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.
The preliminary results presentation for SFL's second quarter of 2021 will take place on August 18, 2021. Key details and insights will be shared, allowing investors to gauge the company's financial performance. The results will provide vital information on revenue, expenses, and other financial metrics indicative of the company's market standing. Interested parties can access the presentation through the provided link.
For further insights, view the attached presentation outlining SFL's performance metrics and projections.
In its preliminary Q2 2021 results, SFL Corporation Ltd. reported operating revenue of approximately $116.8 million and a net profit of $19.5 million. The company declared its 70th consecutive quarterly dividend at $0.15 per share, payable on or around September 29, 2021. SFL secured $141.5 million in charter hire this quarter and committed nearly $700 million to investments in modern vessels, enhancing its carbon footprint in line with its ESG strategy. Key agreements include acquiring two container vessels with long-term charters to Maersk and Evergreen.
SFL Corporation Ltd. (NYSE: SFL) has announced long-term charters for two ultra-modern dual-fuel car carriers, utilizing liquified natural gas (LNG), with a leading Asia-based transportation company. The vessels, scheduled for delivery in Q1-Q2 2024, have a total construction cost of approximately $155 million. This deal adds over $200 million to the company's charter backlog, contributing to SFL's strategy of focusing on lower carbon footprint assets. Recently, SFL has also increased its charter backlog by more than $700 million through multiple vessel acquisitions.
SFL Corporation Ltd. (SFL) is set to release its preliminary financial results for Q2 2021 on August 18, 2021. A conference call and webcast will be conducted the same day at 10:00 AM (EST) / 4:00 PM (CET). Interested parties can access the webcast via www.sflcorp.com. Dial-in details for the call are +1 877 870 9135 (US) and +47 21 56 30 15 (international), with a conference ID of 9046128. A replay will be available for seven days. SFL has consistently paid quarterly dividends since its NYSE listing in 2004.
SFL Corporation Ltd. (NYSE: SFL) has announced the acquisition of two modern 14,000 TEU container vessels, which will be chartered to a leading container line. These eco-design vessels, built in 2013 and 2014, are expected to generate approximately $29 million in EBITDA annually until their existing charters expire in 2023 and 2024. The acquisition aims to enhance cash flow and aligns with SFL's ESG strategy by replacing older vessels. Net proceeds from the sale of older vessels to MSC are estimated at $40 million, which will be reinvested in the new vessels.
SFL Corporation Ltd. (NYSE: SFL) announced an amendment to its charter agreement with Seadrill for the West Hercules rig. The West Hercules will be contracted to an oil major into late 2022. SFL will receive approximately $64,700 per day until Seadrill's bankruptcy emergence and $60,000 per day thereafter, with a fallback rate of $40,000 during idle periods. Seadrill is expected to seek bankruptcy court approval for this agreement by September 2, 2021. SFL's corporate guarantee for the rig subsidiary's debt remains unchanged at $83 million.
SFL Corporation Ltd. (NYSE: SFL) has announced its agreement to acquire two modern container vessels with long-term charters to a leading container line. Built in 2013 and 2014, these eco-design vessels have a capacity of approximately 6,800 TEU. The acquisition will increase SFL's fixed-rate charter backlog by about $160 million and is expected to contribute approximately $22 million annually in EBITDA. Funding will be sourced from attractive financing and existing cash. This move reinforces SFL's strategy to expand its fleet and charter backlog.
SFL Corporation Ltd. held its 2021 Annual General Meeting on May 26, 2021, in Hamilton, Bermuda. The meeting featured the presentation of audited financial statements for 2020. Key resolutions passed included setting the maximum number of directors to eight, re-elections of several board members, the reappointment of auditors, and approval of director remuneration not exceeding $800,000 for the year 2021. SFL is recognized for its strong maritime industry presence, maintaining a quarterly dividend since its NYSE listing in 2004, with a fleet of over 80 vessels.
SFL Corporation Ltd. (NYSE: SFL) announced the award of 480,000 options to employees and board members under its Share Option Scheme. This initiative aims to incentivize management and aligns their interests with shareholders. The options are set to have a five-year term with a three-year vesting period, starting with an initial strike price of $8.79, and will be exercisable from May 2022. The company continues to showcase a solid track record in the maritime industry, maintaining consistent dividends since its NYSE listing in 2004.
The preliminary first quarter results for SFL will be presented on May 12, 2021. Investors can access the presentation through the provided link. This announcement suggests a focus on transparency and performance reporting for stakeholders as the company prepares to disclose its financial status for the quarter.
Monitoring the upcoming presentation is crucial for investors looking to understand SFL's financial health and strategic direction.
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