SFL - Preliminary Q1 2021 results and quarterly cash dividend of $0.15 per share

Rhea-AI Summary

SFL Corporation Ltd. announced its preliminary Q1 2021 results, reporting operating revenue of approximately $109.1 million and a net profit of $31.5 million. The company declared its 69th consecutive quarterly dividend of $0.15 per share, payable on June 29, 2021. Significant charter hire revenue reached around $135 million, including $2.6 million in profit share. SFL also secured agreements to acquire a new vessel and build dual-fuel carriers, bolstering a $2.4 billion fixed-rate charter backlog.

Positive

• Declared 69th consecutive quarterly dividend of $0.15 per share.
• Operating revenue reached approximately $109.1 million.
• Net profit recorded at $31.5 million.
• Charter hire income of around $135 million, including $2.6 million profit share.
• Acquired a new vessel with a 7-year charter to Maersk Line.
• Agreed to build 2 LNG dual-fuel car carriers with 10-year charters to Volkswagen Group.
• Secured $150 million senior unsecured sustainability-linked bond.

Negative

• None.

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Preliminary Q1 2021 results and quarterly cash dividend of $0.15 per share

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Hamilton, Bermuda, May 12, 2021. SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended March 31, 2021.

Highlights

• 69^th consecutive quarterly dividend declared, $0.15 per share
• Operating revenue of approximately $109.1 million, and net profit of $31.5 million in the first quarter
• Received charter hire¹ of approximately $135 million in the quarter from the Company’s vessels and rigs, including $2.6 million of profit share
• Adjusted EBITDA² of $83.9 million from consolidated subsidiaries, plus an additional $13.8 million adjusted EBITDA² from associated companies
• Agreement to acquire a 2020-built 5,300 TEU vessel in combination with a 7 year charter to Maersk Line
• Agreement to build 2x 7,000 CEU LNG dual fuel car carriers in combination with 10 year charters to the Volkswagen Group
• Placement of $150 million senior unsecured sustainability-linked bond
  
  

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

«We are pleased to execute on our commitment to invest in assets and markets with a lower carbon footprint, as evidenced by our recent agreement to build and charter out dual-fuel car carriers, adding more than $200m in fixed-rate charter backlog.

The Company has also recently addressed the refinancing of our convertible bond maturing in October with the successful placement of a new $150m senior unsecured sustainability-linked bond with strong international demand.

Over the last 10 years, SFL’s fleet has transitioned from tankers and offshore assets to now mainly containerships and dry bulk vessels. Our cash flow visibility is very good with more than $2.4 billion fixed-rate charter backlog supporting the Company’s distribution capacity.»

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.15 per share. The dividend will be paid on or around June 29, to shareholders on record as of June 14, and the ex-dividend date on the New York Stock Exchange will be June 11, 2021.

May 12, 2021

The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda

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

Questions can be directed to SFL Management AS:

Investor and Analyst Contact

Aksel C. Olesen, Chief Financial Officer: +47 23114036
André Reppen, Chief Treasurer and Senior Vice President: +47 23114055
Marius Furuly, Vice President - Finance: +47 23114016

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 more than 80 vessels is split between tankers, bulkers, container vessels 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.

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FAQ

What is the SFL dividend amount for Q1 2021?

The dividend amount declared by SFL for Q1 2021 is $0.15 per share.

When will SFL's dividend be paid?

SFL's dividend will be paid on or around June 29, 2021.

What is SFL's fixed-rate charter backlog?

SFL has a fixed-rate charter backlog of more than $2.4 billion.

What was SFL's net profit for Q1 2021?

SFL's net profit for Q1 2021 was approximately $31.5 million.

How much operating revenue did SFL report for Q1 2021?

SFL reported operating revenue of approximately $109.1 million for Q1 2021.