SFL - Third Quarter 2024 Results

SFL Corporation

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Preliminary Q3 2024 results and quarterly cash dividend to $0.27 per share

Hamilton, Bermuda, November 6, 2024, SFL Corporation Ltd. ("SFL” or the "Company”) today announced its preliminary financial results for the quarter ended September 30, 2024.

Highlights

• 83^rd consecutive quarterly dividend declared, $0.27 per share
• Net profit of $44.5 million, or $0.34 per share in the third quarter
• Received charter hire¹ of $263.2 million in the quarter, including $4.2 million of profit share
• Adjusted EBITDA² of $158.8 million from consolidated subsidiaries, plus $7.9 million adjusted EBITDA² from associated companies
• Delivery of the newbuild LR2 product tankers SFL Taurus in August and SFL Tigris in October
• Delivery of the LNG dual-fuel 33,000 dwt chemical tankers SFL Aruba and SFL Bonaire in August
• More than $1 billion of financing amounts raised
• Issuance of a new NOK 750 million bond due 2029
• Agreed sale of an older 1,700 teu feeder container vessel subsequent to quarter end
  
  

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:

«Over the last decade SFL has transformed from a vessel financing provider to a maritime infrastructure company, with the vast majority of assets on long term time charters to end users. As part of this transformation, SFL has taken major steps to renew the fleet with modern high efficiency vessels, including multiple vessels with dual-fuel propulsion on the water and further newbuilds on order.

The strength of our operating platform is illustrated by our ability to execute multiple repeat transactions with industry leading counterparties, and we have added more than $2 billion to our backlog so far this year. Our fixed rate charter backlog now stands at approximately $4.7 billion, of which two thirds is to customers with investment grade rating, providing excellent cash flow visibility.»

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.27 per share. The dividend will be paid on or around December 27, 2024. The record date and ex-dividend date on the New York Stock Exchange will be December 13, 2024.

The full report can be found in the link below and at the Company’s website www.sflcorp.com

Webcast and Presentation

In connection with the earnings release, a webcast will be held today at 10:00 AM (EST) / 4:00 PM (CET)

In order to listen to the webcast and see the presentation, you may do one of the following: 

A: Join Webcast in Listen Only Mode:
Visit the Investor Relations section of the Company’s website at www.sflcorp.com and click on the link to "Webcasts", or access directly via the webcast link below. The webcast with slideshow will be played from this platform:

SFL Corporation Ltd. Q3 2024 Webcast

B: Join Conference Call to Participate in Live Q&A through Zoom:
Join through the Zoom link below to ask a question:

SFL Q3 2024 Q&A

Meeting ID: 936 8982 9186
Passcode: 111491

In conjunction with the quarterly results, we have published a short video in which Ole Hjertaker, CEO of SFL, discusses the highlights of the second quarter. The video can be accessed through SFL Corporation Ltd.’s linkedin profile.

The presentation material used in the webcast may be downloaded at www.sflcorp.com and replay details are also available at this Company website.

Questions may be directed to SFL Management AS:

Investor and Analyst Contact

Espen Nilsen Gjøsund, Vice President - Investor Relations +47 47500500
Aksel C. Olesen, Chief Financial Officer: +47 23114036

Media Contact

Ole B. Hjertaker, Chief Executive Officer: +47 23114011

About SFL
SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of vessels is comprised of tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company’s website: www.sflcorp.com

Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil towards other energy sources or changes to trade patterns for refined oil products, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry docking and insurance costs, performance of the Company’s charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers, potential liability from pending or future litigation, potential disruption of shipping routes due to accidents, political instability, terrorist attacks, piracy or international hostilities, the length and severity of the coronavirus outbreak and governmental responses thereto and the impact on the demand for commercial seaborne transportation and the condition of the financial markets, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. SFL disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.

¹ Charter hire represents the amounts billable in the period by the Company and its associates for chartering out vessels and rigs. This is mainly the contracted daily rate multiplied by the number of chargeable days plus any additional billable income, including profit share and attributable mobilization fees, if any. Long term charter hire relates to contracts undertaken for a period greater than one year. Short term charter hire relates to contracts undertaken for a period less than one year, including voyage charters.
² ‘Adjusted EBITDA’ is a non-U.S. GAAP measure. It represents cash receipts from operating activities before net interest and capital payments.

Attachment

• SFL - Third Quarter 2024 Results