SFL - Third Quarter 2024 Results
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 ha riportato i risultati finanziari del terzo trimestre del 2024 con un utile netto di 44,5 milioni di dollari, ovvero 0,34 dollari per azione. L'azienda ha dichiarato il suo 83° dividendo trimestrale consecutivo di 0,27 dollari per azione. I noleggi delle navi hanno raggiunto 263,2 milioni di dollari, inclusi 4,2 milioni di dollari in profitti condivisi, mentre l'EBITDA rettificato ha totalizzato 158,8 milioni di dollari dai sussidiari consolidati più 7,9 milioni di dollari dalle aziende associate.
L'azienda ha ampliato la sua flotta con nuove consegne, comprese due navi cisterna di prodotto LR2 e due navi cisterna chimiche a combustibile duale LNG. SFL ha raccolto oltre 1 miliardo di dollari in finanziamenti, inclusi un nuovo bond di 750 milioni di NOK. Il portafoglio di noleggi a tasso fisso dell'azienda ammonta a circa 4,7 miliardi di dollari, con due terzi garantiti da clienti con rating di investimento.
SFL reportó los resultados financieros del tercer trimestre de 2024 con una ganancia neta de 44,5 millones de dólares, o 0,34 dólares por acción. La empresa declaró su 83° dividendo trimestral consecutivo de 0,27 dólares por acción. Los alquileres de barcos alcanzaron 263,2 millones de dólares, incluyendo 4,2 millones de dólares en participación en ganancias, mientras que el EBITDA ajustado totalizó 158,8 millones de dólares de subsidiarias consolidadas más 7,9 millones de dólares de las empresas asociadas.
La empresa expandió su flota con nuevas entregas que incluyen dos petroleros de productos LR2 y dos petroleros químicos de combustible dual de LNG. SFL recaudó más de 1 billón de dólares en financiamiento, incluido un nuevo bono de 750 millones de NOK. La cartera de contratos de alquiler a tipo fijo de la empresa se sitúa en aproximadamente 4,7 billones de dólares, con dos tercios asegurados por clientes de grado de inversión.
SFL은 2024년 3분기 재무 결과를 보고하며 순익 4450만 달러, 즉 주당 0.34달러를 기록했습니다. 이 회사는 83번째 연속 분기 배당금으로 주당 0.27달러를 선언했습니다. 용선 수익은 2억6320만 달러에 달하며, 여기에는 420만 달러의 이익 배당금이 포함됩니다. 조정 EBITDA는 통합 자회사의 1억5880만 달러와 관련 기업의 790만 달러를 더하여 총합 1억6780만 달러가 되었습니다.
회사는 LR2 제품 유조선 2척과 LNG 이중 연료 화학 유조선 2척을 포함한 새로운 선박을 인수하여 함대를 확장했습니다. SFL은 75억 노르웨이 크로네 규모의 새로운 채권을 포함하여 10억 달러 이상을 조달했습니다. 회사의 고정 금리 용선 잔고는 대략 47억 달러로, 이 중 3분의 2가 투자 적격 고객에 의해 확보되었습니다.
SFL a rapporté les résultats financiers du troisième trimestre de 2024 avec un bénéfice net de 44,5 millions de dollars, soit 0,34 dollar par action. L'entreprise a déclaré son 83e dividende trimestriel consécutif de 0,27 dollar par action. Les revenus de location ont atteint 263,2 millions de dollars, y compris 4,2 millions de dollars en part de bénéfice, tandis que l'EBITDA ajusté s'est élevé à 158,8 millions de dollars provenant de filiales consolidées, plus 7,9 millions de dollars d'entreprises associées.
L'entreprise a élargi sa flotte avec de nouvelles livraisons, comprenant deux pétroliers de produits LR2 et deux pétroliers chimiques à double combustible LNG. SFL a levé plus d'un milliard de dollars de financement, y compris une nouvelle obligation de 750 millions de NOK. Le carnet de commandes des locations à taux fixe de l'entreprise s'élève à environ 4,7 milliards de dollars, dont les deux tiers sont sécurisés par des clients de premier ordre.
SFL hat die finanziellen Ergebnisse für das 3. Quartal 2024 mit einem Nettoergebnis von 44,5 Millionen Dollar oder 0,34 Dollar pro Aktie veröffentlicht. Das Unternehmen erklärte seine 83. aufeinanderfolgende Quartalsdividende von 0,27 Dollar pro Aktie. Die Chartereinnahmen lagen bei 263,2 Millionen Dollar, einschließlich 4,2 Millionen Dollar an Gewinnbeteiligungen, während das bereinigte EBITDA insgesamt 158,8 Millionen Dollar von konsolidierten Tochtergesellschaften plus 7,9 Millionen Dollar von assoziierten Unternehmen betrug.
Das Unternehmen hat seine Flotte mit neuen Lieferungen erweitert, darunter zwei LR2-Produktanker und zwei chemische Anker mit LNG-Dualbrennstoff. SFL hat über 1 Billion Dollar an Finanzierungen eingesammelt, einschließlich einer neuen Anleihe über 750 Millionen NOK. Der Auftragsbestand an Festzinschartern des Unternehmens beläuft sich auf etwa 4,7 Milliarden Dollar, wobei zwei Drittel von Kunden mit Investment-Grade gesichert sind.
- Net profit of $44.5 million ($0.34 per share) in Q3 2024
- Strong charter hire revenue of $263.2 million
- Substantial adjusted EBITDA of $158.8 million plus $7.9 million from associated companies
- Significant charter backlog of $4.7 billion with 66% from investment-grade customers
- Successfully raised over $1 billion in financing
- None.
Insights
SFL delivered strong Q3 2024 results with
Key strengths include a robust
The strategic fleet renewal program continues with the delivery of new LR2 product tankers and LNG dual-fuel chemical tankers, positioning SFL well in the evolving maritime infrastructure sector. The transformation from a vessel financing provider to a maritime infrastructure company with long-term time charters enhances revenue stability and growth potential.
Preliminary Q3 2024 results and quarterly cash dividend to
Hamilton, Bermuda, November 6, 2024, SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended September 30, 2024.
Highlights
- 83rd consecutive quarterly dividend declared,
$0.27 per share - Net profit of
$44.5 million , or$0.34 per share in the third quarter - Received charter hire1 of
$263.2 million in the quarter, including$4.2 million of profit share - Adjusted EBITDA2 of
$158.8 million from consolidated subsidiaries, plus$7.9 million adjusted EBITDA2 from associated companies - Delivery of the newbuild LR2 product tankers SFL Taurus in August and SFL Tigris in October
- Delivery of the LNG dual-fuel 33,000 dwt chemical tankers SFL Aruba and SFL Bonaire in August
- More than
$1 billion of financing amounts raised - Issuance of a new NOK 750 million bond due 2029
- Agreed sale of an older 1,700 teu feeder container vessel subsequent to quarter end
Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:
«Over the last decade SFL has transformed from a vessel financing provider to a maritime infrastructure company, with the vast majority of assets on long term time charters to end users. As part of this transformation, SFL has taken major steps to renew the fleet with modern high efficiency vessels, including multiple vessels with dual-fuel propulsion on the water and further newbuilds on order.
The strength of our operating platform is illustrated by our ability to execute multiple repeat transactions with industry leading counterparties, and we have added more than
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. Q3 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 Q3 2024 Q&A
Meeting ID: 936 8982 9186
Passcode: 111491
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
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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