Welcome to our dedicated page for SFL Corporation Ltd. news (Ticker: SFL), a resource for investors and traders seeking the latest updates and insights on SFL Corporation Ltd. stock.
SFL Corporation Ltd. (NYSE: SFL) is an international ship owning and chartering company based in Hamilton, Bermuda. Founded in 2003, the company specializes in the ownership, operation, and chartering out of vessels and offshore-related assets on medium and long-term charters. SFL is also involved in the charter, purchase, and sale of assets, operating across various sectors of the shipping and offshore industry.
SFL's diverse fleet includes oil tankers, chemical tankers, oil product tankers, dry bulk vessels, container ships, car carriers, drilling rigs, and offshore support vessels. As of December 31, 2019, the company had a fleet of 81 vessels and rigs. The vessels are predominantly double-hull types, ensuring safety and compliance with international maritime standards.
The company's operations span globally, including regions such as Bermuda, Cyprus, Malta, Liberia, Norway, the United Kingdom, and the Marshall Islands. Notably, SFL changed its name from Ship Finance International Limited to SFL Corporation Ltd. in September 2019, reflecting its broader scope and strategic direction.
Recent achievements highlight SFL's ongoing growth and strategic investments. The company announced the acquisition of two LNG dual-fuel 33,000 dwt chemical carriers, built in 2022/2023 and fitted with stainless steel cargo tanks. The purchase price of these vessels is approximately $114 million, and they will be long-term chartered to affiliates of Stolt Tankers, a subsidiary of Stolt-Nielsen Limited.
Financial Performance and Partnerships
SFL Corporation Ltd. has a track record of paying dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The company's financial strength is underpinned by long-term charters and steady growth in asset base, supporting its distribution capacity.
In its preliminary Q4 2023 results, SFL announced an increased quarterly cash dividend to $0.26 per share, demonstrating its commitment to shareholder returns. The company has also notified Nordic Trustee AS of its intention to redeem all outstanding bonds under its senior secured bond issue 2019/2024.
Looking forward, SFL remains focused on enhancing its fleet's efficiency and environmental performance, while expanding its market presence through strategic acquisitions and partnerships. The company's robust financial condition and diversified portfolio position it to navigate market fluctuations and capitalize on emerging opportunities in the maritime industry.
SFL (NYSE: SFL) has successfully placed USD 150 million in senior unsecured sustainability-linked bonds with a maturity date of January 29, 2030. The bonds will feature a quarterly coupon rate of 7.75% per annum and will be issued at 99.50% of face value.
The net proceeds from this bond issuance are intended for general corporate purposes. The placement was facilitated by Arctic Securities, Fearnley Securities, Pareto Securities, and SEB as Joint Bookrunners, while ABN Amro and SMBC served as Co-Managers.
SFL (NYSE: SFL) has announced the commencement of fixed income investor meetings starting January 9th, organized by Arctic Securities, Fearnley Securities, Pareto Securities, and SEB. The company is considering a potential USD denominated senior unsecured sustainability-linked bond offering, subject to market conditions.
If the bond offering proceeds, the net proceeds will be allocated for general corporate purposes. This initiative represents SFL's approach to potentially expanding its financing options while incorporating sustainability considerations into its funding strategy.
SFL has announced its preliminary third quarter results for 2024. The presentation will be held on November 06, 2024. The company has provided a link to the detailed results presentation. Investors and stakeholders are encouraged to review the attached document for comprehensive financial data and performance metrics.
SFL reported Q3 2024 financial results with a net profit of $44.5 million, or $0.34 per share. The company declared its 83rd consecutive quarterly dividend of $0.27 per share. Charter hire reached $263.2 million, including $4.2 million in profit share, while Adjusted EBITDA totaled $158.8 million from consolidated subsidiaries plus $7.9 million from associated companies.
The company expanded its fleet with new deliveries including two LR2 product tankers and two LNG dual-fuel chemical tankers. SFL raised over $1 billion in financing, including a new NOK 750 million bond. The company's fixed-rate charter backlog stands at approximately $4.7 billion, with two-thirds secured by investment-grade customers.
SFL announced it will release its Q3 2024 preliminary financial results on Wednesday, November 06, 2024. The company will host a conference call and webcast for stakeholders at 10:00 AM (EST) / 4:00 PM (CET) on the same day. Participants can join through two options: a listen-only webcast mode via the company's website or an interactive Q&A session through Zoom. Financial materials will be available in the Investor Relations section of SFL's website. A replay of the conference call will be accessible via webcast afterward.
Pangaea Logistics Solutions (Nasdaq: PANL) and M.T. Maritime Management (MTM) announced a definitive agreement to merge fifteen handy-size dry bulk vessels into Pangaea's fleet. The vessels, valued at approximately $295 million with related financing of $102 million, result in a net asset value of $193 million. Pangaea will issue roughly 19 million shares to SSI, representing 29% of its outstanding stock. The transaction, expected to close in Q4 2024, will expand Pangaea's fleet by nearly 60% to 41 vessels. The merger is anticipated to enhance growth, efficiency, and profitability, with MTM's experienced team joining Pangaea. The deal is expected to be accretive to earnings and maintain financial flexibility. SSI will designate two board members post-transaction.
SFL (NYSE: SFL) has successfully placed NOK 750 million senior unsecured bonds due September 25, 2029. The bonds will pay a quarterly coupon of the 3-month NIBOR + 3.25% per annum. Net proceeds will be used to call the outstanding amount of the company's existing NOK 600 million senior unsecured bonds maturing in January 2025 and for general corporate purposes.
Arctic Securities, DNB Markets, and SEB acted as Joint Bookrunners, while Fearnley Securities and Pareto Securities were co-managers. SFL has notified Nordic Trustee AS of its intention to exercise the call option to redeem all outstanding Existing Bonds.
SFL (NYSE: SFL) has initiated a series of fixed income investor meetings, potentially leading to a NOK denominated senior unsecured bond offering. The company has engaged Arctic Securities, DNB Markets, and SEB to arrange these meetings. The net proceeds from any bond issuance are intended for refinancing the existing NOK 600 million senior unsecured bonds maturing in January 2025 (ISIN NO0010872997) and for general corporate purposes.
SFL plans to offer conditional buybacks of the existing bonds in conjunction with the new bond offering. If the new bond issuance is completed, SFL intends to call any remaining outstanding amounts of the existing bonds at the prevailing call price. This financial move aims to restructure SFL's debt and potentially improve its capital position.
SFL (NYSE: SFL) has announced its preliminary second quarter 2024 results presentation, scheduled for August 14, 2024. The company, which specializes in maritime and offshore assets, will provide insights into its financial performance and operational highlights for the quarter ended June 30, 2024. Investors and analysts are encouraged to review the presentation, which likely includes key financial metrics such as revenue, earnings per share, and guidance for future periods. The presentation may also cover SFL's fleet performance, market conditions, and strategic initiatives impacting the company's growth and profitability.
SFL announced its Q2 2024 results, declaring its 82nd consecutive quarterly dividend of $0.27 per share. The company reported a net profit of $20.6 million, or $0.16 per share, and received charter hire of $198.8 million. SFL's adjusted EBITDA reached $123.3 million from consolidated subsidiaries, plus $7.8 million from associated companies.
Key highlights include new five-year time charters with Maersk, adding approximately $485 million to the backlog, delivery of new vessels, and a newbuild order for five LNG dual-fuel container vessels. The company's charter backlog now stands at nearly $5 billion. SFL also raised $100 million through a public offering of 8 million common shares after the quarter's end.
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