SFL - Second Quarter 2024 Results
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.
SFL ha annunciato i risultati del secondo trimestre 2024, dichiarando il suo 82° dividendo trimestrale consecutivo di $0,27 per azione. La società ha riportato un utile netto di $20,6 milioni, ovvero $0,16 per azione, e ha ricevuto un affitto per il noleggio navale di $198,8 milioni. L'EBITDA rettificato di SFL ha raggiunto $123,3 milioni dalle controllate consolidate, più $7,8 milioni da società associate.
Tra i punti salienti ci sono nuovi contratti di noleggio a lungo termine di cinque anni con Maersk, che aggiungono circa $485 milioni al portafoglio, la consegna di nuove navi e un ordine per la costruzione di cinque navi porta-container a doppio carburante LNG. Il portafoglio di noleggi della società ora ammonta a quasi $5 miliardi. SFL ha anche raccolto $100 milioni attraverso un'offerta pubblica di 8 milioni di azioni ordinarie dopo la fine del trimestre.
SFL anunció sus resultados del segundo trimestre de 2024, declarando su 82º dividendo trimestral consecutivo de $0.27 por acción. La compañía reportó una ganancia neta de $20.6 millones, o $0.16 por acción, y recibió un alquiler de charteo de $198.8 millones. El EBITDA ajustado de SFL alcanzó $123.3 millones de filiales consolidadas, más $7.8 millones de empresas asociadas.
Los puntos destacados incluyen nuevos contratos de tiempo de cinco años con Maersk, que añaden aproximadamente $485 millones al backlog, la entrega de nuevos buques y una orden de construcción para cinco buques portacontenedores de doble combustible de GNL. El backlog de fletamentos de la empresa ahora se sitúa en casi $5 mil millones. SFL también recaudó $100 millones a través de una oferta pública de 8 millones de acciones ordinarias después del final del trimestre.
SFL은 2024년 2분기 실적을 발표하며 주당 $0.27의 82번째 연속 분기 배당금을 선언했습니다. 회사는 2060만 달러의 순이익을 보고했으며, 이는 주당 $0.16에 해당합니다. 또한 1억 9880만 달러의 차터 임대료를 수령했습니다. SFL의 조정 EBITDA는 1억 2330만 달러에 이르렀으며, 이는 통합 자회사에서 발생한 수치로, 관계사로부터는 780만 달러가 포함됩니다.
주요 하이라이트에는 Maersk와의 5년 차터 계약이 포함되어 있으며, 이는 약 4억 8500만 달러를 백로그에 추가합니다. 또한 신규 선박의 인도와 5척의 LNG 이중 연료 컨테이너 선박에 대한 신규 건조 주문도 포함됩니다. 회사의 차터 백로그는 현재 거의 50억 달러에 달합니다. SFL은 또한 분기 종료 후에 800만 주의 보통주를 공개 모집하여 1억 달러를 모금했습니다.
SFL a annoncé ses résultats pour le deuxième trimestre 2024, déclarant son 82ème dividende trimestriel consécutif de 0,27 $ par action. L'entreprise a rapporté un bénéfice net de 20,6 millions $, soit 0,16 $ par action, et a reçu un loyer de charte de 198,8 millions $. L'EBITDA ajusté de SFL a atteint 123,3 millions $ provenant de filiales consolidées, en plus de 7,8 millions $ de sociétés associées.
Parmi les points clés, citons de nouveaux contrats de location de cinq ans avec Maersk, ajoutant environ 485 millions $ au carnet de commandes, la livraison de nouveaux navires et une nouvelle commande pour cinq navires porte-conteneurs à double carburant LNG. Le carnet de commandes de SFL s'élève désormais à près de 5 milliards $. SFL a également levé 100 millions $ grâce à une offre publique de 8 millions d'actions ordinaires après la fin du trimestre.
SFL hat seine Ergebnisse für das zweite Quartal 2024 bekannt gegeben und die 82. aufeinanderfolgende Quartalsdividende von 0,27 $ pro Aktie erklärt. Das Unternehmen berichtete von einem Nettoergebnis von 20,6 Millionen $, was 0,16 $ pro Aktie entspricht, und erhielt Chartermieten in Höhe von 198,8 Millionen $. Das angepasste EBITDA von SFL erreichte 123,3 Millionen $ aus konsolidierten Tochtergesellschaften sowie 7,8 Millionen $ von verbundenen Unternehmen.
Zu den wichtigsten Highlights gehören neue Fünfjahres-Charta-Verträge mit Maersk, die etwa 485 Millionen $ zum Auftragsbestand hinzufügen, die Auslieferung neuer Schiffe sowie eine Neubestellung für fünf LNG-Dual-Fuel-Container-Schiffe. Der Auftragsbestand von SFL beläuft sich nun auf nahezu 5 Milliarden $. SFL hat außerdem 100 Millionen $ durch ein öffentliches Angebot von 8 Millionen Stammaktien nach dem Ende des Quartals gesammelt.
- 82nd consecutive quarterly dividend of $0.27 per share declared
- Net profit of $20.6 million in Q2 2024
- Charter hire received of $198.8 million in the quarter
- New five-year time charters with Maersk adding $485 million to backlog
- Charter backlog increased to nearly $5 billion
- Newbuild order for five LNG dual-fuel container vessels with 10-year charters
- $100 million raised through public offering of 8 million common shares
- Potential shareholder dilution due to issuance of 8 million new common shares
Insights
SFL 's Q2 2024 results demonstrate solid financial performance and strategic growth. The company reported a
The company's growth strategy is evident in the significant expansion of its charter backlog, now standing at nearly
The
SFL 's Q2 2024 results highlight its strategic positioning in the maritime sector. The company's diversification across vessel types, including container ships, product tankers and chemical tankers, demonstrates adaptability to market demands. The delivery of new vessels like the LR2 product tanker SFL Tucana and the LNG dual-fuel chemical tanker SFL Aruba showcases SFL's fleet modernization efforts.
The company's focus on eco-friendly vessels is particularly noteworthy. With 11 LNG dual-fuel vessels in the pipeline, SFL is aligning with industry trends towards reduced emissions and increased sustainability. This strategy not only addresses environmental concerns but also positions SFL favorably with charterers who prioritize green shipping solutions.
The long-term charters secured with industry leaders like Maersk indicate strong relationships and trust within the sector. SFL's evolution from a financing provider to a facilitator of maritime infrastructure for logistics companies represents a significant shift in its business model, potentially leading to more stable and diverse revenue streams in the long term.
Preliminary Q2 2024 results and quarterly cash dividend to
Hamilton, Bermuda, August 14, 2024, SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended June 30, 2024.
Highlights
- 82nd consecutive quarterly dividend declared,
$0.27 per share - Net profit of
$20.6 million , or$0.16 per share in the second quarter - Received charter hire1 of
$198.8 million in the quarter, including$4.4 million of profit share - Adjusted EBITDA2 of
$123.3 million from consolidated subsidiaries, plus$7.8 million adjusted EBITDA2 from associated companies - New five year time charters for three 10,600 teu and four 8,700 teu vessels to Maersk adding approximately
$485 million of backlog - Delivery of the newbuild LR2 product tanker SFL Tucana in June with two additional vessels due for delivery in Q3 and Q4
- Delivery of the LNG dual-fuel 33,000 dwt chemical tanker SFL Aruba in August, with another vessel to be delivered later in Q3
- Newbuild order for five LNG dual-fuel 16,800 teu container vessels with scheduled delivery in 2028, in combination with ten year time charters to a leading liner company
- Issuance of 8 million common shares in a U.S. public offering subsequent to quarter end, raising
$100 million gross proceeds
Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:
«We are pleased to execute on our growth strategy, and have added more than
Over the last decade, we have built up a high quality operational platform, which has enabled us to secure repeat transactions with our key customers. At the same time, we have continued to diversify our asset mix and expanding our customer base. This has enabled us to refine our business model from being a financing provider to facilitate maritime infrastructure for logistics companies.
The recently announced newbuild deal for five large container vessels marks another milestone investment for SFL. With these vessels delivered, we will have 11 LNG dual-fuel vessels, which demonstrates our commitment to continue expanding our investment focus to assets with a lower carbon footprint whilst ensuring significant visibility through ten year firm charters.»
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. Q2 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 Q2 2024 Q&A
Meeting ID: 932 3249 7638
Passcode: 718030
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
Aksel C. Olesen, Chief Financial Officer: +47 23114036
André Reppen, Chief Treasurer & Senior Vice President: +47 23114055
Sander Borgli, Vice President - IR: +47 23114073
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. 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
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