SFL – First Quarter 2024 Results

Preliminary Q1 2024 results and increased quarterly cash dividend to $0.27 per share

Hamilton, Bermuda, May 14, 2024, SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended March 31, 2024.


  • 81st consecutive quarterly dividend, increased to $0.27 per share
  • Net profit of $45.3 million, or $0.36 per share in the first quarter
  • Received charter hire1 of $235.8 million in the quarter, including $5.5 million of profit share
  • Adjusted EBITDA2 of $143.8 million from consolidated subsidiaries, plus $7.8 million adjusted EBITDA2 from 49.9% owned associated companies  
  • Delivery of two LNG dual-fuel car carriers with ten year time charters to K-Line
  • Acquisition of three newbuild LR2 product tankers and two LNG dual-fuel stainless steel chemical carriers in combination with long term employment
  • New five year charters for three 10,600 teu vessels to Maersk
  • Charter extensions with Maersk for three 8,700-9,500 teu container vessels
  • Issuance of new $150 million sustainability-linked bond due 2028

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 to be added over the next few months. Over the last decade SFL has transformed from a vessel financing provider to a maritime infrastructure company, with the majority of assets on long term time charters to end users.

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. And the strength of our operating platform is illustrated by our ability to execute multiple repeat transactions with industry leading counterparties.

Our fixed rate charter backlog continues to grow and stands at approximately $3.6 billion after recent acquisitions and charters. This provides increased cash flow visibility going forward, with additional contribution from the newly acquired vessels from the third quarter onwards.» 

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.27 per share. The dividend will be paid on or around June 26, to shareholders of record as of May 28, and the ex-dividend date on the New York Stock Exchange will be May 27, 2024.

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 video webcast will be held at today at 10:00 AM (EST) / 4:00 PM (CET)

In order to listen to the conference call 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 “Webcast”, or access directly via the webcast link below. The webcast with slideshow will be played from this platform:

SFL Corporation Ltd. Q1 2024 Webcast

B: Join Conference Call and Participate in Live Q&A through Zoom:
Join through the Zoom link below to ask a question:

SFL Q1 2024 Q&A

Meeting ID: 931 2830 1828
Passcode: 268304

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 and 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 comprises 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 ongoing 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.
3Fixed rate backlog as of March 31, 2024 includes fully owned vessels, rigs and 100% of four partially owned 19,000 teu container vessels, which SFL also manages. It also includes subsequent transactions. The backlog excludes charterers’ extension options and purchase options (if applicable).