SFL - Fourth Quarter 2024 Results Presentation
SFL has announced its Q4 2024 financial results, reporting a net profit of $20.2 million ($0.15 per share) and declaring its 84th consecutive quarterly dividend of $0.27 per share. The company received charter hire of $231.7 million, including $2.6 million in profit share, and achieved an Adjusted EBITDA of $124.0 million from consolidated subsidiaries plus $7.9 million from associated companies.
Key developments include the issuance of a new $150 million five-year bond, the sale of an older 1,700 TEU feeder container vessel, Golden Ocean's exercise of purchase options on eight dry bulk capesize vessels, and approximately $48 million in compensation from Seadrill. The company has added more than $2 billion in fixed-rate charter backlog in 2024, with a majority of charter backlog now tied to investment-grade end users.
SFL ha annunciato i risultati finanziari del quarto trimestre 2024, riportando un utile netto di 20,2 milioni di dollari (0,15 dollari per azione) e dichiarando il suo 84° dividendo trimestrale consecutivo di 0,27 dollari per azione. L'azienda ha ricevuto noleggi di charter per 231,7 milioni di dollari, inclusi 2,6 milioni di dollari di profitto condiviso, e ha raggiunto un EBITDA rettificato di 124,0 milioni di dollari dalle filiali consolidate più 7,9 milioni di dollari dalle società associate.
Sviluppi chiave includono l'emissione di un nuovo bond quinquennale da 150 milioni di dollari, la vendita di una vecchia nave portacontainer feeder da 1.700 TEU, l'esercizio delle opzioni di acquisto da parte di Golden Ocean su otto navi bulk capesize, e circa 48 milioni di dollari in compensazione da Seadrill. L'azienda ha aggiunto oltre 2 miliardi di dollari in arretrati di charter a tasso fisso nel 2024, con la maggior parte degli arretrati di charter ora legati a utenti finali di grado investimento.
SFL ha anunciado sus resultados financieros del cuarto trimestre de 2024, reportando un beneficio neto de 20,2 millones de dólares (0,15 dólares por acción) y declarando su 84° dividendo trimestral consecutivo de 0,27 dólares por acción. La compañía recibió alquileres de chárter por 231,7 millones de dólares, incluidos 2,6 millones de dólares en participación de beneficios, y logró un EBITDA ajustado de 124,0 millones de dólares de subsidiarias consolidadas más 7,9 millones de dólares de empresas asociadas.
Los desarrollos clave incluyen la emisión de un nuevo bono de 150 millones de dólares a cinco años, la venta de un antiguo buque portacontenedores feeder de 1,700 TEU, el ejercicio de opciones de compra por parte de Golden Ocean sobre ocho buques bulk capesize, y aproximadamente 48 millones de dólares en compensación de Seadrill. La empresa ha añadido más de 2 mil millones de dólares en backlog de chárter a tipo fijo en 2024, con la mayoría del backlog de chárter ahora vinculado a usuarios finales con grado de inversión.
SFL은 2024년 4분기 재무 결과를 발표하며 순이익 2020만 달러($0.15 per share)를 보고하고, 84번째 연속 분기 배당금으로 주당 0.27달러를 선언했습니다. 이 회사는 231.7백만 달러의 용선료를 수령했으며, 여기에는 2.6백만 달러의 이익 공유가 포함되어 있습니다. 또한 조정 EBITDA 124.0백만 달러를 달성했으며, 이는 연결 자회사에서 발생한 수익이며 7.9백만 달러는 관련 회사에서 발생했습니다.
주요 개발 사항으로는 새로운 1억 5천만 달러의 5년 만기 채권 발행, 오래된 1,700 TEU 피더 컨테이너선의 매각, Golden Ocean이 8척의 드라이 벌크 케이프사이즈 선박에 대한 구매 옵션을 행사한 것, 그리고 Seadrill로부터 약 4,800만 달러의 보상이 포함됩니다. 이 회사는 2024년에 고정 금리 용선 백로그로 20억 달러 이상을 추가했으며, 현재 대다수의 용선 백로그는 투자 등급 최종 사용자와 연결되어 있습니다.
SFL a annoncé ses résultats financiers du quatrième trimestre 2024, rapportant un bénéfice net de 20,2 millions de dollars (0,15 dollar par action) et déclarant son 84ème dividende trimestriel consécutif de 0,27 dollar par action. L'entreprise a reçu 231,7 millions de dollars de loyers de charter, y compris 2,6 millions de dollars de partage des bénéfices, et a atteint un EBITDA ajusté de 124,0 millions de dollars provenant de ses filiales consolidées, plus 7,9 millions de dollars provenant d'entreprises associées.
Les développements clés comprennent l'émission d'une nouvelle obligation de 150 millions de dollars sur cinq ans, la vente d'un ancien navire porte-conteneurs feeder de 1 700 EVP, l'exercice par Golden Ocean d'options d'achat sur huit navires bulk capesize, et environ 48 millions de dollars de compensation de Seadrill. L'entreprise a ajouté plus de 2 milliards de dollars de carnet de commandes de charter à taux fixe en 2024, la majorité du carnet de commandes étant désormais liée à des utilisateurs finaux de qualité investissement.
SFL hat seine finanziellen Ergebnisse für das vierte Quartal 2024 bekannt gegeben und meldet einen Netto Gewinn von 20,2 Millionen Dollar (0,15 Dollar pro Aktie) und erklärt die 84. aufeinanderfolgende vierteljährliche Dividende von 0,27 Dollar pro Aktie. Das Unternehmen erhielt Chartergebühren von 231,7 Millionen Dollar, einschließlich 2,6 Millionen Dollar Gewinnbeteiligung, und erzielte ein adjustiertes EBITDA von 124,0 Millionen Dollar aus konsolidierten Tochtergesellschaften sowie 7,9 Millionen Dollar von assoziierten Unternehmen.
Wichtige Entwicklungen umfassen die Emission einer neuen fünfjährigen Anleihe über 150 Millionen Dollar, den Verkauf eines älteren 1.700 TEU Feeder-Containerschiffs, die Ausübung von Kaufoptionen durch Golden Ocean auf acht Dry Bulk Capesize-Schiffe und etwa 48 Millionen Dollar Entschädigung von Seadrill. Das Unternehmen hat im Jahr 2024 mehr als 2 Milliarden Dollar an festverzinslichen Charteraufträgen hinzugefügt, wobei der Großteil der Charteraufträge jetzt an Investment-Grade-Endbenutzer gebunden ist.
- Net profit of $20.2 million in Q4 2024
- Charter hire revenue of $231.7 million
- Added over $2 billion in fixed-rate charter backlog in 2024
- Secured $48 million compensation from Seadrill
- Successfully issued new $150 million five-year bond
- Maintained consistent quarterly dividend of $0.27 per share
- Reduction in fleet size due to sale of container vessel and eight capesize vessels
Insights
SFL 's Q4 2024 results reveal a company successfully executing its strategic transformation while maintaining strong financial performance. The $231.7 million in charter hire revenue, including $2.6 million in profit share, demonstrates the resilience of their business model. The adjusted EBITDA of $124.0 million from consolidated subsidiaries, plus $7.9 million from associated companies, indicates robust operational efficiency.
The company's evolution from a vessel financing provider to a maritime infrastructure company represents a significant strategic pivot. With over $2 billion in fixed-rate charter backlog predominantly tied to investment-grade customers, SFL has effectively reduced its risk profile while securing stable long-term revenue streams. This transformation is particularly noteworthy in the volatile maritime sector, where counterparty risk can significantly impact financial stability.
Several key developments warrant attention:
- The $150 million five-year bond issuance strengthens the company's liquidity position and demonstrates continued access to capital markets
- The $48 million compensation from Seadrill represents a significant non-operational boost to cash flow
- Golden Ocean's exercise of purchase options on eight capesize vessels indicates potential portfolio rebalancing opportunities
The company's focus on fleet modernization and environmental upgrades is particularly strategic, as it addresses two critical industry trends: increasing environmental regulations and charterers' growing preference for fuel-efficient vessels. This approach not only enhances asset values but also positions SFL favorably for future charter negotiations.
The maintained quarterly dividend of $0.27 per share, marking the 84th consecutive payment, reflects management's confidence in sustainable cash flow generation. The total shareholder returns of $2.8 billion since 2004 demonstrate a consistent track record of value distribution, supported by the company's ability to continuously renew and diversify its portfolio.
Preliminary Q4 2024 results and quarterly cash dividend of
Hamilton, Bermuda, February 12, 2025, SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended December 31, 2024.
Highlights
- 84th consecutive quarterly dividend declared,
$0.27 per share - Net profit of
$20.2 million , or$0.15 per share in the fourth quarter - Received charter hire1 of
$231.7 million in the quarter, including$2.6 million of profit share - Adjusted EBITDA2 of
$124.0 million from consolidated subsidiaries, plus$7.9 million adjusted EBITDA2 from associated companies - Issuance of new
$150 million five year bond - Agreed sale of an older 1,700 teu feeder container vessel
- Golden Ocean exercised purchase option on eight dry bulk capesize vessels
- Awarded approximately
$48 million equivalent of compensation from Seadrill
Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:
« We are pleased to execute on our growth strategy, with several new vessels and more than
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 has translated into multiple repeat transactions with blue chip customers, and increases the residual value and future marketability of vessels in our fleet.
Since the inception of the Company in 2004, we have returned
Quarterly Dividend
The Board of Directors has declared a quarterly cash dividend of
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. Q4 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 Q4 2024 Q&A
Meeting ID: 976 9131 8169
Passcode: 612844
In conjunction with the quarterly results, we have published a short video in which Espen Gjøsund, Investor Relations of SFL, discusses the highlights of the 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.
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