SFL Corporation records Q4 net profit of $31.4m

Building capacity: 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 $31.4 million for the fourth quarter of 2023.

The company received charter hire of $209.5 million in the quarter, including $3.4 million of profit share.

Adjusted earnings before interest, tax, depreciation and amortisation was $124.1 million from consolidated subsidiaries, plus $7.9 million adjusted ebitda from 49.9 per cent owned associated companies.

The company delivered Wolfsburg, its second liquefied natural gas dual-fuel car carrier, on a ten-year charter to Volkswagen.

The quarter saw the commencement of Hercules’ drilling contract for Galp Energia in Namibia.

The company’s 80th consecutive quarterly dividend was increased to $0.26 per share.

Ole B Hjertaker, chief executive officer of SFL Management AS, said: “We are pleased to announce our 80th consecutive quarterly dividend as we celebrate our 20th anniversary.

“Over this period, SFL has evolved from a vessel financing provider to a leading maritime infrastructure company with a fully integrated operational platform with a diversified modern fleet of vessels on time-charter to industry leading customers.

“SFL has built up a high-quality operational platform, which has enabled us to secure repeat transactions with our key customers.

“And with all of our car carrier new builds delivered by the end of this quarter, we expect to continue increasing our charter revenues in 2024.”

He added: “And we believe there is significant value embedded in our fleet beyond our current charter backlog, illustrated by the recent charter extensions for our car carriers SFL Composer and SFL Conductor at significantly higher charter rates than before.

“Owning modern high-quality maritime assets in the next decade will be beneficial for SFL shareholders as we continue to build the company and our long term distribution capacity.”

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Published February 16, 2024 at 11:21 am (Updated February 18, 2024 at 3:35 pm)

SFL Corporation records Q4 net profit of $31.4m

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